Every homeowner is concerned with boosting the value of their home, particularly if they’re planning on selling it soon. However, as we know, major renovations that add to the value of the property require a hefty investment. Most people simply don’t have the money to invest upfront, even if it does generate profit later down the line.
Thankfully, there are plenty of upgrades you can make to your property that won’t break the bank, but will still make your home desirable to buyers and will add value to the property. Whether it’s beautifully finished flooring, a home office, or smart devices, there are some things buyers are willing to pay extra for.
Create a home office
In 2022, there is nothing buyers want more than a house that features a home office, or has a space that can be converted into one. This is the ideal project, because not only does it add value to your home, but it costs next to nothing to put together.
All you need is to dedicate a guest bedroom to your new office. Bring in a desk and a comfortable chair, add some storage space, and make sure there is plenty of natural light. Equip this room with high-speed internet and perhaps, even a smart assistant, and you’ve created the ideal space for home working and conferencing.
If you don’t have a separate room to dedicate to an office, that’s not a problem – you can create a workspace in virtually any corner of your home. Your kitchen island can make for a great makeshift office, as can a corner of your living room. If you’re creative enough, you can even create an unconventional closet office. It’s all about showing potential buyers that the home is versatile and has enough space to accommodate all their everyday activities.
Refinish your hardwood floors
Hardwood floors are always sought-after, but they are also very expensive, unfortunately. While a complete replacement may not be in the budget, it’s possible that you can work with what you already have. The good thing about wooden floors is that they are long-lasting and high-quality, meaning that they don’t require replacement; just a little TLC.
Refinishing hardwood floors takes less time, comes at a fraction of the cost, and the result is equally as impressive as brand-new floors. After being refinished, your floors will be beautiful, shiny, freshly stained, and will make a wonderful first impression on any potential buyers. That alone will boost the value of your home.
Transform your outdoor space
Anytime you can transform an existing space and give it a new use, you’re effectively adding value to your home, and in 2022, it’s all about your outdoor space. Indoor-outdoor living is incredibly popular, especially now, during the pandemic, when it’s so important for people to be able to escape the inside of their homes.
If you are able to provide buyers with a nice yard, that already gives you an edge over your competitors. If you want to take it to the next level and add to the value of your property, then investing a bit of money into your outdoor space can pay off big.
All you need to do is tend to your yard for additional curb appeal – mow the lawn, trim the hedges, make sure your trees are neat – and add some nice touches. A barbecue, a table and seating transform this space from a yard to an outdoor dining space. Considering how popular outdoor kitchens are, this can only help.
Redo the garage
Adding square footage to your existing home is a surefire way to add value, but you don’t necessarily need to build an addition. If you’re not using your garage for its intended purpose, then this space can be utilized in better, more valuable ways.
It’s essentially an extra room that can become a rec room, an office, a play room, a studio, a gym – it doesn’t require a major investment. Only finishing, a layer of paint, and the appropriate furnishings. With a few days of work, you’ve added square footage to your house, and that is money in your pocket – to the tune of a 10% to 20% boost in value.
Add smart devices
Surveys show that home buyers are really excited about smart homes. So much so, that they are actually willing to pay extra for a house that is already equipped with their dream technology. This industry has been blossoming over the last few years, and there’s a lot to choose from, but a lot of these devices can be prohibitively expensive.
But that’s not true for all of them, there are quite a few very coveted, but affordable devices you can equip your home with. Smart thermostats are some of the most sought after, not just because of the extra comfort and convenience they provide, but because of the fact that they save money, in the long-run. With hundreds of dollars saved on energy bills every year, this device pays for itself.
Other popular devices include smart doorbells, smart cameras, smart locks, or smart assistants. All affordable and sure to add to the value of your home and make it more attractive in the eyes of buyers.
Update your bathroom
A lot of homeowners jump straight into full bathroom renovations, or expansions, but chances are, that is actually unnecessary. Unless your bathroom is extremely old and has never been updated, you can probably get away with some relatively cheap cosmetic changes that don’t break the bank, but update the look of your home.
Old tile can be regrouted for a fresh look, fixtures like showerheads and faucets can be replaced on a budget, and shiny cabinet knobs and a new shower curtain will create the impression that your entire bathroom has been redone. Fresh, new bathrooms are always big money makers, so it’s worth investing a bit of time and money to give it a minor “facelift”.
Final thoughts
Popular wisdom says that you have to spend money to make money, and that still rings true. However, you don’t have to spend a fortune in order to win some of that money back. In fact, boosting the value of your property can be pretty easy and relatively inexpensive. You just have to know where to invest to stretch your budget.
Look out for the most sought after features on the market and cater to buyers’ needs. Nowadays, that means putting some money into your yard and creating a home office, but traditional features like hardwood floors are always a safe bet when it comes to adding value to your property.