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For many, the dream of home ownership means not only being able to choose your own paint colors and no longer pay rent, but also to enjoy the security of having made a sound investment. As one of the more stable long-term financial investments, real estate (at least in the Denver area) has tended to increase in value over time. Yes, the state of the nation’s economy has an impact on the value of your home, but you also have a measure of control in keeping the value of your home on the rise.
What Can You do to Increase Your Home’s Resale Value?
Making small improvements a little at a time, and keeping up on standard maintenance items helps to increase the resale value of your home over time.
1. Renovate
The amount of renovation required in your home will be dependent upon a number of factors, ranging from the age of the home to it’s overall condition. In other words, even a newer home may need replacement flooring if the existing carpeting has been damaged by pets, or not cleaned regularly. Typically, kitchen and bath renovations have the highest return on investment, through they are also among the more expensive. Start with something that is within your budget, and that you and your family will most enjoy, and go from there.
2. Improve curb appeal
The old adage that “you only have one chance to make a first impression” holds true for the exterior of your home. No matter how lovely your home’s interior may be, if its exterior lacks appeal–or worse yet is off-putting–then potential buyers may never be drawn inside. Keep up on basic maintenance and then move onto decorative landscaping.
3. Make use of storage space
A home with coats, shoes, and games spilling from every closet and nick-knacks covering every surface sends a cluttered vibe to potential buyers. Make use of unseen storage space under beds for socks and sweaters, and in the garage rafters for seasonal decor and sports equipment. Keep trees and shrubbery neatly trimmed, and the yard free from debris and weeds. Make sure fencing is in good repair, and exterior paint is fresh. Consider using furniture pieces with hidden storage space, such as an ottoman with a hinged lid to store extra throw blankets, or a coffee table with drawers to corral the remotes.
4. Deep clean
If you’ve ever paid to have your car detailed, you know that it’s worth every penny; you feel like you’re driving a brand new car again! Hiring a professional cleaning company to do similarly detailed work in your home can have the same effect. If you’d rather do the work yourself, break the cleaning into tasks by type and by room. Put on your favorite playlist and enlist the help of family members. A house that looks, feels, and smells clean attracts buyers like nothing else.
5. Add a fresh coat of paint.
Right up there with a thorough cleaning, a new coat of paint goes a long way to freshen the look and feel of a home. Stick with neutral tones and hues, and go with one color throughout the home to create a spacious feel.
6. Focus on details
It’s all in the details! Walk through your home with fresh eyes, as if you were the prospective buyer and had never seen it before. What would stand out to you–positively or negatively? Do you need to remove some of your furniture or wall decor to better show your home? People who come through your home will notice the details; you’d better pay attention to them. too.
7. Take one room at a time
All of this can be a bit overwhelming! Step back, take a deep breath, and start making a list. You can only tackle one room, one task at a time. Break your to-do’s into smaller steps. Start small and work toward something bigger.
8. Hire an inspector – If you don’t want to be surprised by the unknown, hire a home inspector to go through your home’s mechanical systems, its interior and exterior, and prepare a report outlining the good, the bad, and the ugly. Knowledge is power, and even if you don’t address everything on your inspector’s list, you’ll have a baseline to use for comparison when potential buyers hire their own inspectors.
Isn’t All of That Expensive?
Think of increasing your home value as an investment, and one you get to enjoy in the process! It may feel like a lot of money going out the door to make improvements to your home, but in time, as the value of your home increases, the return on your investment will grow. Begin making home improvements as soon as you move in, and you won’t break the bank.
