On the other end of the spectrum, if you spend big bucks on fancy floors and custom projects that catapult your expenses above what your home is worth, you\u2019re in trouble. It takes some TLC<\/a> in the form of home maintenance<\/a> and\u00a0some smart renovations to increase your home value<\/a>,\u00a0but not every project you see in the home decor glossies is worth it, no matter how pretty it looks.<\/p>\n \n\n\n\n\n It’s helpful to have an idea of how much your home is worth before embarking on a project. Enter your address and answer a few questions about your home, and we’ll provide a preliminary estimate in under two minutes.<\/p>\n \n So how do you tow the line as you gear up to sell your house?<\/p>\n These 5 tips to increase home value will help guide your answers to questions like \u201cIs a bathroom model going to help me?\u201d or \u201cIs it worth it to fix that creaky floor?\u201d You have to invest money to make money, but you don\u2019t have to design a luxury home to increase its value. Stick to these guidelines as you weigh your options.<\/p>\n If kitchen cabinets have some wear and tear, don\u2019t rip them out.<\/p>\n \u201cWe can salvage the cabinets by painting them,\u201d says Anthony Navarro<\/a>, a real estate agent ranked\u00a0in the top 1% of agents in San Francisco. One of his specialties is piecing together crews, from handymen and contractors, to help sellers fix their homes up for market at an affordable price.<\/p>\n Updating hardware can also make kitchen cabinets and drawers look more modern. If the sinks or tubs look old and worn, deep clean them by sprinkling with baking soda and then spray with a vinegar and water<\/a> solution.\u00a0(Caveat: Do some research depending on what your tub is made out of. Enamel tubs can be a bit sensitive<\/a>.)<\/p>\n Give rooms a fresh coat of paint, clean grout, polish wood floors, and see if that doesn\u2019t drastically improve the look of key rooms before you spring for major renovations and replacements.<\/p>\n Then, proceed with caution. Keep all additional projects minimal and fight the urge to do a total overhaul. According to Remodeling magazine\u2019s 2019 Cost vs. Value Report, big-ticket renovations tend to have a lower return rate than a more modest project.<\/a>\u00a0A minor kitchen remodel gleaned almost 20% more return than mid-range and upscale kitchen remodels, and even a minor remodel didn\u2019t stack up to the ROI of some lesser-talked about projects.<\/p>\n For example, adding a new garage door and replacing old siding with stone veneer both had the highest average ROI <\/a> for 2019. They\u2019re the only two projects that recouped more than 90% of costs and they were also two of the lowest-priced projects (the only more affordable project was adding a steel front door which recouped 74% of the cost on average)<\/p>\n Low-maintenance is sexy, especially to millennials who are now the largest generation of homebuyers.<\/a> They want easy-peasy homes with minimal upkeep required and no major repairs looming in the near future.<\/p>\n They\u2019ve put off buying a home<\/a> due\u00a0to student loan debt, so they\u2019re less likely to have extra money to sink into repairs and renovations. According to NAR\u2019s report on generational trends, 51% of millennials bought a new-built home<\/a> to avoid just that<\/p>\n However, millennials were also more likely than other generations to buy a preowned home to get a better price<\/a>, more value, or simply to have a home with more charm. Translation: Give your preowned home a simple facelift with updated fixtures and features and you may have them at hello.<\/p>\n Anything from old appliances, aged carpet, or a leaky roof may be a deal-breaker for this generation because they want turnkey<\/a> liveable spaces that are efficient and in good condition.<\/p>\n Depending on your budget and the current local market, smart updates that can increase home value might include<\/p>\n Everyone wins with hardwood. While it does require some extra polishing compared to tile (OK, so there\u2019s a little maintenance involved), NAR found that 57% of buyers are willing to pay more<\/a> for hardwood floors. And carpet may be cheaper than both tile and hardwood, but hardwood is more durable and adds more resale value. It goes the distance, and that\u2019s what homebuyers want\u2014especially millennials. It could be just the makeover your older home needs to attract a younger buyer.<\/p>\n According to the National Association of Home Builders, millennials pay 2%-3% more for a home that\u2019s energy-efficient. That includes new energy-efficient appliances (one study found that 75% of millennials<\/a> look for this) and newer A\/C units and windows. According to Energy Star, Miele brand dishwashers are the most energy-efficient<\/a> and AirEase rank best for AC units. If you have old appliances that may cause a red flag during an inspection, review Energy Star\u2019s full report on the most energy-efficient option <\/a> before you head to the department store<\/p>\n If your roof is in good condition and won\u2019t raise a flag during the appraisal, ignore this. However, if it\u2019s going to be an issue, consider replacing it, and choose mid-range durable materials.<\/p>\n According to HomeAdvisor, a metal roof<\/a> is more expensive than asphalt but more affordable than slate or polymer shingles. And spending a little more may attract the right buyer. PacificWest Roofing in Oregon says a metal roof<\/a> can last up to 30 years longer, and it\u2019s energy-efficient. Hello, selling point!<\/p>\n Not convinced you should replace it? Discuss it with your agent based on the current market. The ROI on a new roof<\/a> might be anywhere from 67% to 69%, so you won\u2019t recoup dollar for dollar.<\/p>\n However, a shotty roof may also cause your house to sit on the market too long and deter interested buyers after the inspection period (especially young buyers who can\u2019t afford a new roof on top of their down payment). The longer your house sits on the market<\/a>, the less likely you are to receive the full asking price.<\/p>\n Historically, kitchens and bathrooms are the rooms buyers zero in on. NAR\u2019s most recent Remodeling Impact Report ranked both kitchen and bathroom remodels in the top three projects that are most appealing to buyers as well as most likely to increase home value<\/a>. That said, the ROI on these projects isn\u2019t what it used to be.<\/p>\n Back in 2004, a minor kitchen remodel recouped an average<\/a> of 92% of costs while a midrange bathroom remodel recouped 90% of costs. In 2019, those numbers have dropped to 80% and 67% respectively. But that doesn\u2019t mean these rooms never benefit from updates.<\/p>\n Navarro recalls one property where he advised a minor kitchen remodel that involved adding new countertops, floors, a backsplash, and painting the cabinets. He was able to do it under $15,000. \u201cWe received five offers and went way over the asking price,\u201d he says. \u201cIt significantly enhanced the property. We would not have received those offers if we didn’t do those updates.\u201d<\/p>\n Your budget and your current local market play into these decisions. For example, if you live in an area where space is limited and your home only has one bathroom, but you have the means and the ability to add a second bathroom, it\u2019s a safe bet that it\u2019ll pay off.<\/p>\n \u201cI know in other markets that’s not necessarily true,\u201d says Navarro. \u201cBut in our market where square footage and amenities are not in abundance, it would absolutely pay off because it’s one less thing for a buyer to have to invest in after the close of escrow.<\/p>\n Ah, curb appeal. Everyone\u2019s favorite home upgrade hack.<\/p>\n \u201cIt doesn’t have to be perfect,\u201d says Navarro. One of his clients added grass, stepping stones, and some plants, and that alone garnered positive feedback from buyers. And according to Homelight\u2019s Top Agent Insights Report for Q1 2019, 90% of agents agree with Navarro, saying curb appeal is something all sellers should tackle<\/a> before listing their home.<\/p>\n Need more motivation to break out your rake? A study by the department of horticulture at Michigan State University found that landscaping can add anywhere from 5% to 11% resale value<\/a>. Other data suggests that it can help sell a home<\/a> up to six weeks faster. More recently, the HomeLight\u2019s Q2 2019 Top Agent Insights Report report found that a standard lawn care service with fertilizer and weed control had a 352% ROI<\/a>. It\u2019s a no brainer.<\/p>\n <\/p>\n Other curb appeal projects to try:<\/p>\n Now for the great debate: What\u2019s truly worth repairing before you list your home? Big-ticket items like HVAC systems and new roofing can cost a pretty penny. According to one heating and cooling company, a new HVAC system<\/a> might only recoup 50% of its costs or less.<\/p>\n However, scary issues like water damage and an ancient HVAC unit will come up on the inspection and give buyers bartering power. Ask yourself (and your agent): Even if I don\u2019t recoup the full cost of a new unit, do I lose more money when the buyers ask me to shave the entire cost of a new unit off the list price?<\/p>\n The same concept applies to issues like a damaged roof. Notable damage may cause your house to sit on the market longer. A good agent will be able to guide you through this decision by comparing it to other homes sold in the area<\/p>\n Navarro does caution not to paint a broad stroke over the issue. It depends on your financial capabilities. \u201cI have sold properties that had significant damage and I didn’t recommend them to [repair] it,\u201d he says. If you don\u2019t have the funds, you don\u2019t have the funds.<\/p>\n Bottom line is that increasing your home value doesn\u2019t require major renovations. Based on what you can afford, fix what\u2019s broken first, and then consider the minor upgrades before embarking on a room overhaul.<\/p>\n![\"homelight](\"https:\/\/www.homelight.com\/blog\/wp-content\/themes\/ccprototypev5\/images\/logo-small-cta.png\"){kind=logo}
\n <\/div>\n \n Upgrading Your Home? First, See How Much It's Worth<\/h3>\n
1. Refresh, don\u2019t replace.<\/h2>\n
![\"bath](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/07\/blog-body-photos-4.jpg\")
<\/a>2. Choose functional materials to attract young buyers.<\/h2>\n
![\"living](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/07\/blog-body-photos-2.jpg\")
<\/a>New flooring<\/h3>\n
Energy-efficient options<\/h3>\n
![\"roof](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/07\/blog-body-photos-3.jpg\")
<\/a>New roof<\/h3>\n
3. Focus on the money rooms when they need attention.<\/h2>\n
![\"kitchen](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/07\/blog-body-photos-1.jpg\")
<\/a>4. Curb appeal is your low-hanging fruit.<\/h2>\n
![\"house](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/07\/blog-body-photos-.jpg\")
<\/a>\n
\nExterior paint has an average ROI<\/a> of 90%. Stick to neutral colors, and if you want to add bold color, keep it to the front door only.<\/li>\n
\nYou can rent one<\/a> for less than $100 per day and it may increase home value<\/a> by $10,000 to $15,000. Cha-ching<\/li>\n
\nThey provide shade and they look pretty. But even better, according to the Council of Tree and Landscape Appraisers, they can add anywhere from $1,000 to $10,000 to your home value<\/a>.<\/li>\n<\/ul>\n5. Fix what\u2019s broken if you can afford it.<\/h2>\n
![\"tips](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/07\/blog-body-photos-6.jpg\")
<\/a>