How To Increase The Value Of Your Home On A Budget In 4 Steps
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If you’re thinking about putting your home on the market, you probably want to get the best price possible for it. That certainly means adding things that will bring in more money. It also means not losing a lot of cash in the process. There are things that can be done for little money that bring big returns when a house sells. In fact, the best improvements can be boiled down to four basic steps.
Step One: Give the House More Space
There are several parts to this step. If the interior contains too many small rooms, consider taking out a wall to create fewer large spaces. This is especially true if there are any partial walls. These types are often used to separate the kitchen from the dinning room or the dinning room from the living room. Here are some examples: http://www.thisoldhouse.com/toh/photos/0,,20247552,00.html
This isn’t limited to the interior. A deck or patio produces the same sense outdoors. Building a wooden deck can sometimes be expensive, though. An alternative would be assembling paver stones to create a simple ground-level patio. Adding lawn chairs gives the appearance of an additional living space. If the house contains a spacious attic, consider trimming it out to make it look livable. This can be as simple as removing any stored items from it and providing easy access to it.
Step Two: Give the Exterior an Inviting Look
The first thing a prospective homebuyer sees is the front door and surrounding landscape. You want this area to look as good as possible. If the door is in good shape, give it a new coat of paint. If it’s seen better days, it’s time to replace it. The area around the front door always looks more attractive with the addition of colorful plants. Lining the front entrance with large flower pots packed full of blooming plants is a particularly inexpensive technique that catches any house hunter’s eye. In order to give shoppers a clear view of this area, any trees in the way need to be pruned back.
Step Three: Give the Interior a Good Cleaning
This obviously includes things like cleaning the carpets or washing the windows. It also means painting the walls. Choosing a neutral color helps brighten the place and should help improve the value of your home. This also makes the spaces inside your home look larger. Beyond the usual cleaning, any damaged fixtures or surfaces need to be repaired. This might involve replacing a cracked toilet or stained sink. Worn flooring is going to need replacing, as well. An affordable way to achieve this is with self-adhesive tiles — an easy fix for any do-it-yourself type.
Step Four: Give the House a Sense of Security
There are two parts to this step. The first one is installing an actual security system. These are actually low-cost compared to the value they add to the home. Companies like ADT provide systems that both warn away potential intruders and alert the homeowner when a break-in occurs. Look for your local office, and feel comfortable about trusting authorized resellers like Protect Your Home, since often times they’ll be the ones with a local office and knowledge in your local market. In addition to this, exterior lighting in general provides a more comfortable feel to any house for little extra money.
There are some big-money projects that will add value to a house. There are also projects, like swimming pools, that can actually lose money. These cost-effective steps are among the best at improving the value of your home without also emptying your bank account.
John is the founder of Frugal Rules, a dad, husband and veteran of the financial services industry whose writing has been featured in Forbes, CNBC, Yahoo Finance and more.
Passionate about helping people learn from his mistakes, John shares financial tools and tips to help you enjoy the freedom that comes from living frugally. One of his favorite tools is Personal Capital , which he used to plan for retirement and keep track of his finances in less than 15 minutes each month.
Another one of John's passions is helping people save $80 per month by axing their expensive cable subscriptions and replacing them with more affordable ones, like Hulu with Live TV.
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