2022 saw the dramatic rise and fall of home prices. If you’re looking to maintain some the increased value of your home, there are several things you can do to make it more attractive to potential buyers in 2023. Some of these methods are more expensive and time-consuming than others, but they can all help to boost the value of your home. Here are the best ways to increase your home’s value (hint: hardwood floor refinishing).
Make necessary repairs and updates
Before you start making any major renovations, it’s important to take care of any necessary repairs or updates. This includes things like fixing leaky roofs, replacing old windows, and repairing any structural damage. These types of repairs are essential because they can prevent further damage to your home and make it more attractive to potential buyers.
Update the kitchen
The kitchen is often the heart of the home and a major selling point for buyers. If your kitchen is outdated or in need of some TLC, consider updating it with new cabinets, countertops, and appliances. Even small updates like painting the cabinets or replacing the backsplash can make a big difference.
Hardwood Floor Refinishing
Repairing and refinishing your hardwood floors is one of the most cost-efficient ways to add life to your home. Hardwood floors are almost always a bonus in any home and refinishing them is a sure fire way to increase your home’s value. This may be a necessary step any way if you are preparing to sell your home. Potential buyers who see a tired wood floor may ask for concessions in the home price if they feel they will need to redo the floors after they get in.
Renovate the bathroom
Like the kitchen, the bathroom is an important selling point for buyers. If your bathroom is outdated or in need of some renovations, consider updating it with new fixtures, tiling, and lighting. This can be a bit more expensive than other updates, but it can pay off in the long run by increasing the value of your home.
Finish the basement
If you have an unfinished basement, consider finishing it to create additional living space. This can be done relatively inexpensively and can add significant value to your home. Depending on your budget and the amount of space you have to work with, you can create a recreational room, home theater, or even an additional bedroom or bathroom.
Update the exterior
The exterior of your home is the first thing that potential buyers will see, so it’s important to make a good impression. Consider updating the siding, painting the exterior, or adding landscaping to increase the curb appeal of your home.
Add energy-efficient features
Energy efficiency is becoming increasingly important to buyers, so consider adding features like solar panels, energy-efficient windows, or a high-efficiency furnace. Not only will these updates save you money on energy costs, but they can also increase the value of your home.
Create outdoor living spaces
Outdoor living spaces, like decks and patios, can be a major selling point for buyers. If you have the space and the budget, consider adding an outdoor living area to your home. This could be as simple as adding a small patio or as elaborate as building a multi-level deck with a built-in grill and outdoor kitchen.
Add storage space
Extra storage space is always a selling point for buyers, so consider adding extra closets or storage areas to your home. This can be done through the construction of built-in shelving or the installation of a storage shed in the backyard.
Make your home more accessible
If you’re planning to sell your home in the near future, consider making it more accessible to potential buyers. This could mean adding ramps or handrails for people with mobility issues or making other adjustments for people with disabilities.
Overall, there are many ways to increase the value of your home. Some of these updates may be more expensive and time-consuming than others but could pay big dividends when it comes time to sell your home.