Creating Home Value Without Breaking the Bank

Home values have fallen drastically in the last few years and many home owners are desperately looking for ways to boost their value before the time comes to sell. You may think the solution is costly renovations and add-ons, but in reality the best way to add value to your home is to make the best use of what you already have. Here are a few tips.

Creating More Space

Buyers love open floor plans and they want to get the most living space for their money. Big open rooms are in, but that doesn't mean you actually have to add square footage to your home. Knocking down a key non-structural wall or two creates a better "flow" and can make your home look larger.

The best place to do this is in the kitchen. Buyers consistently prefer more open kitchens so if you have a wall separating your kitchen from your dining room or living room, consider knocking it down and creating one large, open room. Additionally, if your kitchen has an island that is taking up a great deal of floor space, you might want to think about removing it. Islands are wonderful for providing extra counter space and storage but if your kitchen already has enough of both, you can remove the island and make the room seem much larger.

Landscaping

It's true - proper landscaping boosts the value of your home. Overgrown plants and trees obscure your home, keeping buyers from getting a good look. Additionally, these overgrown plants can block windows and not allow natural light into your home, making it feel darker and dirtier than it actually is. Cosmetics aside, there's even the possibility of real damage to your home. Poorly cared for trees can drop damaging branches on the roof and cause more damage than a buyer will be willing to pay.

Adding More Light

Bright rooms look bigger and cleaner, and well-used lighting can give a home a rich, sophisticated feel. That doesn't necessarily mean you have to go through and install more lighting in every room. Simply opening your curtains and blinds and allowing natural light in can make a huge difference. However, if you have smaller rooms that seem dark and cramped and don't have enough windows to let in natural light, consider adding some of your own. Bright, high-wattage bulbs will make a small room seem larger, while softer, warmer lights will make a room seem cozy and inviting.

Maintenance

When people think about home improvement before selling their home, they usually think they'll need to remodel. Luckily, that isn't the case. Sometimes the most effective home improvement that you can do is simple home maintenance. Most buyers don't want to buy a home that they will need to fix up. Before putting your home on the market, make sure you tackle any repairs and basic maintenance that you've been putting off. Fix any leaks, put in proper insulation in the attic, make sure your air conditioning system is in tip-top shape. Even simple lawn maintenance like weeding makes a big difference. For a couple hundred bucks of repair work, you could boost your home's value on the market by thousands of dollars and help it stand out in a sea of run-down, un-loved foreclosure properties.

Energy Efficiency

Energy efficiency, or "green efficiency", is becoming increasingly popular. Not only is it better for the environment, it's better for the wallet. A greener home requires less energy can bring huge savings on your energy bills. That sort of thing is very attractive to buyers in this economy. Increasing energy efficiency in your home can be as simple as replacing an old air conditioning unit or switching out your appliances for newer, more efficient models. You can also take a look at adding solar panels, which will not only bring savings in your energy bills, but will also qualify you for certain tax credits!

Your Front Door

Curb appeal is a huge factor when it comes to determining how valuable your home is to a buyer. This doesn't just mean nice landscaping and fresh paint. Sometimes to most effective update you can make is to your front door. Replacing an older door with a new, stronger, more attractive model will add an automatic boost to your home value. As another bonus, newer doors are designed to let out less air, increasing that oh-so-desirable energy efficiency.

Flooring

One of the most effective changes you can make to your home is to update the flooring. Whether you simply need to repair a few pieces of tile or nail down some floorboards, or completely overhaul your home and tear out that out-dated carpet, flooring is important and one of the biggest things that buyers notice.

Updating the Kitchen and Bath

Experts across the board say that your kitchen and your bathrooms are the rooms to update if you want to add to your home value. Like everything else, this doesn't necessarily require a complete remodel. Replacing fixtures, updating cabinets, cleaning and rethinking outdated design elements (like frosted glass in the bathroom) can give you a big boost in both value and appeal.

Painting

A new coat of paint inside your home is always a good idea, and an affordable one too. Remember, when choosing colors, it's important to go with light, neutral colors. Bright colors add personality but they're very subjective and you want potential buyers to be able to project their own vision on your home.

The Little Things

If you only pick one tip out of this list, pick this one. This is the most important. If you have any little problems with your home, anything at all - a loose floorboard, a creaky step, chipped paint, a leaky faucet, a broken screen - fix it before putting it on the market. Buyers will notice the little things and even the smallest problem will knock value off your home. Tackle all of those small repair jobs before you try to sell.

The theme of this article is that, in most cases, smaller, more affordable updates can have a more noticeable impact on the value of your home than large add-ons and remodeling. If you're getting ready to sell, I hope you keep some of these tips in mind.