Whether you are a homeowner who plans on living in your home for a while longer, who plans to sell, or who wants to rent the house to tenants, there are several ways to increase your home’s value, especially if you are on a budget. A JLL study found that spending on tenant improvements rose 10% in 2017 and 13% in 2018. If you plan on renting, find ways to improve the home before tenants move in. This plan will save you money in the long run because you won’t constantly be making fixes. Instead, do it all at once, and complete projects that will last a long time. While it does cost some money to keep a house looking nice to increase its value, it doesn’t have to break the bank. Here are some ways to improve your home’s value on a budget.
Deep Clean the House
First, start by deep cleaning the house. This includes sweeping, mopping, dusting, vacuuming, washing carpets, and utilizing cleaning sprays and detergents to clean every accessible nook and cranny of the home. This is definitely a task you can accomplish on your own, or you can bring in some help. In addition, deep cleaning can accompany new organization in the house. If you live in the home yourself, be sure all of your possessions have a place in your house. You may consider adding more storage space, like a pantry or shelves. Prospective buyers or renters will certainly seek as much storage and organizational space as possible.
The median sales price of a non-distressed home was $216,000, while the median sales price of a foreclosure home was $155,000, or 28% lower than non-distressed home sales. By deep cleaning your house, you are starting the process of increasing its value and getting it to a higher price when it comes time to sell it in the near – or far – future.
Add A Fresh Layer of Paint
Whether you like the colors of your walls in your home or not, consider adding a fresh layer of paint. You can go over the colors you already have, or you can use this opportunity to find a new color scheme. Neutral tones, such as light grey, eggshell, white, or soft peach, look nice to prospective buyers or tenants. A new layer of paint looks polished and will make your house feel new – even if it’s not.
Update Your Floors
An update to your home’s flooring is a widely sought after home improvement task because it can transform the look of a home from drab to polished. Even if it is cleaned frequently, old carpeting can look unkempt simply because of wear and tear as well as age. Therefore, consider replacing older carpet with new carpet or with hardwood flooring.
Before you do anything to your flooring, first check if you have hardwood floors hiding underneath your carpeting. If they’re still in good shape, you can restore that flooring instead of worrying about replacing them. However, if that is not an option for you, and if you want to add hardwood flooring to your house, this project can certainly be done yourself with the proper research, materials, and plenty of patience. Hardwood flooring, especially if it is new, may draw in buyers or renters, as it is often a feature many people seek in a home. By doing this yourself, potential buyers will also be relieved it’s not a project they will have to tackle themselves after they move in.
Replace Old Doors
The 2019 season yielded 18 named storms, six of which became hurricanes, including three major ones Category 3 or higher, with maximum sustained winds of at least 111 mph. If you are located in an area that encounters tropical storms and the damage they can cause, be sure to fix up any areas of your home that have been affected or damaged. This may include replacing old or damaged exterior doors.
Since the front of the house is what prospective buyers or renters see first, be sure the exterior doors – including the garage door – look inviting. This project doesn’t have to be expensive. If replacing an exterior door can’t be done entirely yourself and the project is not in your budget, you can rejuvenate any exterior doors with a deep wash and a fresh layer of paint. You can re-stain doors yourself to save money, too. You can do the same with your garage door, or consider replacing it with something more modern and polished.
Whether you just bought a house and plan on renting it to tenants or you want to sell your house in the near or distant future, completing some budget-friendly home renovation projects can increase your home’s value more than you think. Think about what you’d want in a house you would buy and go from there. Not only can it be simple and cost-effective, but you will thank yourself when prospective buyers or tenants are interested down the road.