6 Ways to Increase the Value of Your Home
When it comes time to sell your home, it's tempting to just put it on the market as-is. After all, why spend money updating a home you'll (hopefully) be moving out of shortly? The reason: time. An up-to-date home that has strong curb appeal will attract more potential buyers and sell more quickly than a dated house. And when it comes to selling your home, time is money — especially if a slow sale means you have to pay two mortgages, or a mortgage and rent, at the same time.
Although renovating your home will cost money, the upside is that you'll recoup most of the money you spend when you go to sell your home — and your home will likely sell more quickly if it's properly updated and has strong curb appeal.
Of course, home enhancements can be costly. That's why it's wise to focus on improvements that can increase the appeal — and market value — of your home for the least amount of investment on your part. The small amount of money you stand to "lose" on these improvements is quite small compared to what you'll lose if your house languishes on the market.
Here are some home improvements that will make your home more attractive to buyers.
Did you know? Many home improvements pay for themselves — or at least come close — by the value they add to the home.
1. Spruce up the landscaping
A well-maintained and cheerful exterior invites people to come in, which is essential when getting your home ready to sell. Start by cleaning the yard. This includes weeding, cutting back overgrown bushes and shrubs, removing clutter, and pressure-washing the driveway, walkway, siding, and fence. Place container plants by the front door to create a good first and last impression of your home. Add new mulch or pine straw to make flowers and plants stand out.
- Possible value add: up to 10 percent1
2. Paint interior rooms
Painting rooms in your home is one of the most cost-effective improvements you can make to add value. Paint the walls cool neutral colors to appeal to the most people. Gray and pale blue can potentially boost your home's price the most. The average cost to hire someone to paint a 10-by-12 room ranges from $380 to $790. To do this job yourself costs between $200 and $300.2
- Possible value add: Up to $5,440 more in the home's price3
$1,000 to $5,000
3. Change the entry door
Doors can become cracked, warped, or rotted from the elements. If your door is not in top condition, it detracts from the overall appeal of your home. Consider replacing an old door that lets air in or is just in less-than-stellar condition.
Wood doors are an option, but they're expensive. Wood doors can cost4 up to $1,000. A steel door, on the other hand, offers the most value for the least cost.5 A steel door can cost up to $650, with an average cost of $1,737 that reflects replacing the doorjamb and threshold in addition to the steel door itself. Choose a black or charcoal door to add the most value, up to $6,271 more in the home's price.6
- Possible return on investment: 75.6 percent7
4. Replace the garage door
Replacing the garage door is one of the home improvements that give the best return on investment. Your garage door (or doors) needs to be in top shape, particularly if your garage faces the street. Front-facing attached garages can take up as much as 40 percent of a home's facade. Consider replacing your garage door if it's old and looks dated compared with contemporary garage doors. You should also consider replacing your garage door if it's damaged (from the weather or from something hitting it) or if it doesn't work properly and can't be easily fixed. On average, by replacing the garage door, you can increase the value of your home by $3,262.
- Possible return on investment: 95 percent7
$5,000 and up
5. Replace some or all siding with stone veneer
Stone veneer is a decorative and protective covering for a home's exterior, and it can add value to a home. It's less expensive than real stone, but it gives homes a similar look. People typically put stone veneer around the front entryway, as a wall accent, on the lower part of walls, on the chimney, in front of the garage, or to cover the entire home. Stone veneers made from concrete as opposed to plastic are typically more desirable to homeowners since concrete looks more like real stone. It costs about $8,000 to do this project, but homeowners typically recoup almost the entire cost. By adding to your home's curb appeal, you should attract more potential buyers and sell your home more quickly.
- Possible return on investment: 92.8 percent7
6. Remodel the kitchen
There's little question that renovating the kitchen adds value to a home. But home improvements on a budget typically don't include a major kitchen overhaul because of the cost. However, a minor kitchen remodel that costs around $20,000 can make a big difference.
Although this may seem costly, consider this: If you try to sell a home with an outdated kitchen, your house might sit unsold for a long time unless you lower your price.
Here are the changes that make the biggest impact for your buck: Focus on replacing cabinet fronts and hardware instead of the entire cabinet box. Replace an old refrigerator and oven with new energy-efficient appliances. Remove a laminate countertop and replace it with quartz or granite, and then put in a new sink and upgrade the backsplash.
- Possible return on investment: 81.8 percent7
Now that you know which renovations add value to a home, you may want to get started right away. If you're interested in a home equity line of credit to finance your home improvements, visit your nearest Synovus branch or call us at 1-888-SYNOVUS (1-888-796-6887).
Important Disclosure Information
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
- HGTV, “Landscaping Tips That Can Help Sell Your Home," accessed January 9, 2019. Back
- HomeAdvisor, “How Much Does It Cost To Paint A Home Interior Or Room?", accessed January 9, 2019. Back
- Zillow, “Homes with Blue Bathrooms Sell for $5,440 More than Expected," accessed January 9, 2019. Back
- HGTV, "Front Doors: Wood, Steel and Fiberglass," accessed January 11, 2019. Back
- Consumer Reports, "Entry Doors," accessed January 11, 2019. Back
- Zillow, “Homes with Tuxedo Kitchen Cabinets and Black Front Doors Can Sell Up to $6,000 More than Expected," accessed January 9, 2019. Back
- Remodeling, “2018 Cost vs. Value Report," accessed January 9, 2019. Back
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