6 Ways to Increase the Value of Your Home

Under $1,000

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).

Learn more about a Synovus home equity line of credit