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HOME prices are soaring, so selling can be difficult in today’s housing market, but there are six low-cost tips that add value without breaking the bank.
While completely renovating bathrooms or kitchens can offer high returns, there are cheaper ways to make sure you are getting a good return on investment (ROI) when it comes to home upgrades.
Here are six home improvements that won’t leave your wallet feeling deflated.
1. Open floor plan
A study from the National Association of Home Builders finds that homebuyers prefer open layouts, with 85% preferring an open arrangement between the kitchen and the family room.
Between the family and dining room, 70% would choose an open plan, so simply reconfiguring your existing furniture to open your space is a way to add value that won’t cost a dime.
It will also create more functional square footage and create more shared light while creating a bigger entertaining space.
2. Fresh coat of paint
A new coat of paint either inside or outside your property can give a space an entirely new look.
If you live in a house, an exterior paint job will immediately increase curb appeal and could provide you with a more than 100% rate of return on the cost of doing so, according to the Motley Fool.
3. Plant a tree
If you aren’t planning to sell your property immediately and live in a house, consider planting a tree outside.
According to home site HGTV, a fully grown, properly placed tree can cut your cooling costs by as much as 40%, a big selling point when it comes to energy efficiency.
It will also add value to that vital curb appeal.
4. Cut energy costs
Other ideas for ways to make your home more energy-efficient won’t cost you a dollar.
Many local utility companies provide free in-home energy audits to show owners ways to maximize energy efficiency, and some provide free kits to help achieve extra efficiency.
An energy-efficient home won’t just save you money now, it’s a valuable and marketable asset in the long run.
5. Replace worn area rugs or carpet
Another inexpensive fix is to replace a worn area rug or the carpeting in a single room that needs it the most.
If that isn’t possible, invest in a good cleaning, or consider eliminating them altogether if the flooring underneath is in good shape.
6. Visually increase the size of a space
One of the easiest and cheapest tricks is to invest in a single large mirror.
It will visually double the space, quite literally.
The two rooms you should invest in to get the most return on investment
The kitchen is one of the best places to increase the value of your home.
You don’t have to do a complete kitchen remodel, small upgrades have the highest return, such as replacing a countertop or simply replacing an older appliance.
The ROI can be as much as 87%, per Motley Fool.
Plus, according to a survey by HomeLight, 60% of top real estate agents stated that a home office was the top priority for buyers.
Converting existing space into a home office can add over $10,000 in resale value as more people incorporate working from home into their routines.
With the median prices of existing homes in the US hitting an all time high of $391,200 in April, according to the National Association of Realtors, selling homes to qualified buyers is becoming more difficult in the current economy.
Investing in the right upgrades to add value to give homebuyers what they are looking for, without over-extending yourself is a smart investment strategy.
The Sun has more on the mistakes homebuyers make when purchasing a home.
Plus, more tips on home transformations.
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