If you’re a homeowner looking to sell your home, you know that improvements will increase its value so that you can sell for more. And if you’re like most of us, you don’t have the money lying around for major renovations, which can cost many tens of thousands of dollars. But don’t despair: there are several cost-effective changes you can make to boost your home’s worth. So let’s dive into some low-cost ways to increase the value of your Riverside property.
Increase the Attractiveness
One of the best low-cost ways to increase the value of your Riverside property is simply to make it more attractive, both outside and inside.
Start by enhancing curb appeal. “Curb appeal – how your home looks from the street – is your first chance to make a good impression . . . A home’s exterior needs to make a prospective buyer want to walk through the front door. Make sure existing landscaping is well-maintained. If your yard seems dull in comparison with your neighbors, consider planting flowers or repainting the front door.”
Once you’ve taken care of the outside attractiveness, it’s time to focus on the inside, especially the kitchen and bathroom, the two rooms most important for prospective buyers. “When these two rooms are outdated, they can keep a property from reaching its highest valuation.”
And a modest kitchen upgrade will typically yield a better return on the investment than a major renovation/remodel. “A minor kitchen remodel recoups 81% of its cost in added value on average, versus 53% for an upscale kitchen remodel with stone countertops, custom cabinets, and commercial-grade appliances.”
The same holds true for bathrooms. A “mid-range remodel – new flooring and a few updated fixtures – delivers a 70% return on investment, while an upscale bathroom remodel – heated flooring, custom cabinets, and designer fixtures – sees 56% on average.”
Apply Some Fresh Paint
Applying fresh paint is another low-cost way to increase the value of your Riverside property. How effective is it? Just listen the what industry pros have to say . . .
“Paint is magic, and that’s true whether you’re upgrading the paint inside or outside your home. A fresh coat of paint can make even dated exteriors and interiors look fresh and new, and it’s not that expensive, either.”
Experts also recommend that you start your value-increasing painting efforts by painting over walls with odd colors. “For example, did you let your then-11-year-old daughter paint her bedroom hot pink 16 years ago? If so, that’s a good place to start.”
And the cost isn’t that much either. Your major investment will be elbow grease.
Improve Energy Efficiency
Today, improving energy efficiency is a sure-fire and fairly low-cost way to increase the value of your Riverside property. There are several ways to do this, most of which are pretty affordable.
Improving energy efficiency can be as simple as installing a smart thermostat.“The right smart thermostat will allow a homeowner to control their home’s climate from anywhere, giving them the power to manage energy costs regardless of whether they are sitting on the couch or away on vacation . . . Such investments in home tech – particularly when connected to the HVAC, which is the largest mechanical system in the home – provide a strong selling point and highlights the home’s overall comfort, functionality, energy efficiency, and convenience.”
Staging, if you do it yourself, is a no-cost way to increase the value of your Riverside property. In fact, 85% of “staged homes sell for 5 percent to 23 percent over list price and move off the market in just 23 days.”
Even if you hire a professional stager, it still remains a relatively low-cost tactic to increase property value at sale time. “Staging costs $1,500 on average . . . but the cost can fluctuate based on your needs and your home. Staging services range widely, and can involve simple tasks like decluttering and depersonalization (e.g., removing family photos or specific decor) or bringing in rented furnishings, repainting, and more.”
Install Smart Devices
Smart technology, especially safety-enhancing smart devices, is a big draw for buyers today and a good low-cost way to increase the value of your Riverside property. Such smart devices include “thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks, and lighting.”
While this smart technology may not add a lot to the actual value, it can dramatically increase perceived value in the eyes of buyers – which ultimately amounts to the same thing. And the biggest upside is that you can do this for only a few hundred dollars.
Lean on Your Agent’s Knowledge
These are indeed some effective ways to increase value at little cost, but there’s much more you can do. The trick lies in knowing what works best to increase value in particular local markets. That’s where your Riverside agent can help. To discover more low-cost ways to increase the value of your Riverside property, contact us today at (866) 593 7012.