When you purchase a home, you make a huge investment. While the goal is to enjoy your home for years and years to come, you also want your initial investment to pay off – you want your home to grow in value. And while plenty of homes do gain value over time, they typically don’t do so quickly.
If you’re hoping to increase your equity and the value of your home, it’s time to consider making a few upgrades. Renovating, updating, and even repairing different aspects of your home can make your home worth more. Making the right changes and improvements is proven to add value over time. Here are some of the best ways you can increase the value of your home.
12. Upgrade Your Kitchen
The kitchen is one of the most central rooms of a house. It’s where a lot of action takes place – and, as a result, it can quickly become outdated, worn, and in need of new life. Senior residential appraiser Lori Noble told NerdWallet that an outdated kitchen can actually lower your home’s value.
A modern, updated kitchen will attract buyers if you’re looking to sell and add value. According to Consumer Reports, first-time home buyers are looking for kitchens with the latest appliances and style. To achieve this in your kitchen, you can apply a fresh coat of paint, add new hardware like drawer pulls and faucets, and even paint or refinish your cabinets.
You can also make your kitchen look shiny and new by upgrading your appliances. Stainless steel is a clean, contemporary choice that will make the whole room feel fresh. Tough countertops, like granite, marble, and quartz, are also great additions. They’re more expensive than basic countertops and feel and look like an upgrade.
Potential Value Increase: Your home could sell for 3 to 7 percent more.