Almost 6 million housing transactions have taken place so far this year, and experts agree that home values will continue to rise as we move into 2023, albeit at a slower rate than we’ve seen over the past two years. However, with interest rates climbing in an increasingly volatile housing market, it’s more important than ever for sellers to ensure the highest possible home value before putting their home on the market.
Of course, now isn’t the best time to invest in major renovations. Between a staffing crisis and skyrocketing lumber costs, that kitchen renovation might leave you knee deep in dust (and debt)…if you can ever find a quality contractor with availability right now.
So, rather than undertaking major renovations to increase your home value, consider these 5 easy recommendations for securing a higher home estimate:
1. Start with a deep cleaning and decluttering. Put on some gloves and get ready to invest a weekend giving your entire house a good scrubbing. HomeLight estimates that the act of decluttering and cleaning your home can increase its value by about $2,000.
Start by depersonalizing your space. Stacks of mail on the kitchen counter, toiletries on the bathroom sink, or pictures of your family on the living room shelves can make it hard for a home buyer to “see themselves” living in your home.
Once you’ve decluttered, it’s time to deep clean. Make sure you have the proper cleaning supplies for the various materials in your home: granite, marble, leather, stainless steel, etc. Then, dive in…dive deep…and leave no stone unturned.
2. Bring in a professional window cleaner. This is a simple way to boost your home’s curb appeal…and its value! A professional will charge $2-7 per pane, and sparkling clean windows will make your home more marketable.
3. A fresh coat of paint goes a long way. Give your interior walls a fresh coat of neutral paint: greys and beiges are recommended. A bright-and-shiny new coat of interior paint can increase your home value by up to $2,000.
4. Reface your kitchen cabinets. Give your kitchen cabinets a fresh coat of bright, white paint, plus an accessory upgrade with all new hardware. You can expect to see a return of up to 80% on your investment, and a corresponding increase reflected in your home estimate.
5. Replace your garage door. This is an easy update that causes minimal invasion of your personal space, while boosting your home’s curb appeal and home value. Choose an energy efficient steel model that matches the colors of your home’s exterior. You can expect a 97% return on your investment, reflected in your appraisals.
Each of these easy upgrades shouldn’t take more than a weekend to execute—your home value will be rising in no time! Of course, there are some upgrades that aren’t worth your time if increasing your home estimate is the ultimate goal. Check out our blog about the 7 upgrades that won’t impact home appraisals as much as you might think.
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