6 Tips to Increase Your Home’s Value

Photo (cc) by stevendamron

If you’re thinking about selling your home, it’s a good idea to know what property features are important to homebuyers, especially if you’re expecting top dollar for your house.

At 31 percent, millennials now represent the largest segment of homebuyers in the United States, according to the National Association of Realtors. Today’s young buyers have a “must-have” list that helps determine how much money they’re willing to fork over to get their dream house.

Based on shifts in the current housing market and a nationally representative survey of young homebuyers, Consumer Reports says these are the top six ways you can improve your home and its value:

  • Updated kitchen: CR said a modern and updated kitchen topped the list of ideal home features among millennial homebuyers. Although kitchen remodels can be expensive, CR said even if you spend “as little as $5,000, you should be able to add a new suite of appliances, as well as a new countertop and flooring, resulting in a fresh, coordinated look.” An updated kitchen could bump up your home’s sale price by 3 to 7 percent, CR noted.
  • Open floor plan: An open and flexible floor plan is what clinched the deal on purchasing our first home nearly a decade ago. We were able to look past a ridiculously long list of things we didn’t like – including carpeted bathrooms, a dated kitchen and atrocious wallpaper in nearly every room in the 1970s-era home – because of its impressive floor plan. CR said your home’s value could go up by 4 to 6 percent if you can strategically increase the amount of usable living space your home provides. Creating flexible living areas, a mother-in-law apartment or upstairs laundry room all score thumbs up from homebuyers.
  • Energy efficiency: No one wants to buy an energy hog, so taking steps to improve your home’s energy efficiency could boost your home’s sale price by 1 to 3 percent. “My millennial buyers usually ask for two years’ worth of utility payments,” Joe Rivellino, a real estate professional in the Buffalo, New York area, told CR. Efficiency-minded homebuyers look for updated HVAC systems and water heaters, high-efficiency windows and high R-values on insulation.
  • Stress-free: “Stain-prone stone countertops, grime-­collecting ornate cabinets, and dust-­catching wall-to-wall carpet used to be symbols of luxury, but today’s homebuyers are more likely to equate them with extra work,” noted CR. Beyond cosmetic finishes, CR said updated plumbing, electricity and heating and cooling systems, are all important selling features. Along with a newer roof and durable flooring (carpet has declined in popularity), these “stress-fee” housing improvements could increase your home’s value by 3 to 5 percent.

  • Clean, neutral paint: CR said to focus on painting high-traffic areas — especially the bathrooms and kitchens — when you go to sell your house. Plus, if you do the painting yourself, it’s one of the cheapest ways you can update the look of your house. CR recommends choosing neutral colors and high-quality paints and you could see a 1 to 2 percent increase in your home’s value.
  • Outdoor living: Don’t forget that outdoor living space, especially if it requires minimal upkeep, is a great way to boost your home value by 3 to 5 percent. CR said creating a water-smart yard and making sure your home’s exterior and yard have curb appeal are important features to many homebuyers.

On the flip side of the coin, check out “4 Home ‘Improvement’ Projects That Can Hurt Your Property Value.”

What do you think of CR’s list of tips to boost your home value? Share your thoughts below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

The 10 Best Outdoor Home Upgrades for Your Money
The 10 Best Outdoor Home Upgrades for Your Money

There’s still time this summer to make improvements to the exterior of your home. These offer the best payback.

Have You Heard of This Best Place to Retire in 2020?
Have You Heard of This Best Place to Retire in 2020?

The best place to retire in America is one you likely are not familiar with.

The Worst Nursing Homes in America Are Revealed
The Worst Nursing Homes in America Are Revealed

The nursing homes with a history of providing subpar care previously hadn’t been identified for a government list.

12 Tech Gadgets That Make Daily Life Easier
12 Tech Gadgets That Make Daily Life Easier

These products on Amazon will ease worries and simplify your routine.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
11 Things Retirees Should Always Buy at Costco
11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Senior Discounts for Anyone Age 55 or Older
11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

8 Things You Can Get for Free at Pharmacies
8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

The 10 Most Commonly Stolen Vehicles in America
The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

11 Household Items That Go Bad — or Become Dangerous
11 Household Items That Go Bad — or Become Dangerous

When you get the impulse to stockpile these everyday items, pay close attention to their expiration dates.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

10 Reasons Why You Should Actually Retire at 62
10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things That Are ‘Free’ With Medicare
14 Things That Are ‘Free’ With Medicare

These services could save you money and help prevent costly health problems.

5 Keys to Making Your Car Last for 200,000 Miles
5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

26 States That Do Not Tax Social Security Income
26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

5 Things That Make Life More Meaningful for Retirees
5 Things That Make Life More Meaningful for Retirees

Retirees agree: These are the things that give them purpose and fulfillment in their golden years.

10 Things You Should Never Do With Bleach
10 Things You Should Never Do With Bleach

Does the pandemic have you reaching for bleach more than ever before? Learn the ins and outs of using this powerful disinfectant.

15 Amazon Purchases That We Are Loving Right Now
15 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

11 Things You Should Never Buy Without a Coupon
11 Things You Should Never Buy Without a Coupon

With just a little planning, you can save money on numerous everyday purchases.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.