When selling your home, you can increase its value by fixing problems as opposed to selling as-is; however, home repairs and, especially, renovations can add up quickly. The best strategy is to get the biggest bang for your buck by targeting areas that will have the biggest impact on your home’s sale price.

Value-Add Home Improvements

If you’re looking to improve your home’s resale value, here are some value-increasing areas you should focus your efforts on.

If it’s broke, fix it!

Hole in the wall? Missing tile in the kitchen? Ceiling stained? While you may have put off completing some home improvements because they didn’t need to be fixed right away or were more cosmetic than functional in terms of disrupting your home, fixing all those little issues can add substantial value to your home. 

Spruce it up

Simple fixes like a fresh coat of paint are relatively easy and cheap to complete but can make a real difference when it comes time to value your home. When choosing colours, keep in mind that neutrals are best as everyone has their own distinct taste and style; betting that the buyers will share your flare for design is not a safe bet. 

When it comes time to take pictures of your home and show it to potential buyers, if possible, enlist the services of a staging company (your realtor can make introduce you to reputable companies in your area. A home with a non-distinctive style will appeal to a much larger group of potential buyers than one decorated to suit a particular person’s taste.

Scrub the tub

One of the easiest ways to increase your home’s value is simply to give it a good cleaning! Break out the rubber gloves and scouring pads, because this is going to be hard work. Target areas such as the top of trim, which tends to gather dust, and in and around large items such as furniture and appliances. Ensure bathtubs, sinks, and appliances are thoroughly cleaned. 

While this may seem like common sense, it’s often overlooked by homeowners and is one of the most cost-effective ways to increase value.

Areas To Target

As any realtor can tell you, the most important rooms in any home are the kitchen and bathrooms. As we spend most of our time in those rooms, they tend to influence potential buyers more than other areas. If you have a budget for renovations, a good strategy is to allocate most of your budget to improving these areas.

Financing Home Improvement

While a few cans of paint are fairly cheap, to substantially increase the value of your home you will most likely need to invest several thousand dollars. Keep in mind that the goal is to increase the value of your home so that you can recoup these costs when you sell; plan your renovation strategically and don’t spend money you are unlikely to recoup in a sale. 

There are several ways to finance home improvement or renovation projects including obtaining a home equity line of credit (of course, this is only an option if you have equity in your home), refinancing your mortgage, taking out a loan or line of credit, and borrowing from your savings (if using this method, make sure to replace the money you borrowed after you sell your home).