7 Weeks to Increase Home Value: Summer Home Equity Boost Challenge
Summer has come around, and it’s the perfect time for home projects. If you’re interested in rolling up your sleeves and getting your hands dirty, take Redfin’s Summer Home Equity Boost Challenge. Each week will present a new opportunity to improve an aspect of your home, increase property value, and have fun doing it.
Depending on budget, some may not be feasible right now, and that is totally okay. Any effort is sure to yield positive results when working on home renovation projects. Enjoy the process and take pride in polishing up your home.
Week 1: Clean and straighten up your house
Thoroughly cleaning your house – including pressure washing, deep carpet cleaning, and bathroom grout cleaning – is a cost-effective way to significantly increase your property’s value. A spotless home signals that the property is well-maintained and cared for. Pressure washing the exterior removes dirt and mildew, restoring the home’s original beauty and enhancing curb appeal. Deep carpet cleaning revitalizes your floors, removing allergens and stains, while a meticulous grout cleaning in the bathrooms makes these essential spaces look fresh and hygienic.
These cleaning efforts not only improve the overall aesthetic of your home but also convey a sense of care and attention to detail, making your property more attractive and desirable while also being a cozy place to live. Investing time and effort in a comprehensive cleaning regimen can yield a high return by boosting your home’s marketability and perceived value.
Week 2: Curate an outdoor lounging area
An inviting outdoor space, equipped with comfortable seating, shade options, and attractive landscaping, extends the living area of your home, making it more appealing to guests and potential buyers. It offers a versatile space for relaxation, entertaining, and enjoying the outdoors, which is increasingly sought after in today’s real estate market.
A well-designed outdoor lounging area enhances the overall aesthetic of your property, adds to its functionality, and creates a desirable lifestyle feature. By transforming your yard into a welcoming retreat, you not only improve your own quality of life but also boost your home’s marketability and resale value.
Week 3: Make your home energy-efficient
Making your home more energy efficient can substantially increase its value by slashing energy costs and appealing to environmentally-conscious buyers should you choose to sell. Upgrades such as installing energy-efficient windows, solar panels, adding insulation, and using energy-efficient appliances can lower utility bills, making the home more cost-effective to live in.
Additionally, energy-efficient homes are often more comfortable, with better temperature regulation and improved air quality. As sustainability becomes a growing concern, homes that have a smaller environmental footprint tend to be valued much higher. Also, energy-efficient homes tend to have a higher resale value because they are seen as modern and well-maintained.
Week 4: Replace outdated appliances
New appliances not only enhance the functionality and aesthetic appeal of the kitchen and other areas but also signal that the home has been well-maintained. Modern appliances tend to be energy-efficient, which can lower utility bills, and newer appliances typically come with advanced features that can simplify daily tasks and improve the overall living experience. By investing in new appliances, homeowners can make their property more attractive and competitive in the real estate market, ultimately boosting its resale value.
Week 5: Add a fresh coat of paint
Painting your house, both inside and out, is one of the most cost-effective ways to significantly boost your property’s value. A fresh coat of paint can dramatically improve the appearance of your home, giving it a clean, well-maintained, and updated look.
On the exterior, new paint enhances curb appeal, making your home stand out and look more inviting. Inside, modern, neutral colors can make rooms feel larger, brighter, and more welcoming, creating a blank canvas that allows buyers to envision themselves living in the space. Additionally, painting can protect your home from weather damage and wear, preserving its structural integrity. Investing in a professional paint job is a relatively low-cost improvement that can yield a high return by increasing your home’s marketability and perceived value.
Week 6: Add a deck
For a more costly but ultimately beneficial renovation, adding a deck to a house can significantly boost home value, offering a strong return on investment. A deck enhances the outdoor living space, making the property more appealing to potential buyers by providing an area for relaxation, entertaining, and enjoying the outdoors.
This addition can increase the usable square footage of the home, effectively expanding the living space without the cost and complexity of a full interior renovation. Moreover, decks can be customized to match the home’s aesthetic, adding to its overall visual appeal and curb appeal. According to Redfin’s Home Trends Tool, a deck has a 98.4% sale-to-list ratio, proving that as outdoor living trends continue to grow in popularity, a well-designed deck can make a property stand out in the real estate market.
Week 7: Replace your garage doors and front doors
New doors provide a fresh, modern look that can transform the overall appearance of your home, making a strong first impression. High-quality, stylish doors improve security, energy efficiency, and functionality, adding to the home’s overall appeal.
Upgrading to energy-efficient models can help reduce utility costs and increase comfort, further attracting eco-conscious buyers. Additionally, a well-maintained and visually appealing entryway signals that the rest of the home is also cared for, boosting buyer confidence. Investing in new garage and front doors is a cost-effective way to enhance your home’s exterior, increase its marketability, and ultimately raise its resale value.
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