15 Smart Ways to Add Value to Your Home

The national real estate market experienced unprecedented gains through much of 2020 and 2021, but the tables seem to be turning now. With inflation at 40-year highs, the Federal Reserve is ramping up interest rates, which means mortgage rates are soaring.

A 30-year fixed-rate loan is now near 6% -- the highest it's been in roughly 14 years. Naturally, that's cooling off the real estate market, but that doesn't mean investing in your home is a bad idea.

Here are 15 easy ways to add value to your home.

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One of the easiest ways to improve the appearance and value of your home is to invest in its curb appeal. Take a look at your house from the sidewalk or across the street. Does it look like it could use some sprucing up?

If so, you can get a lot of bang for your buck by investing in landscaping and other methods of prettifying the front of the house. If you don't have a green thumb, consider hiring a gardener or landscaper.

First impressions count for a lot in real estate, both online and in person, and if potential buyers think the outside of the house is ugly and poorly maintained, they'll probably think the same about the inside.

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Similar to adding curb appeal, you'll want to make sure the inside and outside of your home don't feel dated. This could mean fairly simple improvements, like changing light fixtures, painting the walls a fresh color, or updating older appliances.

Some older looks are classic, of course, but others distract from the overall feel of your home. You don't want your mother's china cabinet turning off a prospective buyer, for example. Try to keep your home up to date with contemporary tastes.

If you're planning to refresh your home, finding ways to brighten it up is a good idea. That could include expanding or adding new windows, painting the walls white or another light color, or adding light-colored furniture or cabinets that better reflect light. Changing light fixtures and adding brighter bulbs where it makes sense is also a good idea.

The first thing that's going to sell your home is the photos, and the best way to take great photos is with great lighting -- so get a head start by improving it.

It might be a cliche, but a fresh coat of paint can do wonders for your home both inside and out. Painting is one of the most cost-effective ways to improve your home value, especially if it's been a while since you've painted. New paint can make almost any home look clean and new, which is what every homebuyer wants to see.

If your home has peeling or cracked paint on the inside or outside and you're planning to sell soon, a new paint job should be one of the first areas you tackle.

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Though home inspections typically come into play during the closing process, there's no reason you shouldn't get ahead of the curve by hiring one ahead of time. Doing an inspection, which typically costs around $500, can help you get ahead of any problems that could sink a possible sale, like electrical wiring that isn't up to code, elevated radon levels, or a leaky septic system.

Additionally, the inspector will likely spot some easy ways to improve your home's value with some basic maintenance or a simple fix. Though some potential repairs could be expensive, you're likely better off knowing about them ahead of time than hoping they don't get discovered during the closing process.

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It's not just appearances that count. Buying a home is all about dollars and cents, and utilities are probably the biggest expense most homeowners face after their monthly mortgage payment, especially for heat and electricity.

You can slash heating and cooling costs by ensuring the home is properly insulated, caulking the windows and sealing other air pockets, and adding energy-efficient improvements like mini-splits, which can heat and cool your home. Adding a smart thermostat is also a good idea, and even doing something as simple as adding LED lightbulbs can help you out when it's time to sell.

Prospective homebuyers are likely to ask about things like heating and cooling costs, and being able to tout your home as energy efficient is a clear advantage.

Kitchen remodels are generally recognized as one of the highest-ROI (return on investment) home improvement projects you can do. If you're interested in a full remodel, go for it, but they can be expensive depending on how big of a project they are.

Rather than redesigning the whole space, you may want to consider improvements like installing a new countertop, painting or refacing the cabinets, or redoing the floor to improve the space and add value. Even something like changing the hardware can have a surprising effect.

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You may be noticing a pattern by now. Many simple, affordable ways of improving your home value focus on ensuring your property is as clean and attractive as possible.

Another easy way to do that is by power washing the house before you take pictures and list it. Power washing will help brighten up the siding and get rid of any lichen, moss, or other debris you might have on your roof. It can also help show off any architectural flourishes your home might have and clean up your decking, patios, pathways, and similar outdoor spaces.

For just a few hundred bucks, power washing seems like a no-brainer if you're getting ready to sell your house.

While adding curb appeal is a smart way to increase your home value, you shouldn't neglect the rest of the outdoor space.

For many homebuyers, an enjoyable, relaxing outdoor space may be just as important as a functional indoor space, especially if you're in a warm-weather climate like California or Florida.

Take the time to keep your deck or patio clean and well maintained, your yard clear of weeds and other debris, and your lawn well seeded. It also helps to add some backyard amenities, like a hot tub or a built-in fire pit, which will help prospective homebuyers picture themselves relaxing in and enjoying the home.

Another cheap and easy way to add value is to plant a tree. Adding a tree or two to your front lawn is a great way to give your home some character, and a shade tree can offer the added benefit of helping you save on cooling costs. You could also add a fruit tree in the backyard to help your home stand out and give it unique appeal to the right homebuyer.

Planting a tree could be a good option if you're not planning to sell your home in the next few years, as a typical sapling will only cost $100 or so at your local nursery.

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To get the highest price for your home, you'll want to present it in the most ideal way possible. You may consider staging it -- either with the help of a professional or on your own -- which means arranging your home's furniture and decor to help prospective buyers picture themselves living in the house.

But a good first step is to declutter your house. You'll want to ensure all living areas are neat and don't have too many things on display. You'll even want storage areas like attics and basements to look organized. After all, you have been taking care of the home, and if it looks messy and disorganized, a potential buyer may assume you have not maintained it well.

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Much like your kitchen, you don't have to do a full bathroom remodel to add some value. Some basic steps to improve the feel of the bathroom include painting the walls, changing the lighting, replacing the hardware or fixtures, or adding a new tile floor.

Depending on the look and feel of the bathroom, a full remodel might be more appropriate, but there are also options if you're not interested in spending on a full renovation.

Most homebuyers prefer hardwood floors over carpeting. So, if the floors are scuffed up and in bad shape, you may want to consider having them refinished. In general, redoing your flooring is one of the highest-ROI value adds you can do in home improvement, and you don't want shabby flooring to be the reason you lose a prospective homebuyer.

Like a coat of fresh paint on the walls, gleaming floors make a great first impression, and the floors are bound to be one of the first things potential buyers notice.

Trees can do a lot to help improve the look and feel of your property, but you'll want to make sure you keep them trimmed and pruned as well. You'll want to avoid branches overhanging your home, potentially damaging your roof in a storm. It's also a good idea to trim the deadwood, so the trees look healthy and alive.

Depending on the lighting in your house, you may even want to have some trees removed to allow for more light. Hiring a professional tree service every few years may be the best way to maintain your trees, especially if they're too tall to reach with conventional pruning tools.

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A lot of homeowners don't even use their front doors regularly. But there's no denying that the front door is a crucial part of a home's curb appeal and appearance as it's generally the centerpiece to the front of the home.

If your front door has a dated look, you may want to consider replacing it entirely or at least giving it a new coat of paint to help it pop against the rest of the house. And while you're at it, you may want to replace the address signage and update the mailbox, which also can help give the house a sense of style.

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While you may have no plans to sell your home anytime soon, it's never a bad idea to at least be considering ways to add value and keep up to date on your home maintenance. After all, if your home isn't your biggest investment, it's almost certainly one of them, and it's in your best interest to make it easy on yourself when it comes time to sell.

Investing in your home now can have the added benefit of raising your appraisal value, allowing you to borrow more money against its value. While the seller's market of the last couple of years may be fading away, a well-maintained home is a great payoff as a long-term investment.

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