Are you considering selling your Texas home in the future and are looking for cheap ways to increase home value? Then you’ve come to the right place!
Here, we will discuss inexpensive home improvement projects and DIY landscaping work that can increase your Texas property value. Learn to determine the value of your home with the help of a real estate agent and an assessor.
Below, you will also find out the average costs of home renovations. Lastly, we will discuss multiple cheap ways to increase home value. Ready to get started? Then, read on!
Valuing Your House Before Increasing Its Value
You will find at least three ways you can value the cost of your home before you start trying to add value to the property. The three types of valuations available include:
- Appraisal-based valuation
- Assessed value
- Fair market value
For the appraisal value, you will need to see how high an appraiser values your home. The assessors will consider renovations, the size of your home, the neighborhood, and the property’s condition.
The assessed value is based on the county tax assessors’ assigned dollar value on your place. The tax assessors determine the property taxes you owe on the home.
Fair market value entails how your home appears to prospective buyers as compared to other properties in the neighborhood. It outlines how much money potential buyers are willing to pay for your home.
A realtor will look at the nearby homes that have similar footage and number of rooms to see how they are priced. That way, the real estate agent will use fair market value to help you determine how high to price your home.
There are also a few faster ways to determine the value of your home. For instance, you can use online tools like a home value estimator. Enter your address into the home value estimator to get the estimate. You can also seek a comparative market analysis from a real estate agent to find your home value.
Lastly, you can go onto your municipal auditor’s website and search for the assessed value of your house. These are a few of the simplest ways to determine your home equity and value.
Estimating Costs To Increase Value
You may find that large renovations like a kitchen remodel costs tens of thousands of dollars. However, growing home values in the real estate market allow homeowners to get a fair return on investment after renovations.
For example, the average homeowner has garnered $48,000 in home equity in 2021. That amount is a 35 percent rise from 2020. The costs to renovate a property, however, range greatly when it comes to your home improvement choices.
For instance, remodeling a kitchen can cost anywhere from $10,000 to as high as $50,000, depending on the amount of work you need to be done. You will need to determine whether you should hire a contractor to replace those kitchen cabinets, faucets, and countertops. Make sure to find a low-cost contractor and perform as many renovations by yourself as you can.
Flooring also has separate costs. On average, repairing and installing new hardwood floors costs $4,400, while laminate flooring replacement costs about $2,800.
Window replacements for at least ten windows and frames cost anywhere from $8,500 to $20,000. In general, when you are attempting to renovate the entire house, you can expect to pay from as little as $25,000 to as much as $76,000 or more.
The cheapest home improvements include repainting the home in neutral colors, minor repairs, and landscaping work to improve the curb appeal of the property. The most expensive renovations that may help increase the value of your home involve sewer and roof repairs, foundation fixes, and other major remodeling projects.
Average Costs To Renovate a Property
You will find that the average cost to renovate a kitchen is around $20,474, while the average price to redo a bathroom is about $9,000. If you’re looking to replace an entire roof, expect to pay about $20,000 in total. A makeover to the home’s exterior siding can cost an average of $14,000 or more.
Labor costs are also rather high, so you will need to account for the typical price of a contractor. To reduce these costs, try to complete DIY projects as much as possible.
Building code regulations also have a major impact on the overall price of renovating a house. These can vary greatly from one neighborhood to a different location. As such, to adhere to building code regulations, contractors, plumbers, and electricians may spend more time completing a task in one area than another. Therefore, their costs vary.
Furthermore, the ongoing issues with supply chains have led materials to cost more than in previous years. COVID-19 has led to serious disruptions in supply chain management for numerous industries. The cost of lumber has both risen and plummeted recently, so you may end up paying plenty for these materials depending on the current cost.
When considering selling your property, you will need to understand the potential need for renovations as part of the cost to sell a home.
Are you having trouble affording an entire home remodel before you sell the home? If so, you can try tapping into an equity line of credit on your home to fund the remodel. You can also get home renovation loans from a local bank.
In addition, you can get government loans such as the FHA 203(K) Rehab Mortgage or the Fannie Mae HomeStyle Renovation Mortgage loan. Banks and credit unions can also offer you a personal loan to cover home repairs as long as you have good credit.
Further, as a homeowner, you would benefit from creating an emergency fund for completing home improvements. That way, you can dip into your savings, and you won’t need any loans. If you really have no other options, you can also pay for renovations using a credit card. Then, you will have to pay off that amount using smaller monthly installments.
15 Cheap Ways To Increase Home Value
If you’re not willing to pursue the more expensive remodeling options, you should at least complete a paint job by adding a fresh coat of paint to the bathroom(s), kitchen, and living room. Furthermore, you should declutter the house to make potential homebuyers gain interest in the space. Another low-maintenance strategy to implement is deep cleaning the home.
Along with painting and cleaning, several other cheap ways to increase your home’s value include:
- Fixing up light fixtures and replacing old light bulbs to brighten rooms
- Improving curb appeal by painting the front door or fixing doorknobs
- Adding a new mailbox, flowerpots, and shutters to boost a buyer’s first impression
- Replacing the shower head and power washing the tub and toilets
- Changing a light switch cover, a cabinet handle, or other fixtures
- Staging the property by organizing the furniture and decluttering the junk
- Adding crown molding, a chair, or other appliances to give a room better ambiance
- Replacing and adding windows or doors
- Adding skylights to make the home brighter and more attractive
- Updating the carpeting or refinishing the hardwood floors
Another inexpensive step you can take to increase your house’s value is to add insulation to reduce noise pollution throughout the property. Adding more rugs and carpets can also cut down on noise.
A further cheap way to boost your home’s value is to update your kitchen in small ways, like replacing cracked tiles and painting the walls to cover up any stains. You can also change up the countertops and switch the handles on the kitchen cabinets. Try adding a few new kitchen appliances.
Lastly, a final low-priced step you can take is to upgrade the bathrooms with some simple additions and repairs. For example, you can put in a new toilet or a modern faucet. In a restroom, you can also update any cracked tiles and/or paint the walls.
These 15 cheap ways to clean and renovate your home should help you improve the property’s value and get you a good return on your investment once you sell the place.
Once you have pursued the best cheap ways to increase home value, you are ready to put your house on the real estate market.
However, if you can’t get a loan and don’t have the funds to renovate, you can still sell your home without repairs to cash home buyers in San Antonio and other cities throughout Texas. Furthermore, if you need to sell a house fast in Texas when starting a new job elsewhere, you won’t have time for renovations. In that case, selling to cash buyers is your best bet.
Selling a house for cash is a much faster process, as you and the buyer won’t need to wait on a mortgage company to approve a loan. If you want to sell a home in a few short weeks, work with a real estate investor or cash home buyer.
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