7 DIY Projects to Increase Home Value

Are you looking to upgrade the value of your home for a future sale? These seven do-it-yourself projects are predicted to provide the best return on investment (ROI):

1. Make a Good First Impression

“Your entryway or foyer can be an incredibly important place when it comes to the value of your home, as it sets the entire tone for the rest of the space,” says Toronto-based interior designer Ali Budd. “Invest in beautiful tile and gorgeous lighting. Make sure the closets are done perfectly with a combination of hanging shelves and drawers. Typically, doors throughout the house should be consistent, with the exception of the foyer. Take this moment to do something special, like paneled wood, applied molding, and gorgeous hardware.”

2. Beautify Outdoor Spaces

According to de Jong, buyers can attach anywhere from roughly 5% to 12% more value to a home with a well-maintained landscape. The space doesn’t have to be large, but it does have to be well thought-out. Budd suggests incorporating four main elements: a place to eat, a place to lounge, lighting, and greenery for both beauty and privacy. “Mature trees can be hard to come by and are expensive, but even simple latticework with greenery intertwined can offer a lot of privacy between houses and add a big green punch,” she says.

3. Add Storage

“That sense of calm that comes with knowing there’s a place for everything is unmatched,” Budd says. “The biggest non-aesthetic question our clients ask is, will I have enough storage?” In living areas, freestanding cabinets with drawers allow for fast cleanup, especially for families with small children. In the kitchen, tall full-depth cupboards with pull-out shelves make for great pantries, as well as storage for dishes and small appliances.

4. Freshen Up with a Coat of Paint

A freshly painted room will look bright and refreshed—and is fairly easy to do on your own. “Paint changes everything!” says Portland, Maine–based interior designer Heidi Lachapelle. “Whether it’s picking the right shade of white or just reapplying what was there before, paint cleans everything up instantly.” For an easy, modern approach, she suggests painting the ceiling, trim, and walls all the same color and sheen.

5. Kitchen Upgrades Pay Dividends

According to an Opendoor survey, 50% of prospective home buyers said that outdated kitchen appliances are their biggest turn-off. De Jong recommends replacing older appliances with new, stainless-steel ones. “Buyers will pay a higher price for a move-in-ready home,” she says. But smaller changes can go a long way too. “One quick and easy upgrade is to change out the kitchen hardware and light fixtures to ones made of metal, such as black matte or satin brass,” says Austin-based interior designer Christine Turknett. Another idea that often looks great is to simply paint the cabinets white and replace the handles.

6. Bathroom Updates Too!

It generally cost 3 to 8% of a home’s value, but a DIY job can make it even expensive, dramatically increasing your ROI, says San Antonio-based designer Shawna Percival. “Simply painting cabinets and replacing mirrors can make a huge difference,” she says. “Take it a step further and update the lighting and plumbing—bonus if you match the finishes on these fixtures.” I see this consistently in welcoming listings – the bathrooms and kitchens look modern and sheik and tend to draw buyers to put in offers.

7. Look Down

Another consistent item that prospective buyers seem to care a lot about these days is the flooring. Carpets are out and wood floring is a smart home upgrade that will always add value. According to Realm, which provides data on ROI home improvements that yield the highest values, new flooring averages a 342% ROI. “New flooring can elevate the look of your home overall and solve design problems, like providing a continuous line of sight to spaces that previously felt disconnected,” says Marc Bacher, the founder of flooring brand Stuga, who says that, with some basic DIY skills, installing your own floors is more doable than it might at first appear.

Word/Phrase of the Week

A “Correction”

Whenever the stock market falls too fast or too far, you might begin to hear the dreaded word "correction." But what does it mean? A market correction occurs when an asset, an index, or an entire market falls 10% or more from its most recent high. Corrections are generally not a one-day event, though, typically lasting from days to months.

Just such a correction occurred with the Nasdaq — which mostly measures US tech stocks — falling 15% from its late November 2021 record by early January 2022. While they can be painful short-term, they’re normal for markets and can help reset pricier assets. Zooming out: The Nasdaq has had 66 corrections since 1971.

But what causes them? Several factors play into corrections, but this one is mostly related to inflation and interest rates. To tame soaring prices (think: oil at the pump, bacon at checkout), the Fed is often hikes interest rates, as they have been doing for several months now. Rising rates can be bad for growth stocks like those in the tech industry, because they often push investors into bonds and savings accounts while big cuts often lead to economic retraction.

What is the takeaway for investors? It depends on your strategy and other factors like your age, finances, and risk tolerance. For some long-term investors, corrections can be a temporary dip toward reaching investing goals or an opportunity to buy while prices are lower. Portfolios that are diversified across different types of industries and investments can be less affected by corrections when certain assets decline. Of course, even if the market recovers, there’s never a guarantee that individual stocks or portfolios will follow the same trajectory. Though some recoveries took longer than others, historically the US market has bounced back from corrections over time.

Useful Links

Clutter experts are increasingly pushing people toward minimalism, and with people spending more time at home, open and free spaces can improve your mood and reduce stress. In line with this trend, Style suggest avoiding these seven mistakes that will make your home feel smaller.

Speaking about decluttering, Apartment Therapy has a suggestion that should help you get rid of unnecessary items and create more space for things that really matter.

Stay safe, stay well and keep searching for those rainbows in the clouds.

Cheers,

Rich