As a homeowner, your house is likely the biggest financial asset you have and taking care of it should be your top priority. Keeping up with repairs and planning smart renovations are both guaranteed ways to make your home more livable while increasing its value over time.
In this blog post, we explain why your home’s value is important, whether interior or exterior upgrades are a better investment, and break down the average costs of 10 tried-and-true renovations that can increase your home’s value.
Why Increase the Value of Your Home?
A home is more than just a place to live — it’s an investment that can pay massive dividends as you build up equity and increase your property value over time. While your neighborhood, the economy, and local demand for housing will all affect your property value, you can increase your home value by making upgrades and changes which can warrant a higher selling price whenever you’re ready to put it on the market.
If you have short-term plans to sell your home, re-consider any major renovations unless they’re absolutely necessary. According to the Remodeling 2023 Cost vs. Value Report, the cost of home renovations and the resale value they return both fell to their lowest relative levels since the annual report began being published 36 years ago. This trend is likely the result of falling home prices and rising mortgage rates and isn’t likely to change soon. As a result, major renovations are a long-term investment, and you should make function and design decisions you’re happy to live with in the meantime.
Are Interior or Exterior Upgrades Better for Increasing the Value of Your Home?
When it comes to resale value, exterior renovation projects often have a higher return on investment than interior projects. If a potential home buyer sees a home with a run-down exterior, they’ll likely be wary of what awaits them inside. If a home looks well maintained outside, it’s more likely to be well taken care of inside, too.
Making a good first impression is especially important in an increasingly difficult real estate market. As the market becomes harder for homebuyers to break into, buyers are also going to be focused on saving any extra cash they can — they're less likely to consider buying homes that look like a work in progress and will opt for properties that impress from the outset.
If you aren’t planning on selling anytime soon and are looking to add value to your home while improving its day-to-day function for you and your family, consider prioritizing interior renovations since inside your house is where you spend most of your time.
10 Ways to Increase Home Value
There are many ways you can increase the value of your home, and some projects will have a higher return on investment than others. Here’s a list of 10 projects you can consider tackling over time from least to most expensive based on U.S. national averages* to add value to your home:
Trusscore Can Help Increase Home Value, Too
Available in white and gray, both Trusscore products are scratch, dent, and damage resistant, making them ideal for high traffic areas of your home. Thanks to the presence of PVC, the panels are also 100% moisture and water resistant and are easy to clean, making them the perfect addition in moist or humid rooms like garages, basements, laundry rooms, and bathrooms.
Last but not least, white Trusscore panels are bright and reflective, and are designed to reflect 90% of the light that strikes them. Not only will they accentuate any wood and metal finishes in your space, but they’ll also maximize any natural and fixture lighting available to make any room appear bigger. With Trusscore, your space will look good as new on the day you sell no matter how long it’s been since you installed it. It’s a virtually guaranteed way to increase the value of your home.
Don’t just take our word for it. Here’s what Canadian realtor and Trusscore customer Christal Moura had to say about our product:
“As a real estate agent and having seen many homes over the years, I have learned how to spot the houses that show great pride in ownership. It’s the homes that not only show nice on the inside, but also in the less likely places, like a garage. When a buyer sees a garage with Trusscore products, they are immediately impressed as they see how functional the water-resistant wall panels are, but also how versatile Trusscore SlatWall can be for customizing their storage solutions.”
See how Christal transformed her 5-car garage using Trusscore Wall&CeilingBoard and Trusscore SlatWall in the video below.