Whether it’s just one room or an entire house, renovations are a major undertaking. In this article, we hope you will learn how to increase your home value from our tips. Keep in mind, these projects require time, energy, and investment. Investors planning to rent or flip a property have a renovation decision that can impact the return on investment (ROI) in the future.
Finishes, appliances, and construction choices aren’t the only factors that affect resale value — they are essentially the only things sellers can influence or control. So, will spending extra on a hardwood floor or a luxury electric fireplace be a smart idea in a few years from now?
First, did you consider who should be on your team? Making home improvements and upgrading real estate investments can benefit from a diverse team of professionals to assist with executing your vision for your home. These professionals can include interior designers, architects, builders, construction support, and possibly a realtor for future home-buyers. Make sure to check their success rate and credentials with home improvement projects on sites like Angies’s List.
An alternative to hiring a designer is to search for remodeling and decorating inspiration in design-oriented magazines, books, TV shows and websites. Simply tear out or print off the ideas to try and start your to-do list. Keep it simple — when remodeling on a tight budget, do-it-yourself (DIY) projects are best.
Once you have your team in place, that’s where the fun begins.
Now that you have an amazing team — start ideation with your interior designer. Think of renovating a home as the world of potential. During your walk through and touring an empty home, envision the potential hidden gems inside — custom to your liking.
Before the demo or design even begins, anything could happen and everything is possible.
Remember, each room has a purpose — such as a laundry room, home office, or family room. For instance, each of these rooms have practical functions. The family room is a favorite of ours since it represents togetherness and potential to enjoy a quiet moment.
Take a moment to consider the things that inspire you or that you want more of in your life. This could include stress-free, relaxation, serenity, peacefulness, and other great environments to increase quality of life and peace of mind.
Now, take a look at your family room. Would having a retreat or social gathering where there might have been just a couch and TV or simply wasted space? Through this lens, imagine your perfect zen or happiness room. The luxury of unprecedented family room potential exists with core building blocks and fun incremental improvements — something that feels like you. Like your family. Like your home.
Next, let’s understand the living space, square footage, and potential buyers or friends that would enjoy the new home, remodel, makeover or enhanced, renovated living space.
When it comes to understanding how to increase your home value in an overall floor-plan, buyers are seeing less bedrooms and more master suites or open concepts. If you are thinking of an open concept, the smartest investors believe there could be value in the family room to add value.
As an example, consider advice from your interior designer. De-cluttering, improving light fixtures, light switches, adjusting the paint colors are all small changes that have impact without major construction. They can brighten a room and make them appear more spacious for prospective buyers while trying to increase the value of your home.
Family or Living Room Focal Point
A fireplace is an excellent start to build around. It can be layered in front of an accent wall – with one of your favorite colors and a fresh coat of paint and is a sure attention grabber.
Traditional fireplaces can be expensive to maintain and a turn-off for home buyers. As an alternative, a realistic and safe, maintenance free fireplace can set your home apart and make it one buyer’s will remember.
However, not just any fireplace will do. It has to look good and add real value to the home. MagikFlame is a manufacturer that has the most realistic electric fireplace.
It steals the show with a family-friendly atmosphere that it delivers authenticity without the mess or hassle. Their products are a cut above the rest and worth the investment.
Imagine 30 ultra-realistic flames with a built-in heater (warms up to 1,000 square feet), thermostat, and authentic crackling log sounds controlled from a touchscreen or smartphone. It is energy efficiency, and can lower energy bills and energy costs.
This DIY, home improvement is a more cost-effective investment than solar panels, minor kitchen remodel, new garage door or investment in countertops to help increase a home’s value (or perceived property value).
Your room may have hidden value as you accentuate the electric fireplace with mantel along with a couple of plants, shelving or even throw pillows for that comfy couch.
Cut Energy Costs – Electric Fireplace Utility Cost Calculator
The monthly investment on energy costs may seem like a fixed amount, but many local utility companies provide free energy audits of customer homes.
As we have considered inspiration and floor plans with a family room focal point (electric fireplace), it’s important to understand the energy efficiency of the home. Adding an electric fireplace within a room can reduce overall energy costs, but still have impact on electricity bills.
Try our electric fireplace cost calculator tool to assist with figuring out your projected electricity bill. Use this formula to understand the expense to operate: (Watts / 1,000) x kw/hr = total cost per hour.
For additional information on how to increase your home value using the electric fireplace utility cost calculator, consider the MagikFlame Electric Fireplace Buying Guide instructions (the calculator equation and instructions are listed in the middle of the guide).
An energy-efficient home should save money now, which can be applied to other family room updates. Every dollar should be spent with a purpose.
Personalizing The Space
Since we have our team, floor plan and focal point. Let’s consider how to personalize the family room space.
This space should feel like home for the kids and parents from the very beginning. Little changes like a rug, coffee table, end table or picture gallery on the wall should all have a sense of warmth and comfort while trying to increase value.
After-all, spending lots of time in the family room means conversation, favorite tv shows, movies, seasonal holiday celebrations such as Christmas or New Years. Incorporating little personal details to surround the electric fireplace focal point shape the room are what make a house — a home.
What color is the electric fireplace mantel? White, maybe since it can blend well with other accent wall colors and throw pillows with the couch. Yet, a favorite color can be used on your mantel as another home upgrade. Or, simply select from a cherrywood, grey, and other neutral options if that is your preference.
Design a family room that is versatile. Consider additional storage or shelves to store a growing collection of books, board games and grandma’s favorites.
Sectional sofas that blend with a color pallet as dividers. These can be moved around depending upon what use you are giving the family room. Try not to clutter.
The great news is that with a MagikFlame as the most realistic electric fireplace as the focal point, this is a safer option as there are no actual real flames. Therefore, it’s family-friendly for children, pets and other accessories to build the room.
Maximize the functionality by installing a basic office in the corner of the room or a small desk, comfy chair to create a snug home office close to loved ones.
Summary of How To Increase Your Home Value – Tips
- Spend an hour with a pro and assemble your team – Invite an interior designer, architect, home builder and/or realtor to brainstorm ideas and vision for your project. Many realtors will do this as a courtesy. More often than not a consultation fee will be needed for the interior designer or other specialists. Even small suggested improvements, such as paint colors or furniture placement, can go a long way to improving the look and value of your home improvement projects.
- Find inspiration and run with it – After an initial consultation with an interior designer, architect or home builder, is to search for remodeling and decorating inspiration in design-oriented magazines, books, TV shows and websites. Keep it simple — when remodeling on a tight budget, DIY projects are another avenue to create your dream room or space.
- Concentrate on a focal point and family room – The focal point is where people’s eyes first land upon entering the family or living room. It could be a natural focal point, like a fireplace mantel or big window with a view. A MagikFlame Electric Fireplace or most realistic electric fireplace provides an ideal focal point with 30 flames, built-in heater, crackling log sounds and a safer, more elegant option to forge the American home.
- Cut energy costs and save in the long-run – It’s important to understand the energy efficiency of the home and living space. Adding an electric fireplace within a room can reduce overall energy costs, but still have impact on electricity bills. See the electric fireplace cost calculator to understand a projection of your utility bill. Cutting overall costs and reallocating the savings into the room can add value and stretch the return-on-investment (ROI).
- Personalize the family room or living room space and enjoy the timeless result – Bringing your concept to life isn’t easy. Fortunately, consulting a team of experts and adding your individual flare brings the little things to life. A place that has your colors, accents, style all come together between the couch, sectional, rug, shelving, electric fireplace with mantel, and window lighting.
Assemble your team with an interior designer, architect, home improvement builder and quickly understand your budget for the floor plan. A MagikFlame electric fireplace will assist with a luxurious focal point to increase home value and your home look – at a fraction of the price of a bathroom remodel (including top finishes and faucets) or extended hardwood floors.
A typical real estate agent (national association of realtors preferred) would share the importance of stainless steel appliances, neutral colors (unless the living space is for you and your favorite color pallet) as a key selling point within their value report.
Although the interior doesn’t improve curb appeal, it has the relaxing, daily satisfaction with your custom vision brought to life. With the living room being a common area in which a family spends much time, it makes sense to make that room as comfy and comfortable as possible, furthermore increasing the home value.