You may not be required by the bank to have your home appraised during the process of refinancing your home, but it may be well worth your while if your home is appraised for more than it was originally worth. A higher home value typically means more loan options and lower interest rates! Here are a few effective ways to increase the value of your home and create a more enjoyable atmosphere at the same time:
Get Your Driveway Resurfaced
A great way to improve the curb appeal of your home and increase its value is to have the driveway resurfaced. Resurfacing your driveway costs a fraction of having it replaced altogether, and it allows you to turn your plain old driveway into a modernly designed masterpiece. Consider:
- A stamped concrete look.
- Curvy paved finishes.
- Standstone surfacing.
- Cozy brick outlays.
You can even go to sites and have the surface concrete tinted in a color of your choice to add some pizzazz to the overall look and feel of your property.
Paint the Exterior of Your Home
You can potentially add thousands of dollars to the value of your home simply by painting its exterior. Use different tones and shades of your favorite colors for extra depth. You don't have to paint the entire exterior of your home to create a new look and feel. Try one or more of these options:
- Paint the window and door trims.
- Touch up scratches and dings on the home's surface.
- Paint the gutters if they're old and dingy.
To ensure an even finish, use a do-it-yourself paint sprayer to get the job done, or hire a professional to do the touch-ups for you. If you decide to work with a paintbrush, use long strokes and thin layers of paint until you achieve the look you like.
Plant a Few Trees in the Yard
Planting trees in your yard can increase your home's value by up to a whopping 20 percent, and they'll help naturally protect your home from the heat of the sun during summer months. In fact, deciduous trees lose their leaves during the winter to let the sun naturally warm your home up, so you can save a little money on your energy costs throughout the entire year.
Plant your new trees in front of windows that get direct sunlight, and where they can be seen from the road if possible. Make sure that your new trees are planted far enough away from your home that their mature branches won't fall on your roof if they break off in the wind or a storm.
Replace Some of the Flooring
If the flooring in some of the rooms of your home looks worn, consider pulling it all up and replacing it with tile. It's a cost-effective option that makes any space look bright and cheery, and it's easy to install on your own, which costs about $1,500. Because there is such a large variety of sizes, shapes, colors, and designs available, you can create just about any look you can think of to fit in with the rest of your home's décor, or to create an entirely new look from scratch. Try lining your room with dark blue tiles and creating bright designs with yellow and white tiles on the rest of the surface, or create a uniquely cool mural design by fitting tiles together that are broken into various shapes and sizes.
These projects can make a big improvement in the bottom line when applying to refinance your home – and they'll more than likely help to make your home feel like new again too.