Denver has become the 19th largest city in the United States. The Denver population has increased dramatically over the past 20 years. According to the Census Bureau, since 1990, Denver’s population has increased by around 52 percent. Because of this large population growth, prices of Denver homes have increased due to demand. According to Redfin, the average price of a home in Denver has gone up around 46 percent in the past five years. The median sales price of a Denver home between 2017-2018 was around $399,800. Earlier this year, the median sales price was around $584,500. The rise of mortgage interest rates has helped bring home prices down a little in recent years, but the housing market in Denver is still competitive. That’s why if you’re selling your home in Denver, it’s important to know how you can increase your home’s value and make it stand out from the competition. 

Here are some home upgrades you can make to help increase your Denver home’s resale value.

Kitchen and Bathroom upgrades

While kitchen and bathroom remodels can be among the most expensive home upgrades, they can also give you the most return on your investment. Because these renovations can be such a big undertaking, homebuyers like to see the kitchen and bathrooms have already updated. That’s one less expense and hassle for them to deal with as a homeowner. If you’re not able to afford a complete overhaul of your kitchen and bathrooms, just freshening up the cabinets with paint and adding new handles and fixtures can help give the rooms a more updated look. Keep in mind, you don’t always need to buy the most high-end items when remodeling a kitchen or bathroom. In fact, doing so will almost guarantee you’ll overspend and not be able to recoup on your investment. Shop deals when you can and choose items that are more moderately priced, but still of good quality.

Exterior upgrades

A first impression says a lot. That’s why investing some money into the exterior of your home can make a big impact. It can also be one of the cheapest home upgrades, which makes it worth your time and money. By simply adding some plants, trees or shrubs and sprucing up the front porch and walkways, you’ll add value to your home and give buyers a good first impression.

Add more indoor and outdoor living space

Adding living space to your indoor and outdoor areas is a smart way to increase your home’s value. By adding square footage, you’ll get more return when selling your house. You can create additional living space indoors by adding a sunroom or turning an unused space like an attic into an extra bedroom. Since Colorado is known for its sunshine, creating livable space outdoors is another great way to make your home more appealing to buyers. Adding a deck or patio can help make your home look nicer overall, and it provides you with a space to soak up that Colorado sunshine.

Energy upgrades

Energy efficiency is important to Colorado homebuyers. It’s worth your time and money to make your home as energy efficient as possible. It will increase the value of your home and potential buyers will jump at the chance to save money on their utility bills. If given the choice between an energy-efficient home and a home without any updates, buyers will be more inclined to buy the energy-efficient home. Installing energy-efficient windows is one way to help keep energy costs down. Windows can be expensive, but homeowners usually recoup around 90 percent when selling their home. For example, if replacing all the windows in your home costs around $10,000, you’ll get $9,000 back when you sell your home. Solar panels are becoming more popular with utility expenses on the rise in Colorado. Solar panels can be a big cost up front, but according to Zillow, homes with solar panels typically sell around four percent higher than a comparable home without solar panels. For example, if the average home value in your neighborhood is $500,000, having solar panels would get you an increase of $20,000.

If you need financial help making any of these home upgrades happen, you can use the equity in your home to borrow money with a Home Equity Line of Credit (HELOC). HELOCs typically have lower interest rates than credit cards, and you have the flexibility to borrow money against the equity in your home for a certain period of time. With a Partner Colorado HELOC, you can easily access your money with our HELOC Visa® with Rewards card that allows you to earn rewards points with every purchase. If you’re looking for ways to increase your home’s resale value, any of these upgrades will do that while making your home stand out more to potential buyers. Keep in mind, if you end up selling your home after making upgrades with a HELOC, you’ll have to pay the HELOC off when you sell the home. This could affect the profit of your home’s sale. Be mindful of how much you’re spending and the timeframe in which you plan to sell your home after upgrading it.