Tips for Increasing Your Homes Value
Having equity is one of the best reasons to own a home. Even when the housing market is not functioning well, your house will always naturally appreciate over time. However, the rate at which this occurs depends on how much work you put into the property.
Even if you buy a new building, there are numerous improvements that can be made. Note that it is always easier to increase the value of a home that needs big ticket updates vs. cosmetic ones, although the latter can certainly have a huge effect as well. If you own an older home or one which could be classified into the “fixer-upper” category, remember to address and prioritize functional areas before the aesthetics.
A key determining factor of a home’s value is how energy-efficient it is. Installing new windows and doors as well adding insulation in the walls and attic can significantly reduce the amount of money you spend on annual heating and cooling costs. This is worth doing even if you don’t intend to sell your home; when it comes to making a return on investment, this should be the number one item on your home improvement agenda. With that in mind, here are a few other ways you can increase the value of your home.
All real estate agents know that the best way to attract buyers is by having a home with great curb appeal. Your house could be gorgeous on the inside. However, these interior features could be quickly overlooked if your lawn and garden aren’t up to par. By simply planting some flowers and shrubs and/or trimming unsightly tree branches, you can add a lot of value to the property. Remember to put yourself in the buyers’ shoes. Whether you like it or not, your book will get judged by its cover.
- Update/remodel fundamental spaces
There are a few rooms in every home that deserve the most attention. These are the kitchen, bathroom(s) and master bedroom. The reason being that most buyers rank these rooms highest on their preference list. When it comes to selling, the trick is to meet the demand of as many people as possible. By addressing the must-haves, you will be adding equity and can likely get by without having to spend the money on a full-blown remodel.
Believe it or not, fences are a big deal. They add privacy and keep children and pets safe. Since many people tend to have these two in their family, it makes sense to build a fence.
This may not be an immediate option if you’re on a budget, but it’s worth keeping in mind for the future. When you finish a basement, you are essentially adding an extra level of existing space. Needless to say, your equity will likely skyrocket.