It is suggested by surveys that 65% of homeowners in the United States that their home value will increase over the next decade. This poll took place online during the summer of 2018.
The results of that poll might have you look on the bright side because there are some things we can’t help that may devalue the amount we could get for our homes. We can’t help it if the home is built in a bad area or if many home sales don’t happen in that location.
Do you believe your home is the most valuable thing you own in terms of money? If you believe that then you want to maintain your home so your home retains its original value.
There is evidence to support the fact that if you fix things right away and you do home improvements then you can make your home worth more than what it was worth when you purchased it.
Are you looking to sell your home and want to get the best offer when it goes on the market? Do you want your most valuable asset to be worth even more? If you answer yes to both questions then continue reading to learn how to increase home value:
- Eye Appeal Is Buy Appeal.
- Don’t Make Yourself Stressed With The Upkeep.
- Your Home Needs To Work Better.
- Your Home Might Need An Addition
- Install Safety Devices
- Consult With An Expert.
- Have Your Inspections Up To Date
1. Eye Appeal Is Buy Appeal
When someone is determining the value of a property, what you can see from the street or curb will provide a first impression. for the value of the home.
If somebody can see a mess in front of the house then that person is going to imply the interior is just as bad or worse. If the outside area of a home looks beautiful then people will want to see the interior to see how that looks.
How do you achieve the second result? Make sure your lawn has been mowed regularly. If the yards of your neighbors look more lively then you may want to plant some flowers or paint your house a different color to make your house stand out from the rest.
That is the first step. After you have taken care of that then the next two rooms you want to focus on are the kitchen and bathroom. If these two rooms look like they belong in the past then people aren’t going to be offering top dollar for your home.
Does that mean you have to qualify for a big loan and purchase everything that is top of the line? A small redesign of the kitchen retains about a third more of its value than a kitchen that has all the top of the line products with the best cabinets and countertops built.
The same advice should be kept in mind if you plan on modifying the bathroom. You would do better with a new floor and new faucets and a new sink and toilet will bring in more than if your floor is heated or if you went for the fancy fixtures.
2. Don’t Make Yourself Stressed With The Upkeep
One thing that will scare potential homeowners away from purchasing a home is the upkeep of the property will require a lot of work. One thing that could entice people into purchasing your home is replacing something vital before you leave so the new homeowner has a brand new furnace or roof. If you do this, you will remove some of the stress from the next potential buyer.
Besides replacing something huge before you leave, other things could be done to have your house look more appealing to prospective buyers. What if the constant upkeep was easier than other homes? Wooden floors are easier to clean than carpets.
Vinyl siding doesn’t have to be maintained as much as Wood siding. These two are options you can start to keep the maintenance at easier levels.
3. Your Home Needs To Work Better
One bill that always seems too expensive is the electricity bill. What if your home uses energy better so it wasn’t impossible to reduce the power bill? If your home takes steps to keep the power bill down, people would be more open to paying a high mortgage because they know one of the most expensive bills will be lower than if they purchased a different home.
On top of that, if you are buying a home that saves energy, that might bring down the amount of the mortgage someone would have to pay. If you are purchasing a home that doesn’t save energy, you might have a higher mortgage you would have to pay off.
So if I am trying to raise the value of my home, what would I do? When you are looking for items like a washer and dryer, dishwasher, etc. look for items that use less energy. Instead of using incandescent light bulbs, look for LED bulbs instead.
Make sure the top floor of your home doesn’t have any openings where heat could be escaping to the outside. Instead of normal windows, have double pane windows which will reduce the amount of heat you need to warm up your home.
Those are small things you can do to increase the value of your home. If you wanted bigger things to do then you could go to the roof of your home and install solar panels.
About a third of the realtor agents said that one thing that increases the value of the home is solar panels. However, the installation could be costly and you would need to take care of the roof and panels so you should only go this route if you are looking for ways to save money in the long term, not looking for a shortcut to make the price of your home worth more.
While these are suggestions, the best person to ask would be someone from your utility company and they could spot the points where more energy is being used than necessary and what items would help you drive costs down in the long term.
4. Your Home Might Need An Addition
One thing that could sway someone’s decision is the square footage of a home. If two homes are similar and come with similar appliances then the square footage could be the decision-maker.
A three-floor home will cost more money than a two-floor home. Even if the person appraising the home doesn’t take note of how big the home is, the customer will realize if they come to look at the house.
If you want to increase the square footage of the house, then you should consider building a room if you have space. If you don’t have any room to build new rooms, then add a deck or make sure your existing basement is finished.
To Learn more about how to upgrade your home to increase its value Read more.
5. Install Safety Devices
In the 1990s, everybody wanted smoke alarms in their home to prevent a fire. Now there are more things you can include in your home to keep you safe.
Besides smoke alarms that can be set off by any source of smoke (cooking, cigarettes, etc.) some detectors let you know that there is a fire or carbon monoxide in your home. Some companies that have these detectors will automatically call emergency services if you are unreachable.
Security cameras are a good investment because they can record what is going on and you can choose to have the data archived if you need it archived. If you don’t need the data archived all the time, some systems will keep the footage recorded for a certain amount of days before recording over it.
It would be best to also have lights on your lawn. You could get a light that turns on using motion detection so if somebody is sneaking up towards your house, that light will eliminate any shadows.
Just because you have these security systems installed doesn’t mean your house is worth more. However, you could have a larger group of people interested in your house because of all this protection. Unlike other things, this could be a cheap addition especially if you know how to install these things yourself.
6. Consult With An Expert
You could have an interior decorator or realtor come to your home. If you hire an interior decorator, you may have to pay them for their suggestions.
Even if they don’t have any big ideas, they might suggest other ways the furniture should be arranged or painting the walls of a certain room a different color. While it doesn’t sound like a big change, it could improve how your home looks.
7. Have Your Inspections Up To Date
Just because everything looks fine to the naked eye doesn’t mean much if you don’t know what you are looking for.
That’s why you should hire an expert who knows what to look for and could spot small problems before they become large problems. If you do find something that needs to be fixed, then fix it as soon as possible to keep your repair costs down.
There are many things you can do to increase the value of your home. What you should do depends on the reason you want to increase the value of your home. Another factor is the amount of work or money you want to invest in increasing the value of your home.