Oh, there’s no place like home! Our home shares a unique value not just intrinsically, but also in the marketplace. While this is obviously a no-brainer, there could be things that you are doing let alone not doing to increase your home’s value!
While increasing your home’s value may conjure upon pretty easy ideas to do so, chances are you may not be fully in the know as to what to do, thus you ended up here. Smart Call on your part, because today we will discuss tips on how to increase your home’s value!
Why is it important to increase your home’s value?
Increasing your home’s value has all kinds of perks. When your home’s value rises, your loan-to-value ratio gradually decreases, which creates the perception of less risk in the eyes of lenders and could possibly result in the cancellation of insurance premiums. Great spot to be in financially, even better when you’re trying to sell!
Also, it is important to mention that home equity (helps you build wealth if you have it!) is directly proportional to a gradual rise in your home’s value as well. However, keep in mind that with a higher home value, you will more than likely have to pay increased property taxes, but trust me the benefits outweigh the costs!
6 Tips on How YOU can increase your Home’s Value
1. Do Seasonal Inspections!
More often than not home improvement projects are reactionary, which could have been easily avoided if thorough inspections were done to fix interior/exterior problems then and there. Problems snowball and can lead to your home’s value taking a hit!
Take a look in and around your house and if you’re unsure if something is not in functioning order, call a professional to assess your situation!
2. Reduce Energy Costs
While this may be overlooked, keep in mind that when your home is energy-efficient, you will progressively save money down the road, which thus can be recycled in various ways to upgrade the infrastructure of your house to increase the sustainability of energy.
Keep in mind that you can apply for a free energy audit by one of your local utility companies, which can help you track your progress and make one more step towards making your home a marketable asset in the long run.
3. Get a New Roof!
A sure-fire way to increase your home value AND see a large return on investment is a new roof! Believe it or not, depending on the type of roof in most cases, you will see at least an 80% return on your new roof investment when you go to sell.
New roofs are a selling point because it guarantees the prospective home buyer a safe and secure home when it comes to the elements. An updated asphalt shingle roof or metal roof also helps with curb appeal and brings a ton of value to your home.
4. Cleanliness is Friendliness!
Making concerted efforts to clean up your lawn will ensure that your property has excellent curbside appeal. This may include, but is not limited to edging, mowing the lawn, or adding new outdoor fixtures and plants to spice up your lawn!
For a relatively low cost, you can hire your local lawn and landscape company to give your lawn a maintained, clean look which will always carry value in giving a great first impression on your property value assessment.
5. Paint the Interior/Exterior of your House
Cosmetic looks are just as important as they give a first impression, so one of the things you can do is give your home more life by adding a fresh coding of paint! Over time, paint tends to fade, making it look antiquated and unprofessional, painting on the other hand will make it look maintained and boost your home’s value!
Always remember to choose neutral colors for the most desired effects, but other than that this is a very cost-effective approach to giving your home the boost in value it needs!
In the grand scheme of things, any new and improved installations and upgrades whether they be focused on the interior or exterior of your house will for sure play a role in increasing the value of your home as a whole!
For those who love to be creative, remodeling, when needed I must say, will be your best friend! Tip #1 will help you get a better idea of what to remodel or not, but when doing so, always approach it with a long-term mentality, investing in the best that fits your budget. Paying now is a much more responsible choice than paying later!
Top remodeling ideas include:
- Remodel your kitchen floors, cabinets, and counters
- Replace kitchen appliances
- Update bathrooms
- Get new carpet or install an LPV flooring material
- Get new siding & gutters
- Knock down a non-load-bearing wall to open up floor plans (always contact a demo expert)
- Replace your doors and/or windows
- Paint your interior to update colors
What’s the Verdict?
Home value plays an integral role in ensuring your home is a marketable asset; therefore, it is incumbent upon you to ensure that your home is properly maintained for the best possible outcome.
While there are many simple, easy ways to improve your home’s value, at the end of the day, it will come down to what your own situation demands of you since every house has its own unique context. As mentioned before, if you are unsure as to what you need to do to see your home’s value soar, don’t fret, call a professional and they will take it from there!