More than 60% of homeowners across the U.S. believe that the value of their homes will continue to rise in the next decade. They are being extremely optimistic since several factors that determine the worth of a house, like the location or the economic conditions, are out of your control.
As a homeowner, if you also believe that your house is your asset, then taking care of it should be a top priority. If you can keep up with the regular maintenance and make smart improvements, you will be able to increase the value of your home over time. Even if you do not intend to sell the home in the near future, enhancing the value of your home will help build equity. Let’s take a look at the different ways you can improve the home’s value.
1. Make your house more appealing
You need to pay as much attention to the exterior of your home as you would to the interior. The curb appeal, which is how your home looks from the street, is the first opportunity to make a good impression. If the exterior of your home looks good, there is a chance a prospective buyer wants to walk through the front door. Even if you do not want to sell the property, the curb appeal will build the first impression on anyone who enters your home. Ensure that it is well-maintained with the current landscaping. If the yard looks dull, you might want to plant a few flowers.
2. Work on the bathrooms and kitchen
Once the exterior of your home is taken care of, you need to consider working on the kitchen and the bathroom. If these two spaces look outdated, they will never enhance the value of your home. There is no need to have a marble floor or heated towel racks, but both spaces need to be in good condition. A small kitchen remodel can recoup about 80% of its cost in added value, and this doesn’t mean you need custom cabinets or stone countertops. Just ensure that the space blends well with the home and is easy to use. The same applies to the bathroom, consider a midrange remodel and maybe a few latest fixtures to enjoy close to 70% return on the investment.
3. Ensure it is low-maintenance
Many homeowners always worry about their homes requiring constant maintenance, while there are many who also like to replace a big component before they put the home for sale. It could be the roof, water heater, or even a furnace. When there is a new component, it eliminates the fears of an emergency repair in the near future. You need to take every step to ensure that your home is low-maintenance, and you can do this by replacing the appliances or fixtures that have been around for too long. Say, replace a stained carpet with hardwood floors.
4. Increase efficiency
If you take energy conservation steps, it will have a big impact on the value of your home. There are energy-efficient mortgages that allow borrowers to take extra debt to cover the purchase of the home and energy-efficient upgrades. In places that have extreme heat or cold, such features will have a big impact on the value of your home. Remember to schedule regular maintenance of the appliances.
If you have an HVAC that needs repair or maintenance, you can get it right here on Fixd Repair. If you fail to maintain the appliance well, it will consume more energy than it should. Consider adding double-paned windows, LED lighting, or attic insulation to increase the value of your home. You might also want to put solar panels on the roof to increase the value of your property. But it is a big financial commitment and only makes sense if you have set aside the funds for it.
5. Make it larger and smarter
The square footage of your home will have a lot of impact on its value. If you have a bigger home, it will command a higher value, and if you have smart technology in it, you will add appeal to the space. You might want to consider adding a room to make the house bigger, but again, you will need to have funds for the same. Alternatively, you can create additional living space by building a deck or finishing the basement. You can add smart devices to the home, including security cameras, lighting, door locks, smoke detectors, etc. They do not cost much and make the home more attractive.
You do not need to spend a few thousand dollars to increase the value of your home. Simply identify the problem areas and work around them. It is possible to enjoy a higher value by making minor but necessary changes to the property.
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