Nowadays, people just don’t see their homes as a place to bring up the family, rather they see that same value on other people and have invested in building their wealth with their properties. Recently, the average home, depending on external factors, may appreciate an average of 29%. Now, you may want to consciously bring up your property’s value so that years down the road, when you’re ready, you can be confident that you’ll be able to recover top dollar by that time.
Most people will tell you that totally renovating your property will surely ramp up its value, it may be true, but that’ll cost you tens and thousands of money that you may not be ready to shell out. Here are some little known ways to make sure your property is safely above market value:
1. Strategic Improvements
Total renovations may be effective but it costs more, so the best way to proceed is to be pragmatic about your home improvements. Perform improvements on things that won’t depreciate too much by the time you’re going to sell or rent it out. Experts say that you can start by improving your living room, master’s bedroom, and kitchen since they not only tend to add to your property’s value, they also increase the chances of getting it off the market quickly.
Assess these parts of your property and see what you can do to improve it. Consult with a designer and get familiar with the trends on what buyers are looking for in these rooms. Also, you can replace old furniture and appliances. You can also repair light fixtures and rearrange the room’s layout. Making small improvements will pay its dividend in the long run.
2. Maintenance, Repairs, and Beautify
Prevention is by far more affordable and simpler than replacing or repairing parts of your home. Make sure you check the plumbing, wirings, ventilation, and roofing. Old ceilings that may also contain asbestos and floors may have molds underneath or cracks. However, there are times when replacing them is worth your time. So the next time you make the necessary repairs or replacements, do some upgrades on its aesthetics as well. The ceilings could use some elegant moldings and you can have luxury vinyl tile flooring to boot. Keeping your property updated may entail costs, but the majority of it will be recovered when you put them on the market.
Technology also plays a factor in making your property more valuable. People are now concerned with their carbon footprint that residential designs are tuning in in order to pitch in. Not to mention, 70% of listings tend to be more valuable when energy efficiency is on the table.
You can focus on reducing consumption on heating and cooling, as well as lighting. The latter can be addressed with big window panels and some drapes in your kitchen or common areas. Some of these changes may put you down around $18,000 especially with window replacements. But as mentioned, you can recover the majority of these costs on the market and at the same time, you can save money on your utility bills.
You can also install water filters in your kitchen so as to reduce the consumption of commercial drinking water.
You also need to look beyond the house because your lawn or backyard can also help you increase your home’s value. You can do low-maintenance landscaping like shrubs and whatnot, as well as planting a tree. You’d be surprised at how much you can save on electricity once that tree is big enough to provide you with shade.
Use plants that are indigent to your region, this will save you time and money on keeping them healthy. Also, consider plants that don’t require too much water. All in all the appeal of your garden will attract prospects and will make your property more valuable than when you had it.
5. Improve Security and Safety
Safety and Security are the first things that people consider when looking for a new home. As it happens, it also helps reduce home insurance rates when you have reliable security systems installed. More importantly, people prioritize safety and security, especially when it comes to their family, that is why sales will be quick to highlight your home’s safety and security measures when you have them.
One last tip, since you’re doing all these to improve your property’s value to sell them, then you need to consider the finances needed to fund these projects. The safest way to go about is through cash, getting a loan setting up financing to cover these improvements would diminish or eliminate your margin altogether. So plan ahead and you can consult your trusted real estate agents to help you reach your goals.