Five Ways to improve your Home’s Value
As a homeowner, you likely want your home to be a place where you can build a life with your family. Your home is also an investment, and while it's important to have a place to build lasting memories, you likely also want to protect your asset and ensure that it holds its value over time. While some homes appreciate in value on their own over time, it can be beneficial to give your home an added boost by completing projects over the course of your homeownership that are designed to help increase its market resale value. If you're looking for projects that will help improve your home's resale value, here are a few projects that are sure to give your home the boost it needs and ensure when it comes time to sell you get the right price for it.
Improve Energy Efficiency
Energy efficiency seems to be a buzz phrase in recent years, and with good reason. Improving your home's energy efficiency can drastically improve its resale value and give you the added benefit of monthly savings on your energy bills. Projects such as insulating your home, adding new windows, installing a solar power system, and investing in energy-efficient appliances are all great ways to see an improvement in your home's market value. The best part is that if you aren't planning to sell right away, you'll immediately see a return on your investment in the form of reduced monthly energy bills. You may even qualify for tax breaks by implementing certain energy-efficient improvements throughout your home, so check with your tax professional to see if you can further maximize your return on these projects.
We live in a technology-driven world and people want to have technology integrated into everything from their work lives to their personal lives, which now includes their homes. Having a tech-friendly home can make life more convenient, and as technology continues to improve, certain additions around your home can improve its resale value. Some popular projects homeowners consider when implementing technology into their homes are improvements such as smart thermostats and carbon monoxide detectors, video doorbells and entry systems, appliances with WiFi and integrated technology, lighting that's controlled with an app, and more.
Bigger homes often fetch more on the market, so if you have the space to grow, consider adding an addition to your home or opening up your current living space. If you don't have the room to build out, you may be able to rearrange your existing layout to embrace an open floor plan, which can make your home feel larger. If, however, you have the space to expand, additions such as family rooms, sunrooms, or larger kitchens and bathrooms to maximize your home's resale potential. If you want to leave your living space as is but are interested in improving your exterior, you can make improvements such as maximizing your outdoor living space with the addition of a deck or pool, which are also proven to boost a home's value.
If you are a homeowner who tends to neglect your landscaping, simply upgrading your landscaping can improve your home's value. Potential homeowners often like looking for a home that is going to be low maintenance and if you do all the legwork for them by having professional landscaping done around your home, it may be more attractive and tempt them to purchase.
Ease of Living
As people delay homeownership, fewer people are interested in purchasing start homes these days. When they are ready to purchase, they're often looking for a home they can age in. This means that making improvements around your home that are geared towards longevity homeownership can drastically improve your resale value. Projects such as upgrading your bathroom to include a walk-in shower, adding a new roof or HVAC system, or making it handicap friendly can entice people to purchase.
These home improvement projects are a great way to increase your home's value and guarantee you'll get a good price when you sell.