Home Value: Looking to sell your house or invest in one? During October 2022 alone, there were about 4.4 million units sold! It’s the perfect time to check real estate and apply for home improvements.
Home is where the whole shebang begins and ends for any family or individual. However, real estate and investors don’t set aside the emotional factor of having a home but focus on the financial side. Hence, if you plan to invest or sell a house, you have to know what increases its home value.
Keep reading as we discuss what affects and how to improve your home value.
Your Home Location
One significant aspect that defines a home’s value is its location. Homes close to cities are more expensive than those in rural places.
Your home will also be more appealing near good schools, shops, beautiful views, restaurants, or the main highway. Consider looking for a house near your workplace or your parents’ house.
When real estate appraisers determine your house’s value based on the site, they look at three major indicators:
- Job opportunities
- The quality of local schools
- Proximity to entertainment, shopping, and recreational centers
These aspects can affect why some neighborhoods hold high costs and some that are way far don’t.
When estimating a home’s value, the site is more significant than the condition and size of the house. Also, a location’s proximity to utility lines and public transit could influence a home’s total value.
Your Home Curb Appeal
Curb appeal refers to how appealing a home is only by looking at it from the outside of the said property. From a buyer’s viewpoint, if you’re trying to find a house and lot for sale, the first impression of the house will be the curb appeal. Thus, realtors usually use this phrase when selling property to potential buyers.
On that note, as a homeowner trying to enhance your home’s curb appeal, the first thing people will notice is the following:
- Façade of your house
- Front painting
- The door
- Landscaping on your front porch
Improve these parts of your home to keep or increase your home’s value, as first impressions matter. To make a striking first impression, make sure to have the door and front exterior of your house welcoming and aesthetic.
Upgrade to Power-Efficient Features and Appliances
Energy-efficient feature upgrades lower your utility bills as you own the house. So then, when it’s time to sell, these upgrades can offer more charm to buyers. Even installing slightly priced stylish appliances will help you get a higher sale cost.
Some older properties that might depreciate faster are types of equipment. Equipment can refer to appliances like toilets, heaters, stoves, and refrigerators. So if you have an older home or plan to stay longer, it’s vital to update your appliances, particularly plumbing.
Replace the depreciating old appliances with more modern machines. You don’t need to have an avant-garde stove or toilet. Furthermore, an energy-efficient device will boost home value and keep utility bills low.
Improve Your Bathroom and Kitchen
Many realtors will inform you that bathrooms and kitchens are the rooms that sell houses. Often, a kitchen or bathroom home improvement can offer more gain on your investment.
Moreover, that can be even greater depending on the home’s current state and the upgrade you pick. If you have the budget, upgrading your kitchen and bathroom is the best way to raise your home value.
Paint Your Home Value
If you plan on selling your home, a new coat of paint can make your home look refreshing, beautiful, and well-maintained. This will add value to your home and protect it from dust and rain. Interior walls need repainting more than the exterior as they tend to wear away faster.
Therefore, after every five years, interior walls are typically repainted. You can repaint the exterior every ten years. Also, repainting the ceiling could improve the ambiance and how well-lit a space can be.
Home Conditions and Features
The house itself will also affect market value. Larger homes with more bathrooms, bedrooms and functional living spaces have higher prices. The age and state of the house are crucial, too.
New homes sell more than older houses since they’re in better shape and need fewer repairs. However, an upgraded or newly renovated older home may sell the same way as a newer home.
New and improved kitchens and finished basements may boost a home’s market value. However, if the improvements are too lavish for the area, you might not profit from your investment.
Improve the Roof (Home Value)
Roof replacement is a significant investment and a critical one. Having a new roof can prevent leaks and help keep and add more value to your property.
The roof material determines how fast its depreciation and long-lasting it will be. So it’s most suitable to use tile and metal, ensuring extended usage.
Early Investment in Pest Control
Having pests at your house is unpleasant, and they could be damaging to your health and home. For example, mice and rats could damage insulation by gnawing on walls and wiring as they make their nests. Furthermore, mosquitos and cockroaches spread food contamination and bacteria.
The Building Performance Institute (BPI) states that all various kinds of pests yield a total damage of five million dollars to one’s house in the US. To avoid this disaster, and keep you and your home safe, make an early investment in pest control.
Improve Your Home Value Today!
If you boost your home’s value, you will have potential returns when you finally sell the house. As your equity increases, selling a house can be the best way to earn returns with a well-maintained home. With the tips above and updating your home, you can put that sales price to its higher limit.
Learn more about increasing your home value and other home tips by browsing through the rest of our guides!