A house is an excellent investment. It provides a stable and long-term source of housing and significant tax benefits, such as deductions in mortgage interest payments and property taxes.
Additionally, homes appreciate over time since property values increase. Should you move into a new city or country, you can sell your current property at a much higher price than when you originally purchased it. However, this process is more challenging than it sounds.
Before moving and selling your house, learning and understanding the various factors affecting your property value is essential. As much as you are eager to move into your new place and start anew, educating yourself on how to increase your home’s value is better.
7 Tips to Increase Your Home’s Value
If you plan to sell your property now or soon, ensure that you make the following improvements before listing your home in the market. Applying these tips can help increase your home’s value, providing you with more income as you move into your new place.
1. Invite an expert
Inviting an expert to check and inspect your home can be an excellent idea for several reasons. A professional home inspector, such as a realtor, interior designer, or electrician, can identify potential issues with your property. They can spot structural problems, electrical or plumbing issues, or problems with the roof or foundation.
Identifying and fixing these issues before listing your property can help you sell your home faster and at a higher price. Additionally, an inspection report can provide potential buyers with added confidence in the condition of your home, increasing the likelihood of a successful sale.
When you hire a professional, you can also ask for a real estate checklist to understand the market better and sell your property faster.
It is recommended that you look for and hire a certified and licensed home inspector with vast experience and knowledge in identifying any potential issues with your property. Ask for referrals from friends or family. You can also look for them online, but ensure that you look for their certifications and client reviews.
2. Curb appeal
Curb appeal, or the visual attractiveness of a home when viewed from the street, can significantly increase a property’s value.
A home with a good curb appeal is more likely to make a positive first impression on potential buyers, increasing their interest in the property and making them more likely to schedule a showing. Additionally, an attractive estate can have a higher value, leading to a higher sale price.
You can improve your home’s exterior in many ways to increase its perceived value. You can relandscape your lawn, repaint your house and mailbox, add outdoor lighting, or replace the roof.
You can also add bright flowers, a collection of shrubs, and clean walkways to create an impression of a healthy lawn.
3. Deep clean
A clean and well-maintained home gives an impression that the property has been well-cared for and is in excellent condition. Doing a deep clean can remove any unwanted odors or stains that accumulate over time, making your property more pleasant. It can also make your home look more spacious, making it feel larger than it is.
If you have the budget, hire a professional cleaning service to deep clean your house, including washing the carpets and power washing the exterior.
Cleaning professionals have the knowledge, experience, and equipment to properly clean and maintain your property. They also know the best techniques to remove dirt, grime, and stains, to make your home look as good as possible.
4. Maximize space
Space is a valuable commodity, especially in urban areas where space is usually at a premium. Maximizing the available space in your home can make it look more spacious, giving the impression that it is larger than it is.
To make your home look bigger and more modern, create more open floor plans and remove walls. You can utilize furniture, lighting, and colors to create the illusion of space. Space-saving features like built-in storage can make your property more functional and desirable. It can help reduce clutter, making your property more organized.
5. Improve outdoor spaces
Outdoor spaces can be a valuable asset for home buyers who enjoy spending time outside or are interested in gardening.
In a survey conducted by the National Association of Home Builders (NAHB), having outdoor spaces resonate with all generations. The number of homes with patios rose to 63%, with outdoor living being more popular in recent years.
Homeowners can use outdoor living spaces as an extra living room or entertainment area to spend time with family and friends, adding more functionality to their homes. Improving the garden, balcony, and patio can increase the value of your property as it can be seen as a bonus or feature that is not typically found in all homes.
6. Add new energy-efficient fixtures
Energy efficiency is becoming increasingly important for many home buyers in recent years, as it can help lower their energy consumption and electricity bill. Installing energy-efficient fixtures—such as LED lighting, Energy Star-rated appliances, and high-efficiency heating, ventilation, and air conditioning (HVAC) systems—can make your home more attractive to more economical home buyers.
Energy-efficient fixtures can also demonstrate that your home is well-maintained and updated. Additionally, having these upgrades can make your property more comfortable to live in. You can use this information as a selling point during the marketing process to attract more buyers and use it as an advantage over other houses on the market.
7. Add a better home security
Many home buyers prioritize security. Installing security features such as a security system, surveillance cameras, or smart locks can make your home more attractive to those looking for a safe and secure place to live.
Security features can also help decrease the overall cost of homeownership, as they can deter burglars and reduce the likelihood of break-ins. These systems can provide homeowners peace of mind, as they can be controlled and monitored remotely.
In some cases, home security systems can also reduce home insurance premiums. Homeowners can get discounts if their system can detect fire, smoke, and water damage on top of monitoring intrusions. Not only will a security system keep you safe. At the same time, you still live in your property, but it can also attract potential homebuyers looking for many layers of protection at home.
It is essential to hire a professional to install these features to ensure that they are positioned and programmed correctly and can function as intended.
Improve Your Home, but Don’t Go Overboard
Improving your home can significantly increase its value, but it is essential to avoid going overboard. You need to determine how much you can spend on improvements and plan accordingly. Hire a professional and look into an investment guide to better plan your future financial ventures.
Additionally, avoid making developments that are too expensive for the area of the neighborhood, as they may not be cost-effective and result in a significant return on investment.
If you need help improving your home, get a professional opinion on the factors that affect property value, and make well-informed decisions today.