Purchasing a home is a significant milestone in one’s life. It is, however, financial investment in your future. While regular mortgage payments develop equity in your home over time, there are enhancements and adjustments you can make to your property that will increase its value immediately and provide a significant return on your investment.
Homeowners should seek simple, low-cost ways to raise the value of their property over time, especially if they expect to sell in the near future. Here are five simple strategies to raise the value of your property and earn a good return on your investment.
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1. Renovate
What really has to be fixed before you put your house on the market? Large-ticket things such as HVAC systems and new roofing can be rather costly. However, concerning issues such as water damage and an old HVAC unit will be discovered during inspection, giving buyers bargaining leverage.
The same principle applies to problems such as a leaking roof. If your home has significant damage, it may take longer to sell. A professional agent will be able to help you make this decision by comparing it to other properties in the neighborhood that have recently sold.
In the end, significant modifications aren’t required to increase the value of your property. Fix what’s wrong first, then consider minor changes before tackling a room makeover, depending on your budget. Clean and stage the home after upgrading the floors and applying a fresh coat of paint. However, consult a local agent to assess all of your options.
2. Fix That Fencing
If your fencing is in your front garden, it may be the first thing visitors notice as they approach your home. So, if yours is beginning to show signs of wear, it may be time to make permanent repairs.
Unattractive, broken, or worn fencing panels can devalue a home. Because they cost approximately the same as a modest restaurant meal, replacing them is a cheap and straightforward method to improve your garden and increase curb appeal.
3. Increase the Number of Rooms
Adding more usable space to an existing home can be a smart financial move, especially in locations where land and space are scarce.
According to Benjamin Ross, a Realtor in Corpus Christi, Texas, a home’s worth and price are determined by the number of livable square feet it has, and the more livable square feet it has, the better. As a result, adding a bathroom, a living area, or another needed space to a home can improve its functionality while also increasing its value.
Take a few steps back and take a look around. Could you break down some barriers to make the space feel larger? Is there any place in your home where having a second bathroom would make life thousand times easier?
4. Add Storage Space
If you’re searching for ways to increase the value of your house, built-in storage should be at the top of your priority list — it’s a true selling feature.
Make the most of any available space by building shelves or installing doors to create cupboards.
Creating a precise plan of your home’s layout can occasionally disclose unusual places hidden beneath plasterboard, for example, that you were unaware of.
Open shelves in the kitchen, bathroom, and laundry come to mind. Installing hooks on the backs of doors is an essential convenience that is frequently ignored.
5. Work on Landscaping
Buyers appreciate a nicely landscaped yard, and if you have the space, it won’t cost you much money to do so. The yard of a home is said to be a good predictor of the whole amount of effort put into the property: dead plants, unkempt gardens, and uninteresting yards are all quick turn-offs.
Investing in new soil, rocks, bushes, ground cover, trees, and mulch will help your yard look more inviting and fresh. An appealing yard will aid in the sale of the property since it encourages purchasers to envision themselves spending time outside during the warmer months of the year.
If you have a green thumb, you can do it yourself, or you may hire a professional landscaper to do it for you. Remember to pay attention to yard lights, as some purchasers will only be able to drive around after dark. Your yard can be given a modern, sophisticated aspect with the use of night lights.
There’s a reason why real estate brokers talk about “curb appeal”: The value of your home is heavily influenced by first impressions. Improving curb appeal is an important step in increasing the marketability of your home.
According to a 2020 joint study by the University of Texas at Arlington and the University of Alabama, curb appeal can account for as much as 7 percent of a home’s worth.
There’s no doubt that shrubs and colorful plants will add curb appeal to any property, but remember to “think green” when shopping at your local garden center.
Purchase plants native to your area or drought-tolerant; they require less water and maintenance, saving you money and putting more green in your wallet.
Whether you plan to sell your home or just want to enjoy it more while you live there, it’s important to consider how you’ll pay for these value-added projects. You can save the cash to pay for home improvements as you go, but there are plenty of financing options that can help you remodel your home sooner rather than later.
Once you’ve had your home appraised, reach out to an insurance agent and review home and auto insurance quotes to make sure your insurance plan is giving you the peace of mind you deserve.
Low Cost and High Return
Any property investment seeks to raise its value. You’d like it to be worth more than you paid for it. There are low-cost ways to increase the value of a home, as well as more expensive and in-depth repairs.
Your home’s exterior is a treasure mine of choices, from brightening up the external color and architectural embellishments to landscaping and recreational areas. These five suggestions are just a handful of the many methods to improve the overall appearance of your property and raise its value.
