4 Proven Ways to Increase Home Value
Unlike a car, your home shouldn’t depreciate in value over the years. Instead, the value should increase following the dictates of real estate market trends. One way to ensure that the value will increase is to be proactive with improvements. Even a home in a great location can benefit from renovations and updating.
The kitchen is the heart of any home. That means prospective buyers will always gravitate towards the kitchen area first as they are considering the property. An updated kitchen will offer a lot of appeal to those buyers especially if it opens up the floor plan of the home. If that open flow already exists, then updating cabinets, fixtures and countertops can make a positive impact on the home’s value.
A home’s windows serve the dual purpose of letting natural light in and keeping the harsh weather out. The older the home, the more likely those windows aren’t in the best shape. You can add value by replacing those windows to provide a clean and consistent look for the home. As for the type of windows, vinyl frames look nice and may cost less than wooden frames. Vinyl frames are also easier to keep clean and won’t need the same kind of repainting upkeep as the wooden frames. That is very important for potential buyers who are looking for a low-maintenance property.
Lower Energy Costs
Next to groceries, what you spend on energy costs is a big part of a household's budget. Whenever those costs can be lowered, the value of the home can rise. This might mean making an investment in energy-efficient appliances starting with a water heater. You might also want to consider adding a solar energy system. These would be extremely attractive to prospective buyers. There might also be tax credits and other incentives available to help defer costs. When lowering energy costs, don’t discount something as simple as replacing your home’s insulation.
Get a Brand-New Roof
If your home’s roof has gone past the 30-year mark, then it might be time to give consideration to replacing that roof. A thorough inspection will reveal the remaining lifespan of that roof and whether there is any kind of immediate damage that needs to be repaired. This is the same inspection that a prospective buyer will conduct, so it is better to get it done before and not be surprised by the results.
Replacing a roof also provides you with the opportunity to change the style and materials of the pre-existing roof. You might opt for something that is more energy efficient or can provide a better visual look for the home.
Whether you are planning to sell your home or just want to add value for your investment portfolio, you want to make sure you’re always thinking ahead. The improvements you make should all stand the test of time.