For all homeowners, their house is their biggest investment, of which they are extremely proud. However, besides being happy about your huge investment decision, it is critical to focus on boosting your asset’s value. An enhancement in the property’s resale value not only fetches high returns when the home is on sale, but also makes the homeowner feel secure and reassured about his/her purchase decision.
From sprucing up your home exterior to installing the latest smart technology, you can adopt multiple strategies to boost your home’s resale value. Whether or not you plan to sell your home in the near future, it is worth considering the below-mentioned tips that can boost the appeal and value of your dwelling.
Think beyond Kitchen and Bathroom Renovations
Though renovating kitchens and bathrooms is the common technique used by most homeowners to add instant value to a residential property, it is wise to consider whether the upgrade is truly required. For instance, according to the Cost vs. Value report published in the Remodeling Magazine, return for a major gourmet kitchen remodel is less than what you would expect. Therefore, rather than spending too much on building a swanky kitchen, focus on the functional aspects, such as upgrading to smart appliances or adding extra storage space.
Whether or not the remodeling project will add value to your home depends on the overall condition of your house, its location, and the strength of the real estate market in your area. For instance, a weak housing market will fail to deliver the expected return on the renovation project. Similarly, if your house has mold in the basement, a spa-like bathroom will not help you boost your property value.
That’s not to say that home renovations do not pay off. However, it’s best to consider all factors influencing your property value before undertaking a pricey home upgrade project.
Let Smart Home Technology Do the Talking
Smart home technology enables automating the home climate, lighting, security, and entertainment using a smartphone or virtual assistant. Owing to the control, comfort, safety, and convenience it offers, this technology is a growing trend in the residential real estate segment.
In fact, according to a recent survey involving real estate agents and brokers, 90 percent of respondents shared that homebuyers have a strong appetite for smart home technology and are willing to pay a premium for it.
Thus, investing in smart home gadgets can make your home more valuable in the real estate market, allowing you to win big in the ROI game. Stucco Siding Contractors With smart home devices becoming more accessible and affordable than before, boosting your home’s curb appeal and real estate value is a breeze. So, invest in intelligent devices such as security camera and locks, smart hub, lighting, and kitchen appliances to wow your guests and potential homebuyers.
Boost Your Home’s Energy Efficiency
Environment-conscious upgrades have a positive economic influence on the property’s resale price. Homebuyers are willing to pay a high selling price for green homes as they offer low utility and maintenance costs, and enhance the residents’ quality of life. Thus, if you want to boost your property’s market value, improve your home’s energy efficiency.
Installing a thermostat, maintaining or upgrading your HVAC system, replacing the windows, sealing the leaks, investing in Energy Star appliances, and installing solar panels are a few ways to make your home energy-efficient, allowing you to fetch high returns in the housing market.
Add Square Footage
Who doesn’t appreciate ample living space? According to the NAHB’s (National Association of Home Builders) Home Buyer Preferences study, upgrades that add square footage to the house instantly improve the property’s resale value. Moreover, the cost of such projects is almost completely recovered at the time of the sale. For instance, adding an attic bedroom can offer you returns of 61 percent on your investment.
Though an expensive undertaking, creating a spacious layout by adding a sunroom, a bathroom, a master suite, or a basement can bump up your house into the premium price bracket.
Restore the Fireplace
The fireplace is one of the most commanding elements of a room, rendering a cozy appeal to the house and reducing the heating costs. No wonder, well-maintained fireplaces are one of the top 11 home features for which homebuyers don’t mind paying extra.
When refurbishing your fireplace, focus on two attributes: its aesthetic appeal and maintenance. If you have a traditional wood-burning fireplace, it is important to restore it by remodeling the fireplace wall, investing in a new mantel, and sweeping the chimney on a regular basis. A clean and well-maintained fireplace and chimney add instant charm to the home interior and eliminate the risk of chimney fires.
In fact, in most American states, fireplace maintenance and chimney sweeping is a legal obligation. Homeowners with a fireplace are required to responsibly manage the fire and the ensuing smoke and creosote deposits. For instance, Oregon law mandates that chimneys be regularly inspected and swept. Reputed chimney sweeps in Portland are aware of this regulation and hence, offer regular round-the-year inspection and cleaning services to residents of this county. Further, regular chimney repair and maintenance will protect your home from fatal chimney fires.
So, refurbish your fireplace to enjoy the warmth of your home and improve its resale value.
Homeowners are constantly looking for innovative ways to transform their house into an attractive and comfortable dwelling. Whether you desire to sell your home or enjoy its upgraded features and impress your guests, the practical tips shared in this post will make your abode stand out in your neighborhood, thereby improving its market worth.