5 Steps to Increase Your Home’s ValueJuly 10, 2018
Everyone wants to make the value of their homes higher, but most do not know where to start. Below we have outlined five ways you can increase your home’s value:
1. Enhance the Appearance
The old expression “don’t judge a book by its cover” doesn’t apply in real estate. People won’t want to see the interior of a home that has a poor paint job or unattractive lawn. Consider touching up areas of the house where the paint has become faded. Also, make sure that your grass is cut and looks well-maintained. Try adding flowers or sculptures that can further draw people in.
Inside the home, make sure the kitchen and bathroom are not too dated. Many real estate professionals consider the kitchen and bathroom to have the greatest impact on whether a property can reach its highest value. Most people desire a fresh, modern look in both. A minor remodel can give you up to about a 70% return on investment.
2. The Lower the Maintenance, the Better
One question that most homebuyers have on their mind is: will this house require any maintenance? They may wonder if certain parts of a home such as the roof, water heater, faucets, etc. will need to be repaired. To prevent this worry, try replacing or improving these major components of your home. This will make the homeowners feel relieved and more confident in the quality of the home.
3. Be More Energy Efficient
Energy conservation features have a bigger impact on the value of your home than you might think. According to NerdWallet, “Energy-efficient mortgages (EEMs) allow borrowers to take on additional debt to cover both the purchase of the home as well as energy-efficient upgrades.” They can also “offer lower mortgage rates to increase purchasing power.”
Some ways to make your home more energy-efficient:
- Double-paned windows
- Improved attic insulations
- LED lighting
- Select energy efficient appliances
- Solar panels (if you are willing to make the financial and structural commitment)
4. Add an Expansion
If you have enough property space to add an extra room to your home, it will positively impact your home value. You could also consider expanding a room, such as the kitchen, or adding an outdoor patio. This adds living space and increases your home’s value, without totally remodeling it.
5. Make it a Safe & Smart Home
“Smart” technologies are transforming homes across the country. However, most buyers desire smart features specifically for safety. These include thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks, and lighting. This technology doesn’t necessarily guarantee an increase in home value, but they do offer appealing safety features. This is a relatively inexpensive way to add appeal.
Lakeside Title Is Here to Serve You!
Lakeside Title provides title insurance and numerous title-related services, all while making sure your transactions and funds are protected and secure. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!