For most homeowners, a house is more than just a place to stay – it is a source of comfort and security, a place to rest after a long day’s work. It is also one of the most stable long-term investments one can have. Many homeowners would agree with this, as surveys show that as of 2020, 83% of Americans consider their homes as a good investment. Real estate is also ranked as the second best way to invest over a period of ten years, right after stocks.
As a home is an investment, it then follows that you also need to make sure that it maintains or even increases its value. As a homeowner, there are many things that you can do, starting from improving the furnishings of your home to doing a full renovation, especially if your home is newly purchased or most of its features are dated. Here are some things that you can do to surely increase your property’s value.
First Impressions Matter
The old adage “don’t judge a book by its cover” does not really work well when it comes to real estate because most buyers and real estate experts tend to immediately form first impressions even before they set foot into your property. As such, another way to increase your property value is to improve its curb appeal. Curb appeal refers to the level of attractiveness that a property has when viewed from the street. It also gives potential buyers an idea about what to expect from the rest of the property. On average, a house with a good curb appeal can sell for 7% more than homes with unattractive front yards.
Given its importance, it would be good to make sure that your lawn is well-maintained. Start by making sure that your lawn is regularly mowed and that there are no unwanted plants or fixtures on your yard. If the turf is severely damaged, you can try to replace it with artificial grass. Aside from your lawn, make sure that the exterior of your property is also well-maintained, and this includes your roof and your front porch. Making sure that these parts of your property are clean and well-maintained ensures that your property makes a good impression to those who view it from outside.
Valuable Additions
Aside from ensuring that your property has a good curb appeal, you can also improve your property value by adding outdoor features that are not only aesthetically pleasing, but are also functional. Our outdoor spaces act as an extension of our home, so improving your backyard and turning it into a functional space can definitely increase your property’s value. This feature is particularly important since the pandemic has shown the value of having an outdoor space to use while staying at home. As such, a well-maintained backyard can add up to 10% to your property’s value.
While having a nice backyard is well and good, you can go beyond that and add various outdoor features that you can use as well. For instance, you can have a designer deck in your backyard, which can add up to $100,000 to your property value. If you have more money and space to spare, having a swimming pool will definitely work in your favor. Not only will a pool be a good place for you and your family to bond, but in the long run, it can also make your property more appealing to buyers.
Apply Some Fresh Paint
This might be one of the simplest ways that you can improve your home’s value, as experts swear that sometimes, superficial changes can do more than intensive renovations. A home with old paint can look worn out. Not to mention, stains tend to stick to old paint jobs, and these might drastically decrease the value of your home. As such, repainting your home is a good way to ensure that your property increases its value.
When considering the colors to use as you repaint your house, you might want to use darker colors for your door. A report by Zillow stated that homes with charcoal or jet-black doors tend to sell for $6,271 more than its expected value. As for your home’s exterior, go for light yet cooler colors, such as ash gray, given that creamy, bright yellow exteriors tend to lower house’s value. Meanwhile, when it comes to the interior of your home, neutral colors tend to be preferred, which is understandable as these colors tend to make a space look wider and cleaner.
Make Your Home Energy Friendly
One good but not very obvious way to improve your property value is to invest in energy-efficient features and appliances. Sure, this might seem like an unnecessary expenditure, given that new appliances, especially ones that are tagged as energy-efficient, tend to be pricey. However, these upgrades do not only have monetary benefits, but they have long-term gains that are worth considering, too.
The most obvious benefit of investing in energy-efficient upgrades would be the savings. According to the U.S. Energy Information Administration, as of 2020, energy-efficiency (EE) programs that highlighted energy efficient products resulted in 28.2 billion kilowatt hours savings in total annual electricity consumption. This makes sense, especially if we look at how energy-efficient products can affect your home. For example, energy-efficient lighting tends to have 50-70% lower energy consumption compared to incandescent bulbs. Aside from monetary benefits, energy efficient upgrades such as home insulations make your home quieter and more comfortable while also reducing your heating and cooling energy costs.
Focus on Rooms with Faucets
If you really have to remake certain rooms in your home, real estate experts will tell you to focus on your kitchen and bathroom. After all, 80% of buyers admit that a newly finished kitchen is one of the influencing factors when they are selecting a property. However, you might also be careful when determining the extent of the renovations that you have to do. Do not get carried away, especially since it is also pricey to fully renovate this space. Also, smaller kitchen upgrades tend to have a higher return on investment (ROI) at 75% to 80% compared to total make-overs that only have a 50% ROI.
The same goes for bathrooms. In general, homeowners spend around $20,000 on a midrange bathroom renovation and up to $65,000 for an upscale bathroom renovation. If we look at the ROIs of these types of renovation projects, it is clear that putting your money on a midrange bathroom renovation is more worth it, as you can recoup around 67.2% of the money that you spent on it. Meanwhile, you can recoup around 60.2% of the money that you spent if you go for an upscale bathroom renovation.
Aside from these key steps, it is the things you do around your home on a regular basis that truly affect the value of your property. Making sure that your home is not cluttered, that your appliances and fixtures are well-maintained, and that your entire property is clean are some of the things that you can do daily in order to ensure that your home is presentable and comfortable. All in all, these upgrades will not only improve your property’s value, they also make your home better for you and your family as well.