Owning a house isn’t only an emotional experience where the house is your home. It’s also a financial decision that can pay dividends as you build up equity in your home and see your property value increase over time. The rate of property value increase can depend on a number of different factors such as the economy, job market, and the housing market.
All of us would like to think that our homes are increasing in value. There are some actions by homeowners that can affect the price and the speed of sale. Whether you’re planning to sell in the near future or you simply want to continue to grow the value of your home investment, there are steps you can take to increase the value of your home. As I perform routine maintenance in my home, I am aware that simple choices I make can impact the value of my home at a later date. For example when I replaced my refrigerator, I chose white instead of the more popular stainless steel. I choose what I like, but I know it’s not a factor that will increase value and may potentially decrease value. Just be aware of the choices you make that seem small but aren’t when it comes to resale. My second point is don’t overload your decor with current trends. In 5 years no one will want them. A few popular items don’t hurt but don’t invest your money in trendy big ticket items unless you have the budget to replace them in a few years. Now let’s look at more actions that can impact your home’s value.
Make Your Home More Attractive
As you plan maintenance in the home, remember how much you enjoy living in an attractive, pleasant environment. I unconsciously find I have a mental list of of things to fix or update in my house. It started when I first saw my home for sale and continues now 12 years after closing. Simple changes can make a radical difference. I think painting the walls can instantly create an environment. Do you know what kind of feeling you want to create in the rooms? Cozy? Welcoming? Relaxing? Besides wall colors, what is your flooring choice? Do you want more light in your home? Review your window treatments.
I’m not saying that you have to instantly make all the changes on the list. Few of us have that kind of budget. When I bought my home, I had the whole inside painted with a neutral shade before I moved in. Now I periodically touch up the paint in high traffic area. If you buy a can of paint say from Home Depot or Lowes, there is a label on top with numbers for the color. Keep a small can to do touchups and do not dispose of the can until you get a new can. Take the old can to the paint department where you purchased it, and they can mix a can to match based on the number on the can lid.
Another simple change that impacts a room with a glance is a change of lighting in the dining room or bedroom. A lot of home buyers are young couples and they look for modern decor. I have eclectic taste, and there are multiple popular options that I would enjoy. It’s just not high on my mental list unless I want to sell the house. Then I would definitely change the fixture.
Increase The Curb Appeal
How your home looks from the street is important. It is your first chance to make a good impression. A home’s exterior needs to make a prospective buyer want to walk through the front door. If you want to add more value to your home, then you should maintain your landscape. If it needs a punch, you can make an impact by painting your front door. Superficial changes like paint can make a bigger impact on buyers than more intensive renovations. For more ideas on increasing curb appeal see 5 Tips to Increase Your Home’s Curb Appeal .
Invest in the Kitchen and Bath
Many real estate agents will tell you that kitchens and bathrooms are the rooms that sell homes. In many cases, a kitchen or bathroom remodel can offer a 100 percent or greater return on your investment—and that number could be even higher depending on the finishes you choose, the amount of labor you’re willing to do yourself, and how much of an upgrade these changes offer over your home’s current condition.
If you are planning to do a major project in your home, you need to have a solid home renovation plan. Major home projects like updating the kitchen, rewiring the house, or replacing plumbing pipes require good planning and can be a very disruptive. Floors or walls have to be destroyed to replace utilizes.
Clean and Declutter
We’ve discussed decluttering your home to increase space and to develop a relaxed welcoming environment in your home. I must add it to this discussion of home values. I can tell you when I was looking at homes to buy, I was taken to a slob’s paradise. Things were piled in the home. Nothing was ever thrown away. The couple bought this house and lived there a number of years. Then moved out leaving all the old everything – furniture and garbage. For example, in the bathroom by a large mirror, the lady of the house had applied make-up each morning. There were stacks of empty foundation containers laying on the counter. There were at least 20 of the containers. I must tell you the house was listed below others in the neighborhood and had been on the market for months. Who wanted to clean up after these piggy people? Be sure to get rid of a lot of stuff sitting around BEFORE you list your home.
Make smart decisions in your home maintenance. Know your goals, have a budget, and research average costs. If you are planning to do a major change in your home, you need to have a solid home renovation plan. Get at least 3 bids for professional work such as a new roof or HVAC system. When you know you want to sell, then clean, declutter, touch up paint or re-paint, change light fixtures, and maintain curb appeal. I hope you find this information helpful as you work to maintain your home.
This is a collaborative post but all opinions are my own.
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