Here’s How to Increase Your Home’s Value
The real estate market is a very competitive environment. Whether you have bought a property while living there or simply as an investment, it’s always wise to take proactive measures to preserve or increase its value over time. Not doing so may expose you to the risk of losing money when it’s time to sell or rent.
In this article, you will find some great tips on how to increase your home’s value and attract more potential buyers and renters.
#1 Make Your Home More Energy-Efficient
Making your home more energy efficient can lower utility bills, thus making your property less expensive to manage. This can be a crucial factor in attracting potential buyers and tenants. Here are some practical ways you can make your home more energy efficient:
- installing LED lighting;
- installing energy-efficient appliances;
- sealing any air leaks in your windows and door.
#2 Add More Usable Square Footage
All other factors being equal, the more usable square footage in your home, the higher its market value will be. Here’s how you can achieve this result:
- converting the basement into a livable space;
- building an addition to the property;
- adding an outdoor living area or patio.
#3 Renovate the Bathrooms and Kitchens
Renovating the bathrooms and kitchen is another excellent way to increase your home’s value. These are two essential rooms in any home, so it pays to invest in improving them.
Bathroom renovations include adding steam showers, modern fixtures, and updating tilework, while kitchen renovations can include new countertops, cabinets, and appliances.
The more modern and comfortable your bathroom and kitchen will be, the more attractive your property will be to buyers and renters.
Read More: Personal Loans for Home Renovations
#4 Paint the Interior Walls
Giving your walls a fresh coat of paint can do miracles in increasing the attractiveness of your home. A bright, neutral color palette will appeal to most buyers and give your property the new lease on life it needs.
Make sure the paint you choose is of high quality. Painting your home will also help protect the walls from any future damage, making it easier to keep your home looking neat and inviting.
#5 Install Access Control Solutions
Access control solutions can make your property safer, which is a big plus when it comes to market value. Such solutions include smart locks and video doorbells.
You can also install access control devices that can be controlled remotely. For example, you can use a smart doorlock to grant access to rental guests, which is beneficial if you plan to use your property as short-term rental.
#6 Install Smoke And Carbon Monoxide Detectors
Another way you can make your house safe is by installing smoke and carbon monoxide detectors. These life-saving devices can alert you of any potential danger and protect your property from costly damages.
Installing these detectors is also a requirement in many jurisdictions, so it’s wise to make sure you comply with these regulations.
#7 Install a Smart Alarm System
Smart alarms can alert you or the authorities of any suspicious activity. This can be a great way to deter potential break-ins and give your house the extra layer of protection it needs.
Smart alarms also come with additional features, such as motion sensors and cameras, that can help you keep an eye on your property from afar.
#8 Add IoT Technologies
One way to make your home more enjoyable, and thus attractive to buyers and renting, is adding home automation systems and Internet of Things (IoT) devices. Adding these types of technological solutions will not only increase the value of your property but also give it an edge over other properties on the market.
Here are some IoT devices you should consider installing in your home:
- smart thermostats;
- smart lighting systems;
- smart locks;
- smart security systems;
- smart appliances.
#9 Make Insulation Upgrades
Insulation upgrades are another great way to make your home more attractive and energy-efficient by saving money on utility bills. Some of the most effective insulation upgrades include:
- adding insulation to the attic;
- installing energy-efficient windows;
- sealing air leaks in doors and windows;
- wrapping ductwork.
#10 Refinish or Install Hardwood Flooring
Hardwood floors add a sense of luxury and class to any property, making it more attractive to potential buyers. They are also a cinch to keep clean and can last for many years with the right level of maintenance.
#11 Get a New Roof
Not only does a new roof provide more protection for your property, but it also gives it a more modern look that will appeal to potential buyers. Additionally, a new roof can also help reduce your energy costs by improving insulation.
Make sure you opt for a durable roof material that is resistant to the elements and will stand the test of time.
#12 Improve Your Home’s Curb Appeal
The curb appeal of your home is how attractive it looks from the street. Taking steps to improve this, such as can help make your home more desirable for potential buyers. Some ideas for curb appeal improvements are:
- adding plants and shrubs to the yard;
- updating mailbox or house numbers;
- updating outdoor lighting;
- installing a new fence;
- resurfacing the driveway;
- painting the exterior of the house.
Need Funding for Your Upgrades?
When planning the above-mentioned upgrades and renovations to boost your property’s value, we don’t always have instant cash availability.
Financing these investments can be worth it, given the long-term benefits of increasing your home’s value and making it more attractive to potential tenants and buyers.
Some people use their credit cards for this type of purchase. However, personal loans are usually a better option, as they typically charge a lower interest rate and give you instant availability of the entire sum you need to upgrade your house.
Personal loans provided by reputable online lenders like Level are especially convenient. Having lower overhead costs allows these lenders to charge a lower interest rate than traditional credit institutions. These lenders also tend to have a more personal touch and more responsive customer service.