Adding square footage, renovating your kitchen or bathroom and installing smart-home technology can make your house more efficient and can help increase its value.
70% of American homeowners believe that their house is their biggest asset and taking care of it is probably their top concern. Making repairs and keeping up with smart improvements are ways to increase home value over time.
Whether you want to build equity or get top dollar when you sell, use the tips below to raise the value of your home.
1. Make it more attractive
Your first chance to make a good impression is how your home looks from the street says James Murrett, president of the Appraisal Institute. A home’s exterior needs to make a potential buyer want to go inside the house.
Once the exterior looks good, focus on the kitchen and bathroom. When these two rooms are outdated, they can keep a property from reaching its highest valuation.
2. Make it low-maintenance
Since potential Homebuyers worry about purchasing a home that will need constant repairs, taking care of major components like a furnace, water heater or even the roof may prevent the fear of home buyers for an emergency repair in the near future and may help you get a higher price.
3. Make it more efficient
Energy conservation features can have a significant impact on home value, depending on what area of the country you’re in, Joanne Theunissen, chair of the National Association of Home Builders Remodelers, said in an email. 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. EEMs can also offer lower mortgage rates to increase purchasing power, according to Energy.gov.
To increase home value and attract energy-conscious buyers, you may consider double-paned windows, attic insulation, LED lights and energy-efficient appliances.
4. Make it bigger
Square footage has a huge impact on value. Price per square foot is one way she helps clients compare homes that are similar in style and upgrades.To make your house bigger, adding a room is the obvious way. You can also try adding a living pace by finishing the basement or building a deck.
5. Make it smarter
Safety-enhancing gadgets top the list of “smart” technologies buyers want in their new homes, according to a 2018 survey by Coldwell Banker. These safe and smart devices include thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks, and lighting.
While smart tech doesn’t always increase home value, it does add appeal, Tavia Galvin, a licensed Realtor in Arvada, Colorado, said in an email. You can usually install these devices by yourself for about $1,000 or less.
