There are many benefits of increasing your home value. Boosting your home’s value means you will live in better conditions and make a good profit if you decide to sell your house. With time, you will start benefiting financially from an improved house value.
This is mainly through a reverse mortgage, a plan that generates revenue through home equity. With this plan, a house with high value will generate more income than one with low value. Therefore, it is important that you boost your home value. There are several ways you can boost your home value; discussed below are some of them.
Improve Its Appearance
How your home looks from the street (curb appeal) says a lot about its value. A potential buyer will start evaluating its value right from the moment they see it. Improving your home’s appearance will make a first good impression. Your exterior needs to look as attractive as possible, making any potential buyer want to explore the rest of the house. You can do so in several ways; first, ensure your existing landscape is in excellent condition. If you have a dull and poorly organized yard, your home value drops. It will be difficult to get higher home equity with such setbacks.
You can consider repainting the front door or planting flowers to improve your home’s appearance. Besides, you should ensure that every plantation around your house is well maintained. If you have trees in your compound, keep them neat by removing any dirt around them. Those with pavements should keep them in their top quality; cracks and dirt on them can hurt your home value.
After improving your exterior, focus on the bathroom and kitchen. These are two vital areas that help determine your home value. When they are old and outdated, they affect the house value, lowering your equity in future.
Introduce New Technology
Upgrading your house technology will help boost its value. Today, smart technology is one thing buyers look for in a home, especially safety-enhancing devices. Some of the new technology and smart devices you should introduce in your home include security cameras, carbon monoxide detectors, fire detectors, thermostats, smart lighting and door locks. You can also upgrade your USB outlets and dimmers. Such upgrades will significantly raise home equity in future.
Make it Low-Maintenance
Most homeowners acknowledge that it is very costly to maintain a home with old or outdated systems. Therefore, no one will be willing to buy a home that costs him so much to live in. As a result, its value drops significantly. This is why you should renovate major components of your home. Some of the areas you can upgrade include the roof, water heater, furnace, among others. This reduces the need for emergency repairs in future and helps raise your home value. By installing new systems that are easy to maintain and clean, you make your home more valuable. Simple upgrades like replacing a high-maintenance wood siding with vinyl siding or replacing an old and rusty carpet with hardwood floors will do wonders to your home value.
Increase Its Living Space
The square footage of a house has a significant impact on its value. The price per square foot method helps potential buyers compare homes similar in design and layout. Houses with bigger living spaces will have higher values than those that don’t. Most homebuyers will always notice added space, and they will be willing to pay for homes with more living space. Therefore, when renovating your house, you should consider adding living space. It is a way of making your house bigger. You can do so by building a deck or creating an additional living space by finishing your basement.
Make it Energy-Efficient
No matter the location of your house, energy conservation features will greatly impact your home value. With an energy-efficient house, you can assess loans from EEMs who allow users to take additional debts to cover a home purchase as well as energy-efficient upgrades. They also offer low mortgage rates to increase the users purchasing power.
This shows how valuable an energy-efficient home is. Your home equity will be higher if your house is energy efficient. There are several ways you can do so. Consider enhanced attic insulation, double-paned windows, efficient appliances and LED lighting. You can also consider putting solar panels on your roof. Research shows that solar panels can increase home value by 9%.
Boosting your home value means you will be living in better and gives you more equity in the future. Furthermore, you can make a profit when you decide to sell your property. With the increasing demand for homes, boosting your home will see you make good earnings.