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7 Ways to Increase Your Home's Value
by Maksim Pankov on Dec 27, 2018
If you own a home and want to increase its value before appraisal or putting it on the market, you’re in the right place. Let us show you seven different way to upgrade or enhance your property in order to get the maximum amount of dollars possible.
1. Landscaping: curb appeal is huge when it comes to selling your house. How your home looks when you view it from the street is extremely important. Your home’s exterior aspect is what will make a prospective buyer want to know more and walk through the door to take a look at the inside.
Plant native trees (that might raise the value of the surrounding houses as well!) if you want to lower energy costs, and also young shrubs. You can add some flowers to the mix too. Don’t bother with synthetic turf and gravelscaping that won’t raise the value of the property.
Once the outside looks nice, you can focus on the inside, especially the bathroom and the kitchen which are high-use and high-traffic rooms in any house.
2. Kitchen Renovation: everybody loves a nice kitchen, foodie or not. Don’t underestimate the power of having a kitchen with plenty of storage space, enough room for all the appliances like dishwasher, micro-wave…etc. Replace the old appliances with new ones. Add a backsplash is there is none. This is the first area that appraisers will take a look at. Swap your Formica countertops with granite or quartz ones also for example.
3. Bathroom Remodeling: this is one of the most important rooms in any property. Increasing comfort and convenience is huge when it comes to attracting potential buyers. Replace old tiles and install a new faucet and a new bathtub or shower. If you don’t have a lot of money available, no need to go for a complete renovation. Just focus your efforts on toilets, fixtures, and vanities.
4. Modifying the floor plan/adding square footage: bigger houses command bigger value. By creating a new room, you can increase the perceived value of your home. You can also finish the basement or build a brand new deck. Be creative and add some living space, outdoor or indoor, to get a better price for your house. Other ideas could be to remove some walls, add a kitchen island, or build a brand new bedroom (the surest way to add some value in the eyes of interested buyers).
5. Replace major components before putting your house for sale: furnace, water heater, roof…these elements, when they are old, might require a lot of maintenance down the road and scare potential buyers. Make their future home as low-maintenance as possible.
6. Make your home energy-efficient: energy-efficient upgrades will lower utility bills and help save the planet. Consider buying solar panels to put them on your roof. In hot climate areas, solar energy is cheap and abundant. Double-paned windows and enhanced insulation (for the attic or the basement) or even LED lighting are easy ways to increase overall energy efficiency. Take a look at EEM (Energy-efficient mortgages) to get some assistance if you need to take some additional debt.
7. Install some safety-enhancing devices and gadgets in your home. Carbon Monoxide detectors are a must, fire detectors too. But you can also add thermostats to regulate the temperature in your entire home, and also security cameras to make sure no intruders get inside your home, door locks are also useful and lighting too.
With all these tips, you might ask yourself: how can I pay for all this without depleting my savings account? It’s not as hard as you think. You can use your credit card, get a personal loan, refinancing your home (if you don’t want to get a second mortgage), or get a home equity loan.
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