4 Major Focus Points to Increase Your Home’s Value
Americans have high hopes for their homes. According to a NerdWallet survey polling over 1,400 homeowners, 65 percent believed the value of their home would rise over the course of the next 10 years. Wishful thinking perhaps, especially when major factors that affect the value— like the location of the home and demand in the local market— are outside of a homeowner’s control. However, the U.S. housing market is projected to be on track for a strong 2019, with experts predicting an average increase of 4.3 percent in U.S. home values this year. This is good news for those looking to sell. Yet, there are still many measures you can take to make your house stand out from the crowd and get more money when you turn over the keys. You could, for example…
Revamp Your Home’s Exterior
Your home’s exterior sets the precedent for how prospective homebuyers perceive your home and whether the asking price is reasonable for it. Minimally, a home’s exterior should make a good first impression of the property and incentivize onlookers to go in and view the rest of the house. Take the time to look around your neighborhood. Just like how the value of your neighbors’ homes can influence your asking price, your neighbors can also set the standard for how much work needs to be done. If, after looking around, you notice your home is in need of landscaping or fresh paint job to be up to par with (or stand out from) your neighbors, then make the necessary provisions available to give your home a helpful makeover.
Revamp Your Home’s Interior
An updated kitchen has long been a focus of prospective homebuyers, but it holds particularly true over millennials. Coming in at number one, a “modern/updated kitchen” topped the list of ideal home features in a survey of millennials done by Consumer Reports. Among other notably requested features was an open floor plan that provides homeowners with a flexible living space. Massive projects like these can be quite an undertaking, so it’s best to start far in advance of selling, giving you time to research contractors and fund your projects. Fortunately, in most cases, there’s no set deadline for putting your home up on the market, so taking to the time to make major renovations could drastically increase your asking price and ease your ability to sell. If financing is a concern, consider dipping into your savings temporarily or utilizing an online banking service that can help you grow them in a short period of time. It may become apparent that such renovations are not in the cards in the foreseeable future. If that’s the case, don’t worry. For just under $5,000, you can give your kitchen a fresh touch-up, with all new stainless-steel appliances, flooring, and a countertop, and boost your selling price by four to six percent!
Focus on Making Your Home More Efficient
If there’s one thing us Phoenicians are familiar with, it’s the heat. During the summer months, temperatures top 99 degrees almost every day. For that reason, investing in energy conservation features can greatly add to the value of your home and make it further stand out from your neighbors. Double-paned windows, LED lighting, enhanced insultations, and energy-efficient devices and appliances are affordable upgrades that do the trick. Despite serving a similar purpose and being perceived by 36 percent of real estate agents as a value-adding upgrade, purchasing solar panels for your roof may not be the best investment; the reason being that the cost to purchase and install them exceeds the increase in resale value you’ll get from having them in the short term. If you’re wondering what consumes the most energy in your house, consider meeting with your utility company to learn what upgrades are typically installed to make the house more efficient.
Focus on Making Your Home Smarter
It should come as no surprise that those looking for new homes in 2019 are keen on technology. Smart devices, such as those that enhance an overall sense of safety, security, and convenience, are among the most heavily sought by new homebuyers. These might come in the form of smart thermostats, detectors, locking systems, cameras, and lighting—most of which can be controlled from a homeowner’s smartphone. By spending around $1,000 to make your home more tech-enabled, you can easily add about 3 to 5 percent to your home’s resale value. But a word of caution: large investments in technology may not always see a high rate of return since technology can quickly become outdated. So, to be on the safe side, consider investing in only a few smart upgrades that don’t break the bank, but that can help give your home a tech-savvy flair.