- Homeownership is a good investment due to its financial benefits and appreciation.
- Curb appeal improvements such as landscaping, exterior lighting, and repainting can enhance value.
- Energy efficiency upgrades like insulation, programmable thermostat, and double-paned windows also increase weight.
- Smart home technology features like automated lighting and security systems can make a property more attractive.
- Energy-efficient features and modern technology can maximize a property’s value in a competitive market.
If you want to sell your home, you’re probably wondering how to maximize its value. Well, here’s some good news: your home is likely your best investment, and plenty of statistics back that up.
According to National Association of Realtors data, the median existing-home price in 2020 was $309,800. That’s up 12.9% from the previous year and marks the highest annual growth rate since 2013. What’s more, this rise is expected to continue throughout 2021.
So, why is your home such a good investment? For starters, it’s a tangible asset you can use and enjoy while it appreciates. Unlike stocks or other investments, you can’t live in a portfolio – but you can certainly make a home your own.
Furthermore, owning a home comes with several financial benefits. For one, you may be eligible for tax deductions on mortgage interest payments and property taxes. Additionally, as you pay down your mortgage, you effectively build equity in the property, which can be used later for things like home improvements, college tuition, or even a down payment on a future home.
However, you might be ready to sell, and the current price might not suit your liking. Fortunately, there are several things you can do to help boost the value of your home. Here are a few tips:
Curb Appeal Improvements
Curb appeal is significant if you want to improve the value of your home. This is because the exterior appearance of your home is the first thing potential buyers will see. If your home doesn’t look good from the outside, getting buyers interested in a closer look can be difficult. On the other hand, if your home looks great from the curb, buyers are more likely to be impressed and interested in taking a closer look.
There are several curb appeal projects that you can consider if you want to improve the value of your home. Here are a few ideas:
Investing in landscaping is one of the easiest and most effective ways to improve your home’s curb appeal. A well-maintained lawn, trimmed hedges, and colorful flowers make your home look more inviting. It’s essential to keep in mind that landscaping doesn’t have to be expensive. Simple projects like adding mulch to flower beds or planting a few shrubs can make a big difference.
Exterior lighting can be an excellent way to add value to your home. It can make your home look more welcoming and improve security and safety. Installing pathway lighting, adding a front porch light, or even installing uplighting to accent trees can make your home look more attractive.
A fresh coat can improve its curb appeal if your home’s exterior hasn’t been painted. When choosing a color, it’s essential to remember the style and age of your home and the surrounding neighborhood. Neutral colors like beige, gray, or white are the most popular and versatile.
Your front door is the focal point of your home’s exterior, so ensuring it looks excellent is essential. Consider painting it a bold color that complements your home’s color scheme or investing in a new door. Adding decorative hardware like a knocker or updated house numbers adds a finishing touch.
Energy Efficiency Improvement
Another essential aspect to consider when looking to boost your home’s value is energy efficiency. In recent years, energy-efficient features have become increasingly important to homebuyers, and for a good reason. An energy-efficient home can save homeowners significant money on utility bills while reducing their carbon footprint.
According to the U.S. Department of Energy, you are heating and cooling your home accounts for nearly half of the average household’s energy use. You can significantly reduce your energy usage and save money by making energy-efficient upgrades to your home, such as installing double-paned windows, adding insulation, or upgrading to a programmable thermostat.
But it’s not just homeowners who benefit from energy efficiency – it can also be a significant selling point for potential buyers. A National Association of Home Builders study found that energy-efficient features were among the most desirable home features for buyers. Almost nine out of ten buyers said they would pay more for a home with energy-efficient features. You can get a domestic EPC test to help you assess your property’s current energy efficiency levels.
Modern technology also boosts your home’s value. Smart home features like security systems, voice control devices, and automated lighting can make a house more attractive to buyers; such features add convenience and peace of mind. Plus, they are relatively easy to install and don’t cost much.
Those pieces of technology will make your home stand out from the competition and give it an edge in a market where buyers have no shortage of options.
As you can see, there are several things you can do to help boost the value of your home. Investing in curb appeal projects, making energy-efficient upgrades, and adding modern technology are all effective ways to make your home stand out.