Tips for increasing your home’s value
Home Improvement Guide - February 21, 2019
Improving efficiency, adding square meters, upgrading a kitchen or bathroom, and installing smart home technology can help with increasing your home’s value. Therefore, if you are selling your house and moving to New Braunfels, you should consider some improvements. Nearly two-thirds (65%) of US homeowners believe that the value of their home will continue to grow over the next 10 years. This can be optimistic, given that some of the factors that determine the value of a house, such as its location and the popularity of this market, are beyond your control.
If you think your home is your biggest asset, taking care of it is probably the top priority. The good news is that keeping up with repairs and making sensible improvements are proven ways of increasing your home’s value over time. So, if you want to achieve equity or maximize your return on sales, use the tips below to increase the value of your home before hiring local movers New Braunfels for a permanent move.
1. Make it more attractive
Curbing attraction – how your house looks from the street – is your first chance to make a good impression. The exterior of the house should make a potential buyer want to go through the front door. Ensure that your existing landscape design is in good condition. If your yard seems boring compared to its neighbors, consider planting flowers or repainting the front door.
And you do not need to add a touch of luxury with heated towel rails or marble floors. A minor kitchen renovation on average pays for 81% of its cost in value added, compared with 53% for renovating a high-end kitchen with stone worktops, individual cabinets, and household appliances.
The same is true for bathrooms; the middle renovation — new floors and a few updated fixtures — provides 70% of the return on investment. While the renovation of high-class bathrooms — heated floors, non-standard cabinets, and designer fixtures — averages 56%.
2. Do it with a low level of service
Since many home buyers are worried about buying a home that will need constant maintenance, replacing the main component before putting it on sale — for example, a stove, water heater, or even a roof — can soothe fears in case of emergency repairs in the near future and help you get a higher price.
Improvements that make cleaning and maintenance easier can also add value to a home. Consider replacing light-colored carpet with wooden floors, or replace siding with high maintenance costs for vinyl siding.
3. Make it more efficient
Energy saving functions can have a significant impact on the value of the house, depending on which part of the country you are in. Energy-efficient mortgages (EEMs) allow borrowers to take on additional debt to cover both home purchase and energy-efficient upgrades. EEMs may also offer lower mortgage rates to increase purchasing power. Energy saving functions can have a significant impact on the cost of a house. Especially in places where it is very hot or cold.
If you want to get bigger, install solar panels on the roof. But since solar panels are a big financial and structural commitment, they only make sense if you are looking to add value in the long run, and not look for a quick increase in resale value. Plan your assessment with a certified energy auditor or your utility company to determine where your home is spending energy and which updates will save you the most money.
4. Make it bigger
Square meters have a huge impact on the cost. Price per square foot is one way to help customers compare homes that are similar in style and makeover. Larger houses often have higher values. And even if the appraiser doesn’t officially recognize the full value of the added area, the buyer will probably notice. Adding a room is an obvious way to make your home bigger. But you can also create additional living space by completing a basement or building a deck.
5. Make it smarter
Safety-enhancing devices top the list of smart technologies that customers want to buy in their new homes. These safe and smart devices include fire detectors, carbon monoxide detectors, thermostats, security cameras, door locks, and lighting.
Although intelligent technologies do not always increase the value of a home, they increase attractiveness. Those who consider themselves “techies” are more likely to pay more for these items. Unlike replacing a roof or repairing a bathroom, you can usually install these devices yourself for about $1,000 or less.
How to pay for improvements that are increasing your home’s value?
Reflecting on how to increase the value of the house before moving to Texas, meet your expectations in reality. Updates rarely pay off 100% of their costs. But they can make your family more comfortable and even help you sell your home more quickly.
- Credit card. Premises for repairing a house on a credit card may be in order. If you can pay off the entire balance in a short time.
- Personal loan. If you do not have enough funds for your own loan or HELOC, consider a personal loan. The interest rate will be higher than equity financing, but in most cases lower than a credit card.
- Home loan or line of credit. These second mortgages turn your home equity into easily accessible funds. Home equity loans are paid out at a time. While your own lines of credit, or HELOC, are a line of financing that you can borrow over time. Both mortgages and HELOC have interest rates, fees, monthly payments, and tax advantages.
- Withdrawal refinancing. This popular refinancing option may be appropriate if you want to use capital, but do not want a second mortgage. Of the 36% of homeowners who used refinancing when withdrawing funds, more than half (52%) used funds for home improvement and repairs. Therefore, you can use it for increasing your home’s value.