Homes are often considered an asset, thanks to their ability to appreciate value. Of course, it’s also possible for them to depreciate in value thanks to market fluctuations. The hope of every homeowner who decides to sell their home is that they’ll be able to sell for a profit. Here are some things you can do to help protect your home’s value and improve the chances of it appreciating.
Buy in a Growing Area
The process of ensuring your home’s long-term valuation starts before you even move in. Location is a huge factor in home value. Proximity to various services and workplaces is a huge factor in whether or not a buyer considers purchasing a home in your area. If you can find a home in a growing location, chances are good that currently the home’s value is much less than what it will be later. If the area is filled with a younger population, that’s even better. As the population ages, they’ll be looking to purchase homes of their own. By that point, your home should be worth more than it was when you purchased it. This is much in part to the development of the area throughout the years.
Make Cosmetic Changes
If you purchased a house that is a bit run down, that can be a good thing when it comes to the price you paid for it compared to the price you’ll end up selling it for. Making affordable cosmetic changes to the house can boost its value, landing you a decent return on your investment. You might consider giving both the exterior and interior fresh coats of paint, adding crown molding, repainting the trim, refinishing cabinets, or replacing kitchen and bathroom hardware. Even simply painting cabinets can increase your home value. Each of these can be used to refresh the appearance of a house and give it a facelift to keep it up to date with current trends.
Sometimes adding value to your house requires more than just surface level cosmetic changes though. You may find that remodeling or adding on to your home is a good way to improve the overall value of your property. A deck has many uses that can make it an attractive feature for a home. Upgrading your kitchen and bathroom can be another great way to increase your home’s value. If your appliances are outdated, consider replacing them with more energy efficient models. Consider what flooring and countertop options are best suited for your home. Keep in mind that not all home renovations offer the same impact to your home’s value. When choosing projects, choose those that will deliver the best return on your investment.
Reduce Maintenance Needs
Younger home buyers who are starting to enter the real estate market place an increasing amount of value on convenience. They often don’t have much in the way of free time, and don’t want to spend what little they have solely on home maintenance. This means your home should be designed to be low maintenance. High maintenance flooring options, for example, should be replaced with high value, lower maintenance materials. If your roof is due for a replacement, consider replacing it with a metal roof, which is both low maintenance and has the potential to last much longer than other roofing types. It can also have a positive impact on your home’s value, which can help offset how expensive it can be to install.
Don’t Get Too Personalized
It’s understandable that you want to customize your home to suit your personal taste and preferences. There isn’t really anything inherently wrong with that. That said, when it’s time to sell, you don’t want to be trying to sell a personalized home. You want your home to appeal to as many people as possible, which will help you sell it both quickly and for a better price. That means that if you went a little crazy with accent walls or got creative with bedroom colors you should repaint those. Paint them in neutral colors that will be easy to pair with any staging furniture. This will make it much easier for prospective buyers to visualize themselves living there with their own belongings. This is another area, too, where if you intend to renovate it’s important to choose your projects carefully. If you get too niche with your renovations, you may end up turning prospective buyers away from your property.
Keep Up On Your Yard Maintenance
You’ve probably heard the term curb appeal thrown around. The way your home looks outside has a significant impact on how much buyers perceive your home to be worth. One of the things you can do to maximize your home’s attractiveness is to make sure you keep up on your yard maintenance. If you have trees and shrubbery, make sure they’re well trimmed and orderly. These can be excellent for framing your house and giving it an orderly, balanced appearance. Keep your lawn lush and green, being sure to maintain clean edges. Consider lining your walkways with a variety of plant life and flowers. Alternatively, adding a few planters can be another great way to add some flowers to your yard.
Be Involved in Your Community
This may sound a little odd, considering it’s not something that directly impacts your home’s value. Location is absolutely tied to the value of a home though, so being actively involved in your community means you’re doing your part to make the location as good as possible. Of course, one person can only do so much. But, if you can get together a group of like-minded individuals within your community, you can all make a significant impact on your community. Improve your community by getting involved in different community organizations that are making it a better place to live.
Homeowners hope that the value of their homes will continue to go up until after they have made a sale. Having a home whose value increases starts before you move in. Carefully choosing the home you want to own and then taking good care of it in addition to making improvements will help protect its value and give you a better chance of seeing it increase.
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