As a homeowner, your home isn’t solely for living. It can also be a wealth creation avenue, thanks to the wonders of home appreciation. However, it can be challenging to predict a home’s actual appreciation rate, considering several factors can affect it. These factors include the number of potential buyers in the market, home availability, and of course, inflation.
Despite this challenge, the good news is, there are several ways to increase the value of your home and ensure you make a profit whenever you decide to sell. In this article, we share with you four ways to improve your home’s value.
An energy-efficient home is more likely to attract a potential buyer than one which isn’t home efficient. Admittedly, this isn't the most exciting way to increase home value because of the initial costs of installations. However, a knowledgeable real estate agent or realtor will tell you that promoting energy efficiency in your home will increase its resale value to a point where you can recoup about 70% of your initial cost.
For instance, an AC upgrade can help enhance your home value. On the one hand, many old houses don't have a central air conditioning system, so having one in your home is an added advantage. On the other hand, installing an energy-efficient HVAC unit with a programmable thermostat can positively impact your utility bill and improve indoor air quality. Meaning you benefit from it while you're living there and after you've moved out. Other energy savings appliances you can install include a water heater and solar panels.
Another great way to improve your home’s value is to carry out renovations or a home improvement project. This could mean fixing your garage door, installing new window units, adding a porch and swimming pool, creating a driveway, and improving your overall entryway and curb appeal. You also can’t forget the simplicity of how adding a fresh coat of paint to your home’s interiors and exteriors are part of the renovations that increase home value as well.
The bottom line is, your home stands to gain maximum value when you carry out a home improvement project that targets both its exterior and interior areas like the bathroom, bedroom, and living space. Although this can be a lot of work, as you may have to draw up a floorplan and knock down walls, the end result is always worth it.
You can also get a reliable construction company to help you with these projects. Thankfully, time tracking made easy with cloud timesheets. So, you don't have to worry about keeping track of their working hours manually as you and the construction team can easily make a time entry on the timesheet from any device, and you'll view it on the dashboard.
If you don't have a clue on how to increase your home’s value and attract potential home buyers, adding an extra room is always a great place to start. This doesn’t necessarily have to a bedroom, although the number of bedrooms in a house can affect the property value. However, other options include a game room, a home theatre, or a simple home office. You can create this extra space by dividing existing areas that are large enough to split or converting your attic or basement into a room.
Okay, now here’s the exciting part that almost everyone loves—redecorating. Redecorating is a great way to update your home’s interior to give a modern look or highlight its original features. Either way, a little touch here and there can go a long way to add value to your home. Redecorating ideas might include changing your light fixture, making minor kitchen repairs, adding cabinets to reduce clutter, and painting your rooms.