As a homeowner, it is important to make the most out of your living space. And one way of doing so is finding ways to increase the value of your home.
The value of a property is simply defined as the amount of money potential buyers are willing to invest in purchasing your property.
A multitude of Americans believes that a home is one of the greatest assets to have. Many homeowners are putting in efforts to ensure the value of their homes continues to increase as the years go by. Additionally, as homebuyers browse through Movoto searching for homes on sale, each one of them weighs the value of the property depending on various factors that are specific to them.
Factors that affect the value of a home
Regardless of preference, some factors automatically affect how your property trends in the market.
Below are some of the factors that generally determine the value of your home.
The location of a house has a greater influence on a home’s value as compared to factors such as the size of the property.
Maybe the property was the ideal package for you since it is in close proximity to your workplace or your kid’s school. However, when the value of the property is undergoing an assessment, valuers will do so in regards to proximity to the local hospitals, schools, shopping facilities, amenities, as well as other social and recreational facilities.
The above factors significantly influence the pricing of homes, making some neighborhoods more expensive than others.
To achieve greater value for your home, it is imperative to ensure the house is in top-notch condition. The condition in which the house is at is of great importance, and so is the age.
A property that was built a couple of decades ago is less likely to have modern facilities installed unless recent renovations were done. Modern homes with the latest amenities will automatically be of greater value as compared to a traditional home.
Let’s take the example of a smart home.
Most high-value properties have a smart home security system installed. What’s more, the plumbing and electrical appliances are newer and less likely to break down. A potential buyer looks at these factors bearing in mind a newer home will have such things as a roofing warranty that goes for two decades, minimizing the chances of suffering a roof replacement cost a year or two down the line.
As such, it is important to first identify key areas that need repairs before listing your house for sale.
Another key factor that has a direct impact on the value of your property is the local market.
Your home may be in top condition and the right location. However, the value at which your home goes for is highly dependent on the number of similar houses listed and the number of buyers interested in your property. Sometimes, you may be required to adjust your price to get more offers and sell the house quicker.
The current economic conditions of a country can increase or decrease the value of your property.
In a time such as this, when there is an upset in the world’s economy due to the Coronavirus (COVID-19) crisis and the lockdown directives issued by various governments, the value of homes has significantly gone down. The real estate market is struggling as there is a less likelihood of people relocating and also, fewer people can afford to purchase a property.
So, it is important to keep up with the country’s economic indicators to realize the best time to put up your home for sale.
As much as there are factors that are beyond a seller’s power in terms of home value, there are other things a homeowner can implement to significantly increase the value of their homes.
So, how can you increase the value of your home?
If you are a seller looking to make top dollar on your home, below are some tips to increase the value of your home instantly.
- Ensure it is attractive
Making your home more attractive is one of the best ways to increase home value and to make it more appealing to potential buyers. Furthermore, an attractive front yard or photo is the first interaction a buyer will have with the property.
The first step to this is to make sure that your home’s landscape is properly maintained. All buyers will judge your property by the way it looks on the outside.
Apart from the outside, the inside should also be dazzling to the eyes. The walls should be smeared with a fresh coat of paint. However, make sure you choose neutral colors. The drainage system, cabinets, toilets, floors, sinks, bathtubs should all be in proper working order. Your main focus should be in the kitchen and bathroom, as these are two areas that add the most value to a house.
- Ensure it is low-maintenance
One thing buyers cannot fathom is purchasing a house that will cost them a considerable amount of money in upgrades and repairs. As such, they are always looking for a property with the latest amenities and facilities. Basically, a property that is of low-maintenance.
Installing gadgets that make basic home cleaning and maintenance easier is a big plus in the real estate business because it significantly increases the value of your home.
Additionally, making the house more energy efficient is an added advantage. No one wants to purchase a house where utility bills skyrocket each month. As such, schedule a visit with an energy auditor to get detailed information on areas of your house where energy consumption is at a high. From there, you can make the necessary adjustments to ensure energy is more efficient.
- Making it smarter
The current technological advancements have led to the emergence of smart home systems that have revolutionized security. These smart home security features include motion sensors, alarm triggers, smoke detectors, thermostats, and security cameras. Some of these installations are not as expensive as doing home renovations.
Smart devices will not necessarily affect the value of a home, but it makes the property more appealing. Also, tech-savvy individuals are more likely to pay higher for them.