Increase Home Value With Strategic Improvements

Increase the value of your home by making a few strategic renovations and improvements. The right balance between personal expression and resell value is a fine line that looks different for every property. That’s why we comprised a checklist to ensure you understand and consider all the most important factors when it comes to increasing your home’s value with strategic improvements.

Understand The Value of Your Neighborhood

Before you start renovating your home, assess the value of the different residences in your neighborhood and other factors that could increase or decrease the worth of your area. Use easy tools to discover the price value of your home and the surrounding real estate, as well as seeking an official appraisal of your own home’s value by a professional.

Assess Property Values

Property values differ greatly from place to place, depending on a large variety of factors. Navigating these assessments and understanding how to optimize your home are key to increasing the value of your investment.

Factors like school districts, proximity to highways, natural landmarks and city amenities, along with many other elements, contribute to the desirability and value of a neighborhood. Amenities only found in bigger cities, such as cultural centers, large festivals, concert venues and theatres draw more residents and visitors, boost the local economy and engage the community, leading to their value being higher over rural and country regions. Navigating the complexities of property taxes can feel like an overwhelming experience, so make sure to have a trusted expert in your corner.

Key Factors That Influence Neighborhood Value

School Districts:

School districts, daycare and other family-friendly amenities are often one of the most important factors when people are searching for their new home. Some might even move within their city for the sole purpose of providing better education for their kids. The higher-quality education and child services of your area, the higher value your neighborhood and property have.

Highway & Public Transportation Proximity:

Highway travel and public transportation, such as airports, buses and subways, also contribute to the value of your neighborhood. The convenience of highway frontage or proximity boosts the desirability and price points of these types of residences. Studies have proven that homes within a half-mile of bus stops and train or subway stations can be valued at almost 50% higher than those farther away. Although this is true, there is also a fine line of proximity as being too close can create more noise and traffic, which can hinder a property’s value.

Natural Landmarks & Parks:

Natural landmarks and parks, much like public transportation, have shown to boost property values and sales. Local parks, ideal for families with small children or pets, enhance neighborhood appeal to many buyer types by increasing quality of life and contributing to the scenery of the area, but the bustling nature of these can also hinder sales. National parks and landmarks similarly contribute stunning scenery and green areas, both of which heighten life quality and property value.

Neighborhood Upkeep:

The unity and beauty of a neighborhood, block or district can sway potential buyers, leading to differing values and sales. While there is not much you can do about the upkeep and quality of your neighbor’s houses, unless Home Owners Association (HOA) is involved in your community, this can affect the speed and price point when selling your home. Living in a community protected by the HOA has the potential to get your home sold faster than those without.

Future Development Potential:

The development of your neighborhood can add or detract monetary and cultural value depending on the expansion plans. Showing growth, new projects can increase property value, but too much traffic or developments that counter the current culture of the area can decrease desirability, which can negatively affect the desire to purchase property.

Strategic Home Improvements

To increase the value of your home, you must make strategic improvements around your residence, ranging from updating your roof and windows to adding energy efficient upgrades and beyond. Choose updates that appeal to a wide range of potential buyers and personalities, for example picking neutral tones over bold colors.

Enhance Curb Appeal                                           

The curb appeal of your home is the first impression potential buyer and assessors will have, so make sure it displays the residence’s best characteristics and attributes. Adding simple enhancements, such as a manicured garden, fresh coat of paint or new exterior lighting, can transform your property into a dream home.

Landscaping

Landscaping, done by hired professionals or yourself, can greatly enhance the likelihood of your property selling quickly. By adding or refining a garden space, deck or other outdoor attributes, makes the home more harmonious and beautiful. Landscaping offers one of the most powerful returns on investment with an estimated 100% ROI according to HGTV.

Deck

Adding a deck or expanding your established deck and porch space to extend living and entertainment space. Offering a great ROI rate, decks are a great home investment. If you are confident in your handiness, cut costs by building it yourself. Pick durable materials like composite decking, which requires less maintenance than wood.

Exteriors

Homeowners can boost curb appeal by making just a few specific enhancements to the outside of the home. When updating paint or siding, white and beige shades sell best with gray and blue following them. Replace old doors and windows with energy-efficient ones to improve your home’s aesthetics and lower energy bills.

Modernize Spaces

Modernizing key spaces in your home by focusing on areas that potential buyers prioritize, such as kitchen, bathrooms and living spaces. Update these areas with contemporary designs, high-quality materials and energy efficient upgrades.

Kitchen

Investing in kitchen updates is one of the most successful returns on investment when it comes to home improvements. Recent trends suggest adding green appliances, tile backsplashes and functional islands are some of the most desirable improvements to kitchens.

Bathrooms

Bathrooms are another critical area for potential buyers and is often looked over. Upgrades like a double-vanity, walk-in shower or relaxing tub space can be effective investments, but more affordable options are expanding storage space and refinishing floors and plumbing.

Lighting

Lighting is a feature that can truly transform a space without taking too much effort or money. Recessed lighting appeals to many potential buyers, as well as LED and eco-friendly lighting. Opt for lighting that offers more warm glows over cooler-toned lights. A small detail like this can enhance the atmosphere in your home and make it more welcoming to guests.

Energy Efficient Updates

Sustainable and energy efficient homes add significant value to your property with more and more home buyers more buyers opting for eco-friendly properties over non-environmental homes. Adding these types of enhancements is becoming increasingly advantageous by reducing utility costs and boosting resell value. These environmentally-friendly updates are a great investment whether or not you are planning to sell your home.

Insulation

Updating insulation provides some of the most potent ROI of any home improvement project. Upgrading the insulation of the attic, walls and floor will enhance the energy efficiency of your home by maintaining a consistent temperature of your residence and reducing heating and cooling costs.

Solar Panels

Install solar panels to increase the value of your home while generating renewable energy. There is a federal tax credit program that will cover 30% of the installation costs, making it a lucrative option and a prime investment for any property type.

Energy-Efficient Appliances

Replace out-of-date appliances with new, energy efficient ones to lower energy costs while enhancing the resell value of your home. Search for products with the ENERGY STAR stamp to ensure you’re getting the best value for your money. There are a variety options for kitchen appliances, such as dishwashers and refrigerators, as well as washing machines, air conditioners and windows.

Maintenance & Repair Costs

Consider the costs of the updates and repairs while making these improvements. Select materials and finishes that are durable and require minimal upkeep that don’t break the bank. Weigh the value of your improvements based on the potential return on investment. While adding a brand-new bathroom or additional bedroom could help your home sell for a higher price, it could not be worth it; it may take more out of your pocket than put in. It is critical to do significant research before renovating your residence.

Roofing

Investing in a new roof is one of the aspects that attract home buyers more than many other updates. Choose a material for your shingles that harmonizes with the rest of your home while also providing durability and security. Hire a trusted professional to inspect your roof routinely, every five years roughly, to ensure your home is safe and sustainable.

Cooling & Heating

A modern and energy-efficient HVAC system is very appealing to home buyers and can make your home more comfortable and lower utility bills. Taking up about half of the energy usage of a typical residence, keeping up with HVAC maintenance is an eco-friendly upgrade that adds value whether or not you are planning to sell your home.

Consult with a Local Real Estate Expert

For those planning on selling their homes, consult your local real estate expert to ensure your home renovations are a good investment. United Country Real Estate agents stand out as the premier resource for rural real estate advice. With a century-long legacy of helping clients navigate the complexities of small town and lifestyle real estate transactions, these agents possess unparalleled expertise of local markets and buyer preferences.

United Country Real Estate professionals offer tailored insight into how to make the most impactful improvements to your home, ensuring you make informed decisions when selling your home. Their expertise goes beyond their knowledge of local real estate markets; they have access to the largest network of rural real estate professionals in the nation and extensive marketing resources. This grants them the powerful balance of local knowledge and national reach, getting your property in front of the right buyers faster.

Sources:

linkedin.com

energysage.com

homeserve.com

architecturaldigest.com

yourmoneyfurther.com

realestate.usnews.com