Whether you’re planning to sell your home in the near future or not, keeping it up to standard and making improvements to it will not only help to maintain its value, but increase its market price. That’s always a good thing, even if a potential sale isn’t visible on your horizon just now.
In this post we’ll be looking at some logical and practical ways to increase the market value of your home; whether it’s a big house, regular residence, or maybe even a small home.
Let’s see what we can come up with.
#1 – Declutter Your Home
While this may sound like it has very little to do with increasing the value of your home, decluttering your house and your life actually has value on a number of levels.
For starters, there’s just something very therapeutic about getting rid of stuff you no longer want or need. In a way, it feels like you’re decluttering your mind in the process too.
Secondly, if you do end up selling your house, you’ll have already gone through most of your stuff, so there will be less to do and less to pack when the time comes to move.
As far as showing and selling your house goes, if you’ve already gotten rid of the clutter, your home will look a lot neater and tidier when people stroll through it to take a look, and in a way that increases the value of your home because it helps elevate your chances of getting a sale. Anything that helps you sell your home, in quick time for the price you want, is a good thing.
#2 – Repair Anything That Needs Attention
A rundown looking house that needs repairs and maintenance will not only be far less likely to attract a buyer, instead of the value of your home being increased, a home in a state of neglect will actually be worth less than current market value.
In order to be able to increase the value of your house, you first have to make sure your home maintains its value as is.
If built in appliances are broken down, or are so old they look like they were invented before modern times, you’ll really want to get busy doing repairs or replacements.
This also goes for any damage around the home, such as holes in the walls, damaged skirting boards, a cracked window, worn out, damaged or stained carpet and so on. Leaking taps should be fixed, and anything that has suffered water damage replaced.
The same goes for outside as well. If that fence looks like it’s about to collapse and die, get it fixed. To potential buyers, these things stand out big time. It’ll either put them off, or give them loads of cannon fodder to negotiate a generous discount on price.
And you don’t want that.
#3 – Consider Renovating Your Bathrooms and Kitchen
Most rooms in the home are just basically walls, a floor and a ceiling. Not so when it comes to bathrooms and kitchens, which have fittings, cabinets, appliances, sinks and so on. It’s these two rooms that can really make a house look old and often dated, and it’s these two rooms that endure the most use and abuse in so many ways.
To really increase the market value of your home, renovating your kitchen and bathroom(s) can add enormous value to the final price, plus make your home look so much more attractive to potential buyers.
A full renovation of the kitchen or the bathrooms is not going to be cheap, but if you have the budget for it, you can easily make this money back and then some on the sale of your house.
You might find just a partial remodelling job will do, changing out some fittings, modernising the built-in wall oven. Things like that. Maybe even a change of the countertops in the kitchen and the top of the bathroom vanities.
Even small improvements in these two rooms can add loads of value to your home.
#4 – A Coat of Paint Goes a Long Way
Giving the inside or the outside of the home (or both) a fresh coat of paint might cost you a few thousand dollars, but could add tens of thousands of dollars in value to your house. It’ll look a hell of a lot more appealing to home buyers as well.
Chances are, if you keep things basically the same colour, you’ll only need to give the walls one coat to really smarten them up and hide those scuff marks. You may not even have to touch the ceilings with any luck.
Even little things like painting the mailbox or touching up the fence will have a big impact on the overall aesthetics.
If you’re handy with a brush and a roller, you can save some dollars on the labour costs and do the painting yourself.
#5 – Install Climate Control
Whether you live in a warm climate or a cold climate, or an area where you experience both throughout the year, any home with climate control is going to be very appealing to a potential buyer.
A reverse cycle ducted air conditioning system is the very best way to keep the temperature of the entire house at a comfortable level, no matter what time of the year it may be. Most ducted systems are reverse cycle, meaning they cool in summer and warm in winter.
It’s definitely an investment of money to install a system like this, but the value of your home will skyrocket if you do.
Another thing about ducted air conditioning is it’s not that expensive to run for several reasons. For starters, the design of modern systems is highly energy efficient. The other thing is that they heat and cool rooms so rapidly that you don’t really have to run them all that long to attain a nice ambient temperature.
Many systems can even be controlled from a tablet or smartphone app, or come with a remote control anyway. You can also section off which parts of the house you want to cool, for example. Maybe it’s just the bedrooms? You can cool the entire house or just parts of it.
It’s definitely far more cost-effective and energy efficient than installing individual split system, reverse cycle air conditioners in each room of the home.
#6 – Solar Power Is a Huge Selling Point
One sure fire way to increase your home’s value is to have solar electricity installed. Not only will this investment in a sustainable energy future save you loads on money right now on your power bills, it’ll prove to be a monumental selling point if and when you want to sell your home.
Everybody wants to know that they’ll be able to save thousands of dollars a year on electricity, so the fact that your home has solar power already in operation will ensure you can ask the highest market price possible when it comes time to sell.
Apart from saving cash on electricity, solar power is also kind to the environment. That’s good for you, and also a plus for anybody wanting to buy a house.
Most people are conscious of doing what they can to help save the planet these days, so not only are you offering something that will save the new owners money, you also look like your care about sustainable living into the bargain.
This will help increase buyer confidence two fold.
It’s a win-win situation all round, and it really doesn’t cost that much to get solar installed; not when you consider the long term savings on energy costs.
#7 – Improve Your Curb Appeal
What does this mean exactly?
It means improving the overall look of your home from the street, and this can even include further down the road.
For starters, you’ll want to keep your lawns and gardens looking nice, prune plants and trim tree branches. Touch up any chipped or damaged paintwork, and repair things like broken downpipes and anything else that’s not 100%.
You could use a pressure washer to get the driveway nice and clean, and even the guttering out the front of your house.
Another thing you should pay attention to – something that many people neglect – is the roof. Your home’s roof is like the icing on the cake, and it’s the first thing that’s visible from a distance. Consider having your roof professionally cleaned, or even refinished.
If there is any damage at all, make sure it’s fixed before putting your home on the market. Nothing is going to send potential buyers running faster than a home with a leaky roof.
Curb appeal is important, as someone might just drive away without even inspecting the inside of your home if they are turned off by the appearance of the outside.
So there we’ve covered a few key ways to maintain and increase the market value of your home should you decide to put it on the market.
Making sure your home is presented in the best possible light is what will get it sold for the best price. And keep in mind that if you renovate or add something like solar power, you’ll very likely make a profit on those expenses when you do sell.
Always get your home professionally appraised and research what similar homes (with the improvements you plan to implement ) in your area are fetching.