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Tips for Increasing Home Value

Tips for Increasing Home Value

John McDannell
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Real estate has always been a lucrative investment as a comingofage ritual, something that has boosted economies and living standards constantly.  However, it is indeed true that the gypsy-esque lifestyle of the millennials has made it harder to truly settle down at one place for a lifetime. Though, if you have been renting your stay, moving would be comparatively easy. You can pretty much simply pack up and leave. But if you own a house, moving becomes a big decision. 

 

Even more, The biggest consideration while moving is getting a fair price for your property.  Below are a few things you can do in terms of home improvement that will definitely increase your house’s resale value: 

 

Remodeling the Kitchen 

Almost anything you invest in your kitchen will certainly be recouped.  The standard remodeling route is: 

  • increasing the storage space,  
  • upgrading the appliances,  
  • changing the lighting,  
  • possibly adding a kitchen island. 

 

Despite the sureshot return on investment, you should refrain from going overboard.     

  • Avoid adding technology that might be transient or in its nascent stage. 
  • Avoid adding over the top features like chandeliers or fancy plumbing. 
  • Make sure that you don’t end up decorating your kitchen to the extent that it feels out of place with respect to the rest of your house. 

 

Bathroom Renovations/Addition 

The same rules apply to bathrooms pretty muchas they need to be upgraded but splurging is out of the question. 

 

Following are some tips for bathroom remodeling: 

  • Provide your bathroom a theme. 
  • Add storage spaces. 
  • Revamp the plumbing and the electrical. 

 

If you have a single bathroom, you can also consider adding a half bath somewhere in your house. 

 

Energy Efficient Solutions 

In today’s climate, being ecofriendly is a highly sought after virtue. There are plenty of ways you can achieve this. 

  • Energy-efficient windows 
  • Solar panels  
  • Energy star rated appliances throughout the house 
  • Insulate well and plug energy leaks 

 

First of all, making your house energy efficient will reduce your power bills while simultaneously raising your home’s value. And if that’s not enough, there are plenty of federal and state tax rebate schemes which incentivize going green! 

 

Miscellaneous Upgrades 

Also, apart from the major upgrades mentioned above, you can always do little things around your house that will surely make it easier to sell. 

 

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  • Keep the paint updated. 
  • Increase storage space across your house.  
  • Make sure there are no leaks in the roof. 
  • Check the house for mold and rotten wood. 
  • Check the plumbing and wiring. 

 

Making sure that your house is healthy and presentable will showcase how serious you are and give you an upper hand in negotiations. 

 

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There’s a lot you can do in terms of home improvement projects which will increase your resale value, but there are plenty more tricks you can follow once you have listed to get the most out of a house sale. 

 

  • Understand the market and your potential buyers.   
  • Hire a realtor you can trust. 
  • Organize open houses in a professional manner. 
  • Pick a realistic price point. 
  • Remove personal clutter once the open houses start. 
  • Realistically, it is always hard to get the price you want. Be flexible and willing to negotiate. 
  • Clean up your lawn and trim the shrubs. 
  • Make sure you have all your ducks in a row once an offer has been made and accepted.  Any delays can be off-putting and can potentially turn the buyer away. 
  • When you vacate the property, make sure it is in the same condition when the buyer signed the contract. 

 

In Conclusion 

It is natural and very easy to fall down the rabbit hole of unnecessary and over the top renovations.  Hence, once you have made up your mind about selling your house, your investments must be prudent — rather than geared towards making your house look ‘cool’.  Also, a lot of it will depend on your neighborhood and potential buyers, so do your research well. 

 

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