Your home’s worth is determined by multiple facets, such as the local market, neighborhood "comps" and geographical location. Circumstances like that tend to be out of your control. However, other elements that can increase your home’s value are very much in your control. Below are five approaches you can take to increase your equity and the resale value of your home.
1. First Impressions Are Everything
An unkempt exterior is not just an eyesore to the neighbors, but also to the home owner’s equity and resale value. The exterior is the first thing a potential buyer would see so it’s important to put care and effort in making it look great.
This doesn’t mean it needs extravagant changes in landscaping but there are a few things to consider for improvements.
Repainting the house is a great start, as is adding a nice front door. Adding some nutrients to the grass, and keeping it groomed and watered, could help give it a healthy glow. Try adding some foliage, flowers and even a garden to really accent the yard. A smooth driveway and clear pathway to the front door would also help make the outside inviting.
2. Make It Hospitable
Some people look for a house that needs a lot of work so they can ‘flip’ it. But the majority of home buyers are looking for a place which is livable right away.
To entice the latter group of buyers, it’s important to take the time to fix things like the roof, the basement, a dilapidating shed or garage, and plumbing.
If a buyer feels like they can move in and feel at home right away within comfortable surroundings, it will be more enticing for them to purchase.
3. Everyone Loves Efficiency
More thought is put into the efficiency of a home these days than in the past. Energy efficient products can have a big impact on a buyer’s mindset as they help keep utility bills down, their new home comfortable and perhaps even ease their conscience.
There are a number of ways you can make your home more energy efficient. From spray foam insulation to solar panels, LED interior and exterior lights, appliances and casement windows, there are plenty of opportunities to make your home a greener space to live.
To help with such improvement costs, First Source offers Home Energy Loans, with low interest rates, all to help those wishing to increase the value of their home with long-lasting benefits.
4. More Space, More Value
If you’re looking to add value to your home, adding square footage will certainly do the trick.
Building additions to the home is one way to do this, creating new rooms, a small pool house or perhaps even a second floor. There are also other ways to add living space that do not require creating brand new additions. Refurbishing an attic or even a garage can create new rooms and additional living space without erecting new walls and roofs. You could also consider enclosing a patio, adding a porch to the front or back of the house, and also a large shed as a gathering area in the backyard.
Any of these options can create more room and more value to your home.
5. Smart Home, Smart Choice
You may have heard of the term Smart City or Smart Home before. If you haven’t, or if you’re not quite sure what a Smart Home is, think of it like your Smartphone. You can do many things with your phone like pay bills, transfer money, find directions, listen to music, take pictures, read the news, keep appointment reminders and a plethora of other daily tasks. A Smart Home is very similar in concept.
Smart Homes allow the homeowner the opportunity to have many things connected in one place, usually controlled from one device like your phone. Lights, water, security alarms, door openers, central air, entertainment systems, appliances, windows and even heated floor tiles can all be connected and controlled as long as there is an internet/WiFi connection.
If you’re looking to increase the value of your home with upgrades, we're here to discuss your Home Equity Loan Options and help you Improve Smarter. Click below to begin the form submission process.