How to Strengthen Your Home’s Resale Value
Home ownership is wrought with expenses, from mortgage payments to the cost of maintenance and repairs. But despite the spending it generates, owning a home also carries substantial financial benefits.
In many cases, tax conditions are improved for those who own, when compared to renting residential property. And real estate also serves as a sort of savings account, enabling owners to build equity in their homes as they pay-down mortgage balances.
In addition to the ongoing financial benefits associated with home ownership, it is also possible to add value to your home, further enhancing your financial gains.
If you are serious about boosting the value of your property, stick with cost-effective upgrades, which improve condition, aesthetics or performance. The following recommendations represent only a few of the ways for you to come out on top when selling your home.
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It is important to remember; many upgrades are lasting, so you needn’t be actively marketing your home to benefit from strategies improving its value.
Widespread Benefits of Residential Upgrades
Increasing the value of your home isn’t the only reason to make improvements. Not only can you raise property value with updates, but you also get to enjoy the enhancements, for as long as you live there.
As you target upgrades, focus on proven moves, yielding the highest returns. And if you need a loan to get the job done, investigate alternatives online, comparing instalment loans and other forms of personal financing.
Your home equity may also prove valuable, serving as collateral for a secured loan or line of credit.
There are many ways to add value to residential real estate. For lasting results, consider the following possibilities.
“Create” More Space
Unless you build an addition, it is hard to expand the footprint of your home, resulting in more space. What you can do, without a major add-on, is reconfigure your floor plan, opening it up to feel roomier.
In fact, open areas are more common in modern architecture, so homeowners commonly change the layout to reflect present-day designs. Some strategies for making it feel as though you have more square footage than the math indicates.
- Remove a pantry – Older homes often have small, designated storage rooms adjacent to their kitchens. These pantries once housed canned goods, dishes and other kitchen supplies, away from the main room. By taking out the pantry wall, you may be able to substantially expand your kitchen area and create a better work flow in the larger room.
- Expand a bathroom – Among the smallest rooms in most houses, bathroom renovations typically pay dividends at the time of sale. If of insufficient size, you may be able to cut-in to a neighboring room, in order to expand the size of your lavatory.
- Finish unused areas – Basements, attics and other unused areas can be converted to finished living space, making the most of your floorplan. Before selling, you may wish to have your municipal assessor acknowledge the increased area, so city records reflect greater square footage.
Pay Attention to Curb Appeal
Interior features go a long way enticing buyers, but the way your home looks from the outside is equally important.
You can only make one first impression, which typically sets-in when prospective buyers first see your home’s exterior. Key attributes of an appealing home:
- Well-executed landscaping
- Attractive exterior lighting
- No chipped or peeling paint
- Roofing materials are intact
Improve Lighting
Another low cost improvement capable of transforming and adding value to your home is upgraded lighting. There are two fundamental ways to accomplish improvements – either by changing the way natural light enters your home or enhancing artificial light, using lamps and fixtures.
Window treatments are responsible for filtering light as it comes into your residence, so your choice of draperies, curtains, shades and blinds has a dramatic impact on your home’s overall aesthetic.
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In most cases, brightening-up living spaces, allowing more light to pass, is an improvement. And if window light is insufficient, conventional skylights and tube lights help draw sunlight into living spaces, even when ceiling exposure is limited.
Upgrading fixtures is another way to enhance interior lighting, including modern models utilizing various forms of lighting technology.
LED lights and compact fluorescents, for example, redefine lighting standards, enabling you to cast more light where you want it, without the heat and operating expense of traditional incandescent bulbs.
There are many ways to add value to your home, starting with these three possibilities. For the best results, use lighting, curb appeal and a modern layout to improve your domestic experience and entice buyers, when it’s time to sell.
Category: Real Estate
