The age, size, and location of your home can significantly impact your property’s value. Besides these key features, other factors that can affect how much your home is worth include the property’s condition.
If you’re planning to sell your home, you may want to take steps to increase the property’s value before you list it for sale. Some renovations have a more significant impact on your home’s property value than others, so it’s essential to focus on improvements that will yield the best return on your investment if you want to increase your home’s value.
1. Make your home energy efficient.
Rising energy costs can impact a potential buyer’s decision to make an offer on a property. Homeowners who’ve invested in energy-efficient upgrades may be able to obtain a higher sale price for their home and sell their property faster. There are plenty of ways to go about increasing energy efficiency for your home.
Old windows can cause drafts. Unwanted airflow will increase your energy bills because you’ll pay more to heat your home during the winter and cool your home in the summer. Google “Traverse City window companies” to find window replacement specialists in your area. Installing new windows will prevent drafts and reduce the strain on your heating, ventilation, and air conditioning (HVAC) system, which will save you money. One of the added benefits of replacing your windows is that you can also improve your home’s appearance.
Another thing to consider is investing in Energy Star appliances when your appliances need to be replaced. These new appliances consume less electricity, which will also reduce your energy bill. You can also conserve heating costs by insulating your water heater. Insulation prevents heat loss and reduces the amount of electricity needed to maintain a tank of hot water.
Other steps you can take to increase your home’s energy efficiency include installing solar panels, insulating your attic, replacing old doors, and replacing your light bulbs with LED bulbs.
2. Make your home presentable.
Consult with a real estate professional, such as those employed by John Foresi, Venterra CEO, to learn about steps you can take to make your home visually appealing. Your real estate agent may advise you have your home professionally staged when you list it. Staging experts know how to place furniture and decor to appeal to buyers. Their job is to emphasize your home’s best features to ensure buyers see the home’s potential, which can help you sell your home for a higher price.
Your realtor may also be able to provide critical information about the best time of year to list your home, which can help you reduce the amount of time your house needs to be available for showings. This can also help you minimize other expenses related to the sale of your home. To stage your home effectively, you may need to place some of your possessions in storage units. Even if you own a large house, potential buyers will think the house is too small if your rooms are cluttered with objects. Removing possessions can be an effective way of making your home appear spacious and appealing.
Cosmetic changes can also have a significant impact on your property’s value. A minor kitchen upgrade can pique buyer interest and emphasize your home’s potential without costing you a lot of money. Paint or reface cabinets, replace the knobs and pulls on your cabinets, install a new countertop, replace the kitchen sink and faucet, and install laminate floors to give your kitchen an affordable facelift. Kitchens and bathrooms are two of the most important rooms buyers consider when determining whether to make an offer on your property.
If your bathroom is outdated, you may be able to improve its appeal by installing a new bathtub or having your existing tub reglazed. Replace the tile or surround and replace your flooring for a fresh look. Replacing the knobs and pulls on cabinets and installing a new sink and faucet can also help improve your bathroom’s look and appeal.
Repainting your home is one of the most effective ways to give it a fresh look that will appeal to buyers. Use neutral, light colors that make your home feel bright and spacious. Ensure lamps are working in your home and eliminate dark corners with appropriate lighting.
Your home’s external appearance will also affect its value. If the foliage outside your house is overgrown, it may deter buyers from touring the house. Trim trees and bushes and ensure you have an accessible walkway that leads to the front door. Adding colorful plants in flower beds near the front of your house will also add to the home’s visual appeal.
3. Maintain your home and complete critical repairs.
No matter how visually appealing your home is, if there are critical repairs that need to be completed, they will reduce your property’s value. Your roof is crucial. A leaky roof can allow precipitation to enter your home, which can cause support beams to rot or lead to mold growth. Replacing rotting beams is costly, and mold remediation costs can also deter potential buyers. You can also protect your roof by keeping your gutters clear and ensuring downspouts direct water away from your house.
Your home’s siding should be washed in the spring and fall to retain its color and prevent mildew from growing. Have your HVAC system inspected and maintained. Replace the filter every 45 to 90 days and have your air ducts cleaned. This makes it easier for your HVAC unit to distribute air throughout your home. Taking these steps will extend the life of your HVAC system and make your home more energy-efficient.
Outdated electrical and plumbing systems can deter potential buyers. You may also spend more money on insurance if your electrical system is out of date. Upgrade your electrical and plumbing systems to ensure they’re safe and effective. This will prevent you from incurring the costs of emergency repairs. Updated systems will also increase your property’s value.
You may not be able to relocate your home to a more desirable neighborhood. Still, you can increase your property’s value by making your home more energy-efficient, improving your property’s appearance, and performing crucial repairs. Implementing energy-efficient strategies and completing critical structural and system repairs will illustrate the steps you’ve taken to maintain your home, which can increase interest in your property and help generate a higher sale price.