Low mortgage rates months into the pandemic encouraged people to buy their first homes. This allowed many to fulfill their lifelong dream of owning a house. It also allowed them to use their money for the mortgage of a house that they can pass on to their children instead of paying rent.
Many people consider their houses as an asset. Due to this, they prioritize taking care of it. Some even enhance it to increase its resale value if they want to sell it in the future. The Federal Housing Finance Agency House Price Index showed that home prices increased by 10.8 percent between 2019 and 2020. Aside from the higher demand in the market, the home improvement projects implemented by homeowners may have contributed to this increase. Here are some ways for you to increase the resale value of your home if you’re planning to sell it in the future.
Increase its Visual Appeal
The first thing you should do is to increase its curb appeal. Since you are enhancing the home’s curb value, you can start on the exterior and make it visually appealing to a potential buyer. You should maintain the front lawn and make it stand out in the neighborhood. Repainting the front door or planting flowers are good ideas to enhance its external appearance.
After working on the exterior, you can start working on the interior. Focus on the kitchen and the bathroom since these areas can increase the value of a home. Minor remodeling of the kitchen is enough to increase the value of the home. You can install functional flooring made of vinyl sheet or ceramic tile. You can also install stock cabinets for additional storage space. Replacing the countertop with laminate or ceramic tile is also a practical way of enhancing the kitchen without breaking the bank.
For the bathroom, you can replace old fixtures with new bathroom products to make it look better and functional. Some products blend function and design well, which means your bathroom will not only look good but will also be efficient and eco-friendly.
Increase the Usable Area
You can also increase the usable area of the home. The value of your home will increase with a bigger usable area. With this, you can look into adding a new room to the house. The room can increase the size of a home to a significant degree. You can even finish the basement to increase the living space in the house. Adding a deck to the backyard is another option. A deck can also increase the home’s overall appeal, especially if you add a grill to it. You should remember that a bigger home allows you to increase the price of your home.
Make the Home Easier to Maintain
Even though prospective homebuyers find big homes appealing, they are also challenging to maintain. Due to this, you should make some changes to make it into a low-maintenance home. You can replace some components in the home to accomplish this.
You can replace carpets with hardwood floors. Vinyl sidings are easier to maintain than wood siding. You may even have to replace the water heater and the furnace to reduce the need for emergency maintenance on the part of the buyer. The main point here is to make the home easy to maintain to increase its value and appeal to the buyer.
Install Smart Devices
Smart devices have become a part of daily life in recent years. Even as there are challenges with installing smart devices at home, they offer a lot more benefits since they increase safety and comfort for the homeowner. Some smart devices you can install at home are fire detectors, security cameras, thermostats, and carbon dioxide detectors. You can even install smart lighting, door locks, and ovens in the kitchen.
Connecting these devices to the Internet of Things allows you to control these devices even if you are not at home. For instance, if you are on your way home on a hot summer evening, you can set the air conditioning to your preferred temperature while you are still in your car. This can increase the appeal of your home when you put it out on the market.
Even as some people may not value these smart devices, people who are attuned to developments in technology are willing to pay a premium if the house comes with these items. Additionally, these gadgets also cost less compared to replacing the roof of the house.
Despite the limited supply in the US, people are still in the market for a new home. You can increase the value of your home to take advantage of the current seller’s market in the country.