Homeowners consider property valuation for several reasons. These may include mortgage refinance, selling, or even before getting a renovation job done. Having said that, none of these can make a real difference in increasing the value of your home, save for improvements. But, what improvements should you be getting to get the maximum return on your home? Or rather, how do you plan your renovation so that it has maximum impact on your home’s value?
In this article, we shall be discussing some of the effective ways to improve the value of your home. It is noteworthy that most of these tips include what you should be doing and what you should avoid.
So, without any further ado, let’s drive you through these tips, quickly.
First Things First- Get Yourself A Valuation Quote
Before you can begin with anything, you need a plan. And to plan better, you may need to find the existing value of your property. Now, you can either call in an experienced property inspector to appraise your property. Or, you can do it yourself with a little market knowledge. Typically, an inspector would go through different elements of your property to estimate the best value it can fetch.
For example, they may look at the condition of windows, doors, walls, and ceilings to begin with. Furthermore, they can look at the appliances and essential systems installed in your home including the HVAC unit and heating system. Once you have a clear appraisal of your home, you can better plan what improvements you should be getting done.
If your HVAC unit is not working properly, or if it is too old, replacing it can be a good idea. This would not only increase the value of your home but also help improve the environment in your home. Likewise, there are many other improvements you can plan, but only after you have a clear idea of what things need your attention.
You May Need To Keep A Check On Competitors
As to how you can evaluate the value of your home on your own, you may start with keeping a check on competitors in your locality. You can visit your local county office and ask them which houses were sold within the past few months. Knowing the selling price of similar properties in your locality can help you evaluate your home’s value by yourself. An added benefit of keeping a check on competitors is that it can help you make sure you don’t sell out your home for a low-ball price if pitched.
Consult An Expert For Quick Guide Through The Job
The next best thing that you can do is to involve an expert contractor. Especially if your home needs some major repairs that are beyond your skill level. For example, you can do mowing and pull unnecessary weeds from your lawn yourself. But you certainly cannot install a fountain or an oasis.
Similarly, there may be issues with your roof such as missing shingles or evident cracks which may lead to leakage from your roof. Furthermore, if you check it out here, you will come to know how these roof repairs can help improve the value of your home. So to know what important repairs your home may need, it is best to consult the expert professionals for the respective jobs. Likewise, they can also help you decide which repairs can get you maximum improvement in the value of your home.
Look For Inspirations Before Deciding A Design
Once you have in mind what changes you need to consider, it’s time to decide the design. Of course, an eye-pleasing design can get better value for your investment. But, since you are not a designer you can consider seeking inspiration for the design. For example, you can search Pinterest for beautiful bathroom remodelling ideas or you can search Google to find the best exterior paint ideas.
There are plenty of inspirations out there, all you need to know is where to look. Just make sure that whatever design you choose, it suits your personality and complements your lifestyle. As the saying goes, every home tells a story, make sure that your home tells yours.
May Need To Reconsider Your Finances
The next factor that can strongly affect the value of your home is the way you finance the expenses. In other words, if you decide to pay for all the repairs and replacements out of your savings you may fetch a higher return for your investment. On the other hand, if you plan to cover the expenses through a loan or mortgage, you may find out at a later stage that the remaining principal is duly deducted out of your home’s value.
But there’s a positive side to obtaining a loan as well. For example, seeking a loan for home repairs can offer you tax benefits and save you a lot of your hard-earned money. You can ask your contractor to assist you with the finance options that you have. This would allow you to get the necessary repairs and pay later. And thereby improving the current value of your home. Now, all that you may need to do is follow up with regular maintenance to ensure that the value does not decrease over time.
Go For Tasks That Promise Higher Return On Investment
Your contractor may have already given you an estimate of which improvements can fetch you maximum returns on your investment. But these improvements are certainly mere repairs. Other than getting repairs there are a few other installations that you can consider. For example, you can consider landscaping your front or backyard. You can install a swimming pool or get fancy lighting to brighten up the exteriors of your home.
Alternatively, you can consider turning your attic into an additional room for your growing kids or accommodate any guests. There are many such improvements that you can consider. But not all of them will fetch you the same returns. For example, adding another room to your home can increase its value by 120%, while getting a new paint job can only increase your home’s value by 60%.
You will need to decide which improvements you would rather be investing in if you wish to improve the value of your home. After all, it’s your hard-earned money and you wouldn’t want to be investing your money, without expecting profitable returns.
Pay Attention To The Important Repairs & Replacements
While some repairs may need immediate attention others can wait. It is in your best interest to attend to the more important ones without failing as these repairs are the ones that can make or break a deal. For example, getting your creaking windows, doors, or leaking roof repaired is simply indispensable. Ignoring these necessary tasks may not only affect the value of your home but also affect your life until you decide to move out of your home and find a new abode.
In the end, it’s your decision about what home improvement tasks you want when it comes to increasing the value of your home. Is it installing a new roof altogether, or simply changing a few shingles? Whatever you decide to do, make sure you have a word with an experienced contractor and a realtor about the same. These professionals have sound experience and can help you manoeuvre through your home valuation.
So, now that you understand what needs to be done and what needs to be avoided when increasing the value of your home, you’ll make better decisions. In the end, it’s your home, your money, and your call. Good luck with your adventure improving your home and your life in it!
Do you have any more ideas on increasing the value of your home?