If you are a smart homeowner, your home is not only a place to do life with your family but also a way to build wealth through home equity. Home sellers have earned up to 29% resale value of more than how they purchased the home thanks to home appreciation(when the home value increases on its own). Unluckily, home appreciation varies depending on various factors such as the demand of homebuyers, the supply of homes, and inflation making it hard to predict your home’s exact rate of appreciation.
The better part is, it is possible to increase your home’s value beyond the standard home equity appreciation. If you want to live with the confidence that your home will fetch you a substantial buck for your money on resale, here are ways to increase your home’s value.
These days, everyone is interested in technology. Ensure you integrate the latest technology into your home to attract potential buyers. According to a survey, here are some of the smart home technologies people prefer to have installed in the house if they are to buy it:
- Smart fire detectors.
- Smart thermostats.
- Smart cameras
- Smart carbon monoxide detectors.
- Smart locks.
- Smart lighting system.
In addition to the above, most home buyers will prefer a home with an installed automatic power back up generator to support the smart appliances during power outages. So consider a residential power back up generator at https://www.bellwoodrewinds.co.uk/diesel-generators/ to upgrade your home.
Update your systems and appliances
Nothing entices home buyers than functional and up-to-date appliances. It presents your home as a valuable one and a modern one for that matter. If you have old appliances, it is best to upgrade to new ones, especially smart technology that simplifies their use. If some are not functional, consider repairing them if possible or replacing them with new ones.
For instance, if your air conditioner is making a clanking sound, have it fixed. If the roof is old and not appealing, consider a roof restoration. If the drainage system is leaking, have a plumber look at it. These are the small, simple things you can do but which impact your home’s value for the better.
Beautify your home
You should not forget to make your home more appealing if you want to increase your home’s value. Home decor lovers refer to it as home staging. This is a great selling point for prospective buyers as your home’s beauty makes the first impression. And you don’t have to spend more on home staging projects. You can do them on a tight budget, while others are DIY projects.
Focus on rooms that buyers are more interested in; the living room, master bedroom, kitchen, and bathroom.
Introduce more space
Many people love spacious homes. Examine your house and see where you can add extra spaces to make it look bigger. For instance, if knocking out a wall to extend a room’s size is possible, consider doing it. If adding an extra bathroom makes things easier, have it done. Only be sure to budget for your renovation to avoid spending more than what you would profit from a resale.
A key takeaway
It is not wise to borrow money to finance projects that add value to your home. Have a plan for extra cash flow or make adjustments to your income to facilitate that.