Financially savvy homeowners are always looking to increase the value of their homes.
Looking to the future and making the necessary home improvements can net you a significant return on investment.
While many other factors can impact the final price of your home (e.g., location, market popularity, overall economic situation), it’s never wrong to work on the aspects that are within your control.
If improving the exterior features of your home or adding additional space increases resale price or home equity, then it makes sense to plan for these upgrades.
Increase curb appeal
First impressions often stick. Thus, your home must have a high curb appeal. Potential buyers are more likely to take a closer look at the property if the exterior features are enticing. Additionally, how attractive your home will have an impact on its price tag come selling time.
But be careful about overdoing it. Excessively elaborate landscaping can turn away homebuyers who might see such improvements adding to their long list of chores and maintenance tasks. Strategically planting native trees and shrubs are sometimes enough to give a good value boost.
If you don’t feel confident about doing the landscaping yourself, consult the experts to make sure you execute it right. It’s always a good idea to hire professionals for landscaping services that actually increase home value.
Add living space
Adding a second bedroom, a bathroom, or any other space can lead to higher-value homes. Modifying floor plans can also expand your prospective buyer list. This is because buyers think long-term and often consider additional room or space for future use.
Depending on what is possible, you can: add a deck or patio for outdoor activities, remodel the attic into a guest room, or build a basement for extra storage.
Another idea is to add square footage and create more open spaces. Given the trend in open space designs, you’re likely to attract a lot of buyers who put a premium on openness.
Make your home efficient
Purchasing a home is one thing, but it’s another thing to spend resources maintaining it. Potential buyers know this as well. More often than not, they will highly consider homes that have energy-efficient upgrades, which can help save a lot of money in the long-term.
Many efficiency-focused upgrades don’t require you to break the bank. LED lighting fixtures, improved roof insulation, solar blinds or shades, and insulated windows are some upgrades you can get started on with relative ease.
If you’re considering major improvements, investing in renewable energy sources (e.g., solar panels) might be something feasible for you. Just be aware that this may not be the most cost-effective path to take.
Financial considerations
Some of the improvements mentioned in this article may require a considerable amount of cash and resources. As you carefully weigh your options, you should think about the payment options at your disposal—whether you’re paying via credit card, personal loan, or home equity loan.
Stay on top of the financial aspect of these upgrades to make realistic plans.