The pandemic saw many new homeowners after the federal government lowered interest rates to spur the economy. Even as many of these homebuyers stayed in their newly purchased homes, others opted to resell the house at a higher value. Before they could do so, they had to enhance it to increase its resale value.
But they should understand that some home improvement projects do little to increase the resale value of the home. Thus, homeowners have to think if the improvement they plan can add value to the home. If it does not, they should rethink their plans unless they do not want to resell the house. Here are some tips that homeowners can consider when they want to increase the resale value of their homes.
Increase the Usable Area
Increasing the usable area in an existing home is an option for homeowners to increase the house’s resale value. A bigger functional area is beneficial for the homeowner, especially if there are limitations to the land where the house was built.
A bigger livable area also gives homeowners flexibility on how they can use the space inside the house. They can create a new room with extra space or a new bathroom. With companies asking their employees to work from home again, homeowners can create a new workspace with the added space in the house.
To increase the usable space, homeowners can look for unused places in the house. These areas include the basement and attic. They can even convert an unused area in the garage into a workshop or a fitness area. With the prices of many homes based on the square footage, increasing the livable space of the house can increase its selling price.
Enhance Energy Efficiency
Enhancing the energy efficiency in the home is another way to increase the resale value of a home. Even if they cannot change the home design to improve efficiency, homeowners can install energy-efficient devices in different parts of the house. These devices can help reduce energy costs, which is appealing to any potential homebuyer.
They can install solar panels to allow the home to use renewable energy. The homeowner can also install doors, windows, and sidings that increase energy efficiency. Energy-efficient appliances and lighting can also help bring down energy costs.
Installing a smart thermostat also allows the homeowner to improve the use of the HVAC unit in the house. It can manage energy expenses while ensuring the home remains comfortable to live in during summer and winter.
Some people think that increasing the technology in the house cannot increase its resale value. But this depends on the devices and equipment that homeowners install in the house. They should make sure that the gadgets can add value to the home.
For instance, smart thermostats increase the comfort of the home while managing energy costs. Similarly, carbon monoxide detectors can keep the homeowner and his family safe from carbon monoxide poisoning.
Installing a home security alarm system can increase the home’s value since it provides security for potential homebuyers. But homeowners should work with a reliable company that offers several options to increase the home’s security. Aside from protecting the house from burglars, a security system can also protect homeowners from fire and industrial issues.
Homeowners can also install smart lighting systems to manage energy costs. Additionally, smart fire detectors help protect the homeowner’s family from the danger posed by home fires.
Update the Appliances
Updating the appliances is also another way to increase the home’s resale value. They should remember that older appliances can require more maintenance than newer equipment. Therefore, homeowners should consider replacing aging appliances with more recent models.
But they should not go overboard since some modern appliances are not appealing to some homebuyers. Instead, they should look for appliances that do not have a lot of features to make the home appealing in the market.
Work on the Curb Appeal
Since first impressions can last a long time, it’s ideal for homeowners to enhance the curb appeal of their properties. Making the home look appealing from the street can increase its marketability. It can also attract potential homebuyers and increase its value to appraisers.
Homeowners can paint the exterior of the home. They can also trim shrubs and trees in front of the home and install a walkway to the porch. Additionally, the homeowner should make sure the house will stand out and look appealing when someone passes by the house.
Increasing the resale value of a home can be challenging. But if homeowners know what to do, they can make their homes look appealing to potential buyers in the market.