A home’s property value, also known as market value, is affected by many different aspects of the home and the land it is located on. A property owner benefits from higher property values when taking out a home equity loan or when selling the home. Here’s a list of things that will help improve its property value.
Exterior
Consider improving the curbside appeal of his home, which is the view of the house as someone is pulling up to it. Basic landscaping, such as mowing the lawn, planting a garden and adding trees, makes your house look approachable and attractive. You may also consider repainting the house or power washing the siding, depending on your home’s exterior features. Address problem issues with your home, such as a damaged roof or exterior defects.
Interior
Refresh your home’s interior by painting, especially if it has been a number of years since you last painted. Consider how tidy the interior is – items on the walls, countertops, bedrooms, bathrooms – and remove any items that add clutter. Buyers never want to see personal items, like toothbrushes or hair brushes, cosmetics and the like. You may want to invite a close friend over, whose opinion you trust, to give it to you truthfully – and listen to their input. Don’t be a victim of “owner blindness,” where you’ve come to ignore how cluttered your home is because you see it daily.
Major Renovations
If you’re looking to sell soon, you most likely want to avoid major expenditures, but if you don’t plan to list it for a little while, perhaps you’ve dreamt of a more substantial renovation, such as an addition to the house or a renovation to an existing room. HGTV reports that the kitchen and bathroom are two of the most popular rooms for rehabs and renovations. The upgrades help your house stand out in the market or increase your home’s value over time.
Costs
Your home’s renovation costs could range from a few dollars for a bucket of paint to tens of thousands of dollars for room renovations and house additions. You need to keep the costs in mind so you either gain the cost of the renovations back through the home sale or receive it over time as house equity. According to HGTV, you eventually get between 75 to 85 cents on the dollar back from many home improvements over time.
Before starting any project, give serious thought to the equity you have in the home – or the lack thereof. If you don’t have substantial equity you might not want to invest time and money, and opt for listing the home sooner. I can help with that. 😉