Home selling prices have been steadily increasing over the past several years. Even in smaller markets with a surplus of inventory, buyers are paying above-average home prices.
But why? Because home values keep rising and are projected to continue doing so in the near future. Even if you plan on staying in your home for several years, it never hurts to think proactively about how you can increase its resale value.
Whether you’re looking to sell soon or down the road, luxury homes are still selling, and adding some luxury to your home can help you to increase the value.
Update Internal Fittings
The first step towards increasing your home’s value is ensuring all the internal fittings and fixtures are up-to-date.
This includes upgrading your light fixtures (switching from incandescents to LEDs, for example), installing new kitchen cabinets, and replacing old, inefficient windows.
You can also opt for more expensive materials like hardwood or real stone floors. Now, it’s important to note that not all of these things will necessarily increase the resale value of your home.
Still, they will positively affect its internal appeal and inducement to prospective buyers. And when prospective buyers are more likely to be interested in your home, you can expect a higher sales price.
Increase Energy Efficiency
Homeowners can increase the value of their property by increasing its energy efficiency.
Adding insulation, for example, can reduce your energy costs and has the added benefit of improving your home’s resale value, provided you buy high-quality insulation.
This doesn’t just pertain to insulation, either. Adding solar panels, updating windows, and installing a smart thermostat are all simple ways to increase your home’s energy efficiency.
Invest in the Kitchen and Bathroom
A large part of a home’s value comes from its layout and features. To get the most out of your living space, it makes sense to invest in the kitchen and bathroom.
If you’re planning on staying in your home for a few years, you might want to postpone a complete kitchen remodel to recoup some of the investment when you sell.
But you can update the look and functionality of your kitchen with new appliances, cabinets, and countertops.
Similarly, updating the bathroom with new fixtures, cabinets, and flooring will increase the resale value of your home. Keep costs under $15,000, so it doesn’t impact your ability to sell.
Don’t Forget About the Curb Appeal.
As with the kitchen, the home’s layout and features are vital to increasing the value of your property. But, the curb appeal of your home – its external appearance – is also essential.
You can do a few things to improve your home’s curb appeal, like planting flowers in the front yard, adding a porch, or repainting the exterior.
If you have the funds to do significant landscaping, you can add value to your home.
Add a Smart Home Installation.
As the smart home industry continues to grow, so do its offerings. And, as more homeowners jump on the smart home bandwagon, they’re finding new ways to increase the value of their properties.
For example, a professionally installed smart home system can add value to your home because it provides convenience to homeowners, lets you remotely control everything in your house through an app, and can increase your home’s energy efficiency.
So there you have it, 5 ways to help you increase your home’s value. By investing in renovations and additions, you can enjoy the benefits of a nicer home while also increasing your home’s resale value, which can help you sell your house sooner.