Home Improvements That Increase Property Value
If you are a homeowner, it has crossed your mind that selling your home may be on the table at some point. Your home's value may have increased after the COVID-19 pandemic or the area where your home has become desirable. Regardless of whether or not you believe that it is time to sell your home, increasing your home’s property value is never a bad thing.
While many home property values have increased due to the economy or inflation, these may not be “real” increases. If you were to sell your home today in an inflated market, it may not cover the cost of buying your ideal home due to that inflation. One way to increase your property in a more realized way is to make improvements.
In this article, we will go over several of the improvements that are paved time and time again to improve your property's value in a significant way. Some of these improvements may be affordable while others will be expensive, but there are plenty of ways to improve your home. These improvements will ultimately increase your ROI on your investment, making it worthwhile.
How Are Property Values Calculated
Assessing the value of a home is more than just looking at a few comps and assigning a number, it is a multifaceted process that involves several considerations. Whether you are buying, selling, or refinancing a property, understanding its value is crucial for making informed decisions. This is especially true when you are looking to make improvements.
Comparative Market Analysis
A Comparative Market Analysis involves comparing the property in question with similar properties in the same area that have recently sold. This method is commonly used by real estate agents to estimate a property's market value.
Professional Appraisal
Another important thing that you should do is to have your home appraised by a professional appraisal. A professional appraisal is conducted by a licensed appraiser who provides an unbiased estimate of a property’s value. This method is often required by lenders during the mortgage approval process.
Property Conditions And Features
Assessing the property’s condition and unique features is crucial. Well-maintained properties with desirable features tend to have higher values. This is what we will focus on in this blog, as we will be discovering ways to improve your property value by way of improvements on your property.
Home Improvements That Increase Property Value
When it comes to increasing your property value, strategic home improvements can make a huge difference. Not all renovations are created equal, and some can offer a much larger return on investment than others. Here are some of the home improvements you should focus on if you are wanting to increase your value and ROI by larger margins.
1) Kitchen Remodels
Kitchens are often the centerpiece of a home. This is where so much of the home activity can be found. With a quality kitchen comes a greater value. Modern Functional kitchens can significantly increase the appeal and value of your property. Some of the big changes that you can make to your kitchen to truly reap the benefits of the remodel include:
Cabinetry: Updating cabinets with modern styles and finishes.
Countertops: Installing high-quality materials like granite, quartz, or marble.
Appliances: Replacing old appliances with energy-efficient models.
Lighting: Adding under-cabinet lighting and stylish fixtures.
These simple changes can rake in massive dividends, and if you go in for a full remodel, you can truly increase your ROI by as much as 81%
2) Bathroom Updates
Much like the kitchen, a bathroom can make or break a sale. Modern, clean, and functional bathrooms are highly desirable and can make a huge difference in price. Finding ways to improve the small fixtures throughout a bathroom can increase the ROI considerably. However, if you make key upgrades on things such as the vanity, adding new tile, and improving the lighting, you can be sure that your investment will go far.
3) Overall Curb Appeal
First impressions are everything. When a potential buyer sees your home, do they see a house that looks unkempt and disheveled, or is it put together, and does it outshine the other homes in the area? Your home's curb appeal is a make-or-break item when considering putting your home up for sale.
Ensuring your bushes are trimmed, the yard is well kept, and the siding or brick is clean and looking spick and span will significantly increase the value of your home.
4) Energy Efficiency
As more and more people have become concerned with the environment, as well as saving energy, energy efficiency has become a huge factor in purchasing a home. More and more home buyers consider the effects of energy efficiency, especially as energy prices have seemingly skyrocketed overnight, especially in North Carolina.
5) Basement Or Attic Conversions
While this is a more expensive project, converting your attic or basement into a liveable space can increase your home value by a huge margin. People often look at a home's usable square footage, and converting those spaces will make a home more desirable.
6) Outdoor Living Spaces
Most homeowners are looking for good outdoor space. This could be space for a garden, entertaining, or just for the kids to play. By improving the outdoor space with items such as decks, patios, or even an outdoor kitchen, you can ensure that people will see your home as more attractive and, in turn, more valuable.
Investing in home improvements can greatly increase the value of your property, making it more appealing to potential buyers and providing a good return on investment. Focus on key areas like the kitchen, bathroom, curb appeal, energy efficiency, functional space conversions, outdoor living areas, and smart home technology.
By strategically choosing which improvements to undertake, you can enhance your home’s market value and enjoy the benefits of a more comfortable and attractive living space.
Get The Most Out Of Your Homes Value With Matt Davis Real Estate Broker
If you have been slowly chunking away money to make improvements on your home to eventually sell, working with a real estate broker ahead of time can make a huge difference in what you can get out of your home’s improvements. Professional real estate brokers can take the improvements you have made and market them to potential home buyers so that you can maximize your ROI quickly.
If you are in Wilkes County NC, or the surrounding areas, and are looking to sell your home, then now is the time to connect with Matt Davis. Matt Davis is a real estate broker in Northwestern North Carolina.
He serves North Wilkesboro, Wilkesboro, Boone, Blowing Rock, West Jefferson, Yadkinville, Taylorsville, and all of the Foothills, Piedmont, and High Country communities. Contact Matt Davis today to put your house on the market.