Increasing your home’s value requires quite a bit of strategic maneuvering. Although a lot of homeowners in North America believe that their home value will keep rising in the next 10 years, doesn’t mean that this can happen without a bit of help.
If you’re a homeowner who is trying to find a way to increase your home value, then you should make sure to keep on top of repairs as well as smart home improvement options to get that.
Below are some of our tried and tested hacks from our friends at Homebase Mortgages in Toronto on how to increase home value.
Make Your Home Energy-Efficient
Energy-efficient homes are not just a trend. Current market numbers show that homes with energy conservation features not only sell for a lot more but are also sought-after by new homeowners.
Consider LED lighting, double-paned windows, energy-efficient appliances, solar panels, and enhanced attic insulation if you’re looking for home improvement projects that can help you achieve this.
If you’re unsure what to do, a certified energy auditor can help you assess what upgrades can save you money. Not only will you save money while living in your house, but you can also expect a good increase in your home value after a couple of years.
Make Your Home More Attractive
Curb appeal is a big deal. The first impression that buyers get when they are shopping for a home plays a big role in their final decision. The exterior of your home should make people want to see the inside.
It should have a warm and welcoming ambiance because it sets the tone for how people will view the rest of the property. Once this is done, the next things that people are usually concerned about are the bathrooms and the kitchen.
If you have an older home, modernizing the bathroom and kitchen can make a huge impact not just on your quality of life while living there, but also on your home’s value when it is time to sell.
Make Your Home Larger
If adding extra square footage is a possibility, go for it! Buyers typically will go for a home with a bigger living space if comparing homes with the same upgrades and location.
Opening up the floor plan is often well-received too because it gives the illusion of a larger space as well as more freedom in using the rooms. Some good ways to increase the square footage include building a deck and finishing a basement or perhaps an attic.
Make Your Home Low Maintenance
You can increase your home’s value by choosing upgrades that make the home easy to maintain, such as switching carpets to hardwood. You can also replace older components such as the furnace and the roof.
Make Your Home A Smart Home
You do not have to go all-in in terms of technology to make your home a smart home. You can start with automated lighting and thermostats, add motion-detecting security cameras, carbon monoxide, fire detectors, and maybe smart home locks.
These upgrades are getting more affordable these days and are a good investment to increase your home value.
How to Fund Home Improvements that Increase the Property’s Value?
Do you know that you can use your home equity to pay for home improvement? You can get a HELOC, apply for a second mortgage, or perhaps refinance your home.
Just make sure that you consult with your local experts to know which home equity loan option may be best for you.