How to Increase the Value of Your Home
There are a myriad of reasons that a person or family decides to sell their home. Some of the most common are:
The family has outgrown it
It is no longer meeting their needs (i.e., more bathrooms for a larger family, accessibility accommodations, more safety concerns)
A new job
Enhancing and expanding visitability
A change in family make-up
Using equity for personal reasons like retirement or travel
For many people, real estate is their most highly valued asset. The listing specialists at Young Marketing Group have helped many sellers take the steps necessary to increase the value of their property to get the most out of the sale as possible.
Home Improvements That Add Value to Your Home
When you sell your home, you want to walk away capitalizing on as much of your equity as possible, so you don’t want to eat it up by spending a lot on high-dollar rehab or renovations that do not add much—if any—value.
5 Simple Things You Can Do to Add Value to Your Home
Clean and declutter.
Paint to make the home look fresh, but choose neutral, basic colors like taupe, greys, and white.
Improve your curb appeal with landscaping by planting trees and keeping the exterior neat and tidy.
Have an energy audit done and complete the measures identified to improve the efficiency of the home.
Install ceiling fans. Not only do they make the property more homey and comfortable, but they can also save the buyer money in the summer months by improving air circulation.
7 Most Valuable Home Improvements
According to moving.com, there are seven renovations you can make that will provide the best benefit-cost ratio.
Upscale garage door replacement
Manufactured stone veneer on the exterior
Wood deck addition
Siding and window replacement
Moderate kitchen remodel
Moderate bathroom remodel
Add livable square footage
An extensive kitchen and bathroom remodel will certainly add value to your home, but you want to look at how much you’ll spend vs. how much you’ll make at the time of sale.
Home Improvements That Do NOT Add Much Value
You may think that adding a swimming pool will make your home the golden property on the latest listings, but pools have an ROI, or Return On Investment, of only about 43%, as opposed to a minor kitchen or bathroom remodel that can be a 100% ROI or higher.
Other home improvements that are not cost-beneficial include:
Remodeling to an open concept, particularly if you eliminate a bedroom or bedrooms to do it.
Investing in high-end appliances. People are picky about their appliances and want to choose their own.
Going solar. While it is great for the environment, it will more than likely be devastating to your pocketbook. Also, sellers who do not understand solar and how it works will shy away, and depending on your local utilities policy, they may or may not buy back the power generated.
Other Factors That Affect Property Values
Some realty facets can raise and lower your property values that are out of your control. Take, for example, the housing crisis of 2008. It resulted in an average reduction in property values of 33%.
Conversely, low mortgage interest rates resulted in more people purchasing, which then resulted in low housing inventory available for purchase and has thus resulted in higher property values now. This can be good news or bad news, depending on when you become a property owner.
Some other things that may affect your property value are:
Neighborhood development or decay
Special assessments through property taxes
Increased property taxes
Closing of businesses/loss of jobs
The threat of eminent domain
Choose the Experts at Young Marketing Group to Get Top Dollar for Your Home
The listing specialists at Young Marketing Group know their communities, they know the real estate industry, and they thrive at providing you with top advice on how to make the most of your home. Contact us today to schedule a consultation, and we will make your selling and buying dreams come true, as we have for so many others in our Tennessee service areas.