Offbeat 5 proven ways to increase home value

14:55  09 june  2018
14:55  09 june  2018 Source:   nerdwallet.com

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Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. But you can keep up with repairs and make smart improvements, both proven ways to increase home value .

Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. But you can keep up with repairs and make smart improvements, both proven ways to increase home value .

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Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. But you can keep up with repairs and make smart improvements, both proven ways to increase home value.

When thinking about how to increase home value, root your expectations in reality. Updates rarely recoup 100% of their cost, but they can make your family more comfortable and even help your home sell faster.

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Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. But you can keep up with repairs and make smart improvements, both proven ways to increase home value .

Here are 8 suggestions to increase the value of your home and ensure your property gets the highest possible price. Making your home more attractive to prospective buyers can be as simple as sprucing up the kitchen with a new renovation or refreshing the decor.

Whether you want to build equity faster or get top dollar when you sell, use the tips below to raise the value of your home.

1. Make it more attractive

Curb appeal — how your home looks from the street — is your first chance to make a good impression, says James Murrett, president of the Appraisal Institute, a professional association for real estate appraisers. A home’s exterior needs to make a prospective buyer want to walk through the front door.

Make sure existing landscaping is well-maintained. If your yard seems dull in comparison with your neighbors, consider planting flowers or repainting the front door.

Once the exterior looks good, focus on the kitchen and bathroom. When these two rooms are outdated, they can keep a property from reaching its highest valuation, Lori Noble, a senior residential appraiser (SRA) in Charleston, West Virginia, said in an email.

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Depersonalize your home by decluttering it. Anything that doesn’t hold practical value should go out. Luckily, there are plenty of ways that allow you to increase the value of your property.

Investing in your landscape is the easiest and quickest way to increase the value of your home ! Here are 5 ways to add value to your home with plants! Instead, the stores sold less attractive, older varieties, proven to be disease and insect prone.

And you don’t have to spring for heated towel racks or marble floors, either. A minor kitchen remodel recoups 81% of its cost in added value on average, versus 53% for an upscale kitchen remodel with stone countertops, custom cabinets and commercial-grade appliances, according to Remodeling magazine’s “2018 Cost vs. Value Report.”

The same is true for bathrooms; a midrange remodel — new flooring and a few updated fixtures — delivers a 70% return on investment, while an upscale bathroom remodel — heated flooring, custom cabinets and designer fixtures — sees 56% on average.

2. Make it low-maintenance

Since many home buyers worry about buying a home that will need constant maintenance, replacing a major component before putting it up for sale — like the furnace, water heater or even the roof — may calm fears of an emergency repair in the near future and help get you a higher price.

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Tools, Advice, and Inspiration For Home Projects. 5 Overlooked Ways to Increase Your Home Value by LeafFilter. Think spending ,000 on a kitchen remodel or ,000 knocking down walls is the only way to add value to your home ?

Consumer Reports estimates that you can increase your home ’s value by as much as 7% through renovation. And when it comes to open houses and showings, Irving suggests you “absent yourself” because sellers can sometimes get in the way of a sale by taking things too personally.

Improvements that make things easy to clean and maintain may also increase home value. Consider replacing easily stained carpet with hardwood floors or replace high-maintenance wood siding with vinyl siding.

MORE:7 ways to pay for emergency home repairs

3. Make it more efficient

Energy conservation features can have a significant impact on home value, depending on what area of the country you’re in, Joanne Theunissen, chair of the National Association of Home Builders Remodelers, said in an email. Energy-efficient mortgages (EEMs) allow borrowers to take on additional debt to cover both the purchase of the home as well as energy-efficient upgrades. EEMs can also offer lower mortgage rates to increase purchasing power, according to Energy.gov.

Consider double-paned windows, enhanced attic insulation, LED lighting and efficient appliances as a way to increase home value and entice energy-conscious buyers.

If you’re willing to go bigger, put solar panels on the roof. Thirty-nine percent of agents surveyed recently by the National Association of Realtors said solar panels increased perceived property value. But since solar panels are a big financial and structural commitment, they only make sense if you’re hoping to increase value over the long term, not looking for a quick boost in resale value.

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Those who plan to sell their home often look for ways to boost their home ’s value in order to get as best deal as possible. On the other hand, people looking You would be surprised just how expensive can this last part become over a long period of time. Review. 5 Proven Methods That Will Increase

Welcome back, Last week I was able to respond to a mobile home investing question that read, “Am I able to purchase a mobile home that needs repairs and resell the home for a profit without making any of the repairs on the home before reselling?”.

Schedule an assessment with a certified energy auditor or your utility company to determine where your home is wasting energy and which upgrades will save you the most money.

MORE: 6 energy-efficient upgrades that increase home value

5 Proven Ways to Increase Home Value: When thinking about how to increase home value, root your expectations in reality. Updates rarely recoup 100% of their cost, but they can make your family more comfortable and even help your home sell faster. © Getty Images When thinking about how to increase home value, root your expectations in reality. Updates rarely recoup 100% of their cost, but they can make your family more comfortable and even help your home sell faster.

4. Make it bigger

“Square footage has a huge impact on value,” Angie Martin, director of operations at Hales and Associates in Overland Park, Kansas, said in an email. Price per square foot is one way she helps clients compare homes that are similar in style and upgrades.

Bigger homes often command higher values, and even if an appraiser doesn’t officially acknowledge the full value of added space, a buyer will likely notice.

Adding a room is the obvious way to make your house bigger, but you can also create additional living space by finishing the basement or building a deck.

5. Make it smarter

Safety-enhancing gadgets top the list of “smart” technologies buyers want in their new homes, according to a 2018 survey by Coldwell Banker. These safe and smart devices include thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks and lighting.

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Once upon a time, Americans thought that home values would keep increasing indefinitely. Here are some of the best ways to increase your home ’s resale value when selling a home : Work with professional construction contractors.

1. Consider the content focus. This sounds like tired advice, but it is absolutely true. Your No. 1 priority must be on creating content that adds value so people The best way to promote your blog is to use it to be helpful. When you see an interesting question in a LinkedIn group, answer by creating a blog post.

While smart tech doesn’t always increase home value, it does add appeal, Tavia Galvin, a licensed Realtor in Arvada, Colorado, said in an email.

Those who see themselves as “techies” are more likely to pay more for these items, Martin said.

Unlike replacing the roof or renovating the bathroom, you can usually install these devices yourself for about $1,000 or less.

How to pay for improvements that increase value

If you can’t pay for home improvements in cash, be sure to choose the right method of financing.

Credit card: Putting home renovations on a credit card may be OK as long as you’ll be able to pay off the entire balance in a short amount of time.

Personal loan: If you don’t have enough equity for a home equity loan or HELOC, consider a personal loan. The interest rate will be higher than home-equity-based financing, but lower than a credit card in most cases.

Home equity loan or line of credit: These second mortgages turn your home’s equity into easily accessible funds. Home equity loans pay out in a lump sum while home equity lines of credit, or HELOCs, are a line of financing you can borrow against over time. Both home equity loans and HELOCs have interest rates, fees, monthly payments and tax advantages to consider.

Cash-out refinance: If you’ve built up equity but don’t want a second mortgage, consider a cash-out refinance. You’ll take out a new home loan for more than your current mortgage balance and, after closing, the proceeds will be paid to you in cash. A cash-out refinance won’t make sense if your equity is limited or current mortgage rates are higher than your rate.

More From NerdWallet

  • Explore your home improvement financing options
  • Learn what home equity is and why it matters
  • Compare the best home equity lenders

Beth Buczynski is a writer at NerdWallet. Email: bbuczynski@nerdwallet.com. Twitter: @bethbuczynski.

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