Purchasing a home is undoubtedly a significant achievement. However, it's also a significant financial investment for your future. While making regular payments to your mortgage will allow you to build home equity over time, certain changes and upgrades can make the property more desirable in the real estate market and lead to greater returns if or when the time comes to sell. With that said, here are some tips on increasing the value of your property.
1. Give your home kerb appeal
There’s a reason why many real estate professionals stress the importance of kerb appeal. After all, first impressions can have a considerable impact on the sale of a home. They say that you should never judge a book by its cover, but many prospective buyers will base their decision on how the house looks. By investing in some affordable landscaping as well as other modest enhancements on your exterior, you’ll be able to elevate its value to both aspiring homeowners and appraisers alike.
2. Update your bathroom and kitchen areas
Few spaces can influence buyers' decision to purchase a home more than the bathrooms and kitchen. Unfortunately, they're also the areas that can quickly become dated, like old appliances, faded finishes, or antiquated decor. For this reason, you must make these areas the first places to upgrade. For example, you can add an air of luxury to your home with the addition of a whirlpool bath in one of your bathrooms. A modern wall oven or microwave can also give you a good talking point to stick as close as possible to your asking price.
3. Don’t forget about energy-efficiency
Most homebuyers tend to emphasise eco-friendly features, not only to kerb their carbon footprint on the environment, but also to save themselves money in their utilities. So, if you're looking to upgrade any existing equipment in your house, it's usually a good idea to invest in equipment that is more energy-efficient. Doing so will make the property desirable and reel in more buyers than you otherwise would have.
4. Create the illusion of space
No one can deny that spacious homes are generally more expensive than smaller ones. However, just because it isn’t always possible to increase the square footage of your house, it doesn’t necessarily mean that you can’t make it look bigger than it is. By letting more natural light into your home, adding mirrors in key areas, and taking down a wall or two in specific locations, you can create the illusion of space and make your home look and feel more inviting to potential buyers.
There are many things that homeowners cannot control regarding the value of their properties, from the demographics to government policies. But that's not to say that it's impossible to improve its worth in the market. And with these tips, you'll be able to enhance its value and give yourself better returns than you would have gotten as a result.