If someone asks you what your single biggest investment is, you’ll probably say “My house”. And that would be true because no other expense costs as much as buying a house. However, you might be thinking of relocating to another house somewhere nicer. In that case, you probably should do something to hike the property value of your home. But what?
Here is a checklist of things you could do or pay for that would help increase the property value of your home. This way, you get more in the long run.
1. Make a Plan
Some people really do better in increasing their home property value simply by making a tangible plan to do just that. This means organizing your thoughts and setting your ideas down on paper or in your computer, so that it’ll be clear to you and your partner just what should be done. So that should be item #1 on your list.
2. Learn the Nice and Not-So-Nice Parts of Your Home
It’s amazing how much you miss out on because of the mad rush to meet work and life deadlines daily. So, you need to take some time to get to know your home better. List down in your plan what are the pros of living there are. It doesn’t matter if you don’t describe it well, just jot it down. Then you may list down the cons of living in that house. This will give you an idea of the weak points of the house that could do with a repair, a remodel or a complete upgrade. (A good example is switching to a better air filtration system such as those from Air Filter King).
By the way, while you’re at it, don’t look at your home just from the front door side. Learn to see your house from every angle. This means going around the house to the backyard and to the garage, just inspecting it. You can even go to the parts that prospective buyers might miss out on, such as your attic or even the garden shed. This allows you to learn more about your property even through a short time of observation.
3. Estimate How Much It Would Cost to Improve the House
This will vary from house to house because some homes are more lived-in than others. But try to come up with a reasonable estimate. If you don’t have any idea, try to contact your realtor and get their estimate. If necessary, walk through the house with the realtor and let them see the good, the bad and the ugly aspects of your home. The realtor will probably be able to come up with a more realistic ballpark figure of your budget for home improvement. While you’re at it, ask the realtor how much you could sell the house for, if you do home improvement down to the last detail as the realtor recommended. This will serve as your motivation for making the house look and function much better.
4. Start with Renovating Just One Room
Target renovating one room at a time, and don’t rush the process. Remember that you are doing this to improve the potential selling price of the house. And even if you don’t wind up selling at all, the house will look and function better afterwards. So, you and your family will be able to enjoy a better lifestyle, one room at a time.
Incidentally, try to put extra attention to the upgrade of the kitchen and bathrooms. These areas are key to getting a good price for your home when you sell.
5. Keep Track of Home Improvement Expenses
One problem that homeowners face is runaway home improvement expenses. They just simply get carried away and start buying this and fixing that until they lose track of what they spent on. Do it differently and list down every expense related to home improvement. Even painting just one wall will cost something so it pays to be religious about keeping track of expenses. This will make it easier to compute for your profit when you finally sell the house to another family.
6. Keep the House Presentable
This is a tall order, admittedly, especially if you have young kids running around the house daily. But keeping your home tidy, organized and clean will pay off in the long run. If you have upgraded one room, keep that room as presentable as possible daily. Think of it this way: what if a new prospective owner asked to walk through the house right now, would you say yes? It is also easier to keep the house presentable if your kids confine their activities to their bedrooms. If they can’t stay in their bedrooms, at least allow them one room to play and study in, while the rest of the house is being renovated. This will make it much easier for you8 Things That Increase Home Property Value | Advice and Tips
7. Get Rid of Actual Junk
Some people are natural hoarders and pack rats, meaning they tend to accumulate junk in addition to valuable stuff. So, since you’re preparing to eventually show your house to potential buyers, you should say goodbye to junk permanently. If you think those things still have value for someone, you can put them in bins and conduct a yard sale one weekend. Not only would your old junk prove to be valuable to someone else, but you get paid for it. Not bad, considering you must get rid of all that stuff anyway.
8. Check Your Property Documents
If you have done all that is reasonably beneficial to make your house attractive to home buyers, don’t neglect the property documents. You might need to check if any loans need to be paid and if you have any penalties to pay for too. You can then compare the selling price you have in mind to the amount of money you have been paying. This will help you see just how profitable it will be to sell your house afterward.
The property value for the house you are living in needs to go up so that you will be able to reap a nice profit from your investment. Going through all that effort to organize, tidy up and renovate your home should pay off in the long run. Still, if you find that your home has become more valuable to you after you exerted all that time and energy fixing it up, you still have the option of not selling it at all. Maybe you just needed to be motivated to improve the house so that whoever winds up living in it will really enjoy their time there for life.
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About the Author
Bonnie Hayes offers professional home repair services. Bonnie’s clients are usually first-time homebuyers and real estate investors who would want to improve the value and appearance of their properties.