A home is a good investment since it allows people to save on rent expenses, which has a considerable impact on the finances during a crisis. Due to this, many people took advantage of the lower interest rates that the Federal Reserve implemented after the pandemic started. Many of them bought their first homes, while others purchased second homes with the intent of selling them in the future.
People can also resell their homes in the future at a profit. But they should make sure the resale value matches or surpasses the median home price in their area. Aiming for this value allows them to get a good return on their investment. This is particularly true for homeowners who plan to move after living in their homes for years.
Here are some things that they can do to increase the resale value of their homes:
Enhance the Curb Appeal
The first thing that people should do is to improve the curb appeal of the property. Curb appeal is the overall appeal of a home when viewed from the street or sidewalk. Enhancing the curb appeal of a house ranges from simply cleaning the home’s exterior to adding a walkway on the property.
Homeowners can install a new front door, which can enhance the general appearance of the home. They can also trim the shrubs and trees in front of the property. If the property has no greenery, homeowners can also add plants along the walkway to make it appealing to eco-conscious buyers.
Repairing and replacing the siding of the house is also an excellent way to make the house appealing to the eye. The homeowner can also light up the porch and replace the garage door.
Create an Outdoor Oasis
Aside from the curb appeal, homeowners can also create an outdoor oasis in the backyard. They can install a deck or a patio to increase the return on their investment when they bought the house. If they already have an outdoor structure, they should clean it and replace any broken pavement or rotting boards.
Homeowners should also create a lush landscape in their backyard by mowing the lawn and removing weeds in the area. Replacing or painting the fence is also a good way to make the backyard look better in the eyes of potential buyers.
They can also add new furniture to their patio to make it look better. But they should make sure that the furniture complements the décor.
Make the Home Energy-efficient
With the rising cost of electricity in the country, it’s good to make the house energy-efficient. This means they should install insulation in different parts of the house to stop cold and warm air from escaping. They should also seal cracks and holes in the walls, windows, and doors.
Another option is to install Energy-Star-rated doors and windows to reduce cooling and heating costs. They can even qualify for green energy tax credits when they install these doors and windows in the house.
Installing solar panels can also reduce their dependency on commercial power plants. It also allows them to reduce the carbon footprint of their property. Using solar panels in the property also qualifies homeowners to green energy tax credits from the state and federal governments.
Work on the Basement
Another way for homeowners to increase the resale value of their properties is to work on the basement of the home. Completing the basement increases the usable space in the property, which increases its value on the market.
They can convert the basement into a home office to make it appealing for buyers looking for a property where they can set up their home-based business. They can also turn the basement into a game room that’s appealing to people who want to have a space in the house where they can relax after a stressful week at work.
The basement can also become an extra bedroom or a guestroom for visiting family members. A spare bedroom is also ideal for big families.
Automate the House
A smart home has become popular in recent years as it makes life easier for homeowners. They can install smart thermostats that automatically change the temperature in different parts of the house., Smart lighting allows homeowners to reduce their utility expenses.
They can install smart security systems in their homes for added security, including doorbell cameras and motion sensors. Automated window attachments can adjust the amount of heat and shade that enters the home, which can help save on cooling and heating expenses.
Improving the house offers a lot of benefits to homeowners. Aside from making their lives easier, it also increases the resale value of their property if they plan to sell it in the future.