According to estimates issued jointly by the US Census Bureau and the Department of Housing and Urban Development, new single-family house sales in September 2021 were at a seasonally adjusted annual pace of 800,000 units. This is 14.0 percent (17.9%) higher than the revised August rate of 702,000, but 17.6% (12.1%) below than the September 2020 forecast of 971,000.
Purchasing a home is a significant milestone in one’s life. It is, nevertheless, a long-term investment in your financial well-being. While regular mortgage payments develop equity in your home over time, there are enhancements and adjustments you can make to your property that will increase its value immediately and provide a significant return on your investment.
Homeowners should seek simple, low-cost ways to raise the value of their property over time, especially if they expect to sell in the near future. Below are six simple strategies to raise the value of your property and earn a good return on your investment:
1. High-demand finishes to increase the value of your house
If you’re planning to sell soon, you can boost demand for your property by making modifications that are popular with today’s purchasers. This could entail adding stainless steel equipment and/or quartz worktops in the kitchen, rather than alternative high-quality finishes that might not attract as much attention. Aluminium has recently risen to prominence as one of the most effective ways to increase the size and appeal of outdoor living spaces.
Companies that specialize in the manufacturing and installation of covers and enclosures, such as Alumicenter Inc, can greatly help upscaling home renovation by supplying items that help elevate and modernize outdoor living spaces, allowing for more living space and higher property value. The Equinox louvered opening roof system is a popular Alumicenter Inc product. It’s built to last, using extruded aluminum components that are more durable than standard patio covers. It’s both practical and trendy.
2. Energy-efficient features
When it comes time to sell your home, its energy efficiency will be assessed and a grade on an Energy Performance Certificate will be assigned (EPC). There are a number of changes you can make to enhance your rating, including adding insulation, switching to energy-efficient light bulbs, and, as previously said, updating your boiler. Buyers will place a higher value on your home if it has a higher EPC.
Extra loft insulation is inexpensive, simple, and absolutely doable. The suggested minimum thickness presently is 250mm, which has been upgraded in recent years from as low as 100mm! You don’t have to remove the existing insulation; simply place new insulation on top to help the house retain heat, save money, and improve its EPC. Switching to energy-efficient bulbs is a simple change that can help you improve your EPC. Why wouldn’t you use them? They’re cheaper to run, last far longer, save you money on your electric bill, and they’re barely more expensive to buy than a regular bulb – so why wouldn’t you?
3. The power of landscaping
Real estate agents talk about “curb appeal” for a reason: First impressions have a big impact on the sales value of your home. Affordable landscaping and other modest enhancements to the front of your exterior can help increase its value to both appraisers visiting your house and potential buyers looking for a home of their own.
Trees and landscaping that are well-maintained can boost the value of your property by 7 to 19%. Being aware of this is quite advantageous for a homeowner. Not only should you be conscious of the value that trees add to your property, but you should also prioritize the preservation and upkeep of the trees that are already there. Instead of thinking of them as a nuisance because of the leaves they drop or as a source of allergies, think of them as a source of many benefits. Keep them healthy, and make sure that the tree service you select to look after them shares your ideals.
Final Thought
Any property investment seeks to raise its value. You’d like it to be worth more than you paid for it. Before you start renovating, investigate your neighborhood to see how much the home will be worth after the improvements, often known as the After-Repair-Value or ARV. Once you’ve determined this new value, subtract the price you paid for the home, and you’ll be left with the maximum amount you should spend on the renovation plus any soft costs like financing fees, closing costs, and holding costs if the property will be empty while the improvements are completed.
