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Increasing the value of your home can be a lot easier than you may think. On average, 70% of people believe that their home is the biggest asset that they have. In this case, it would make sense to groom it like any other asset to ensure that it increases in value and is able to make you the most money in the long run. Whether you are attempting to build equity or make the most profit when you sell, here you will learn 5 ways to efficiently increase the value of your home.
First impressions are always one of the most important factors to think of when it comes to home value and especially selling. The curb appeal of your home is the best way to make that great impression. Ensure that the exterior of the house and landscape is well maintained. After that, focus needs to be put on the inside. The kitchen and bathrooms are going to be the main selling points here. With just remodeled flooring and updated fixtures in these areas you can see as much as a 70% return on your investment.
Upgrading HVAC System
Many homes are equipped with very old heating and cooling systems that are close to being out of commission altogether. Replacing your HVAC system with a newer and more energy efficient model will increase the energy efficiency of your home which is one of the key factors in terms of home value. According to Simply Green Home Services, when using old mid-efficient conditioner and furnace, you are likely to pay up to 50% more for your energy bills. This makes the idea of upgrading to a more advanced HVAC system even more attractive.
Bigger is Better
Having more square footage is always a huge advantage in making your home more valuable. Price per square foot is one of the biggest things that real estate agents use when comparing homes. Even finishing a basement or adding a deck can add more square feet, you don’t necessarily have to build on an entire room. Even if an appraiser doesn’t acknowledge that it increases the value, if you are trying to sell, the buyer will surely notice.
Outfit it with AI
A smart home is one of the biggest trends in the market today. Equipping your home with smart thermostats, cameras, locks, and lighting is sure to increase the value of the property and make everything a bit easier in the process. This also bodes well with buyers who are on the hut for that perfect home.
Such as with the HVAC issue, many buyers worry about having to maintain a property after purchasing. Replacing a major component such as the furnace, HVAC system, or even the roof will be an incredible plus when it comes time to evaluate the home. Even replacing simple things such as wood siding with vinyl siding and stained carpet with hardwood floors will drive the value up considerably in some cases.
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.