Let’s face it - your home is an investment, and in order to keep that investment profitable, you need to maintain and increase your property value through the years. Your house is a stable source of cash as well as a place to shelter your family and lay your head down at night. A house is an asset, and while not an extremely liquid one, it’s at least a bankable cash source available to you should a major emergency ever strike.
If an emergency situation like that arises, you’ll be much better off if your property value has increased quickly from the price of purchase. Taking steps now to increase your property’s value can go a long way to securing your future. Even if the need never arises to use your home for money, you’ll be happy you’ve kept your value up should you ever decide to sell.
To start pushing up your property value, pay attention to your curb appeal. The nicer the outside looks, the higher the perceived value tends to be - and you’d be surprised at what that can do to your actual value! Not to mention, great curb appeal leads to a speedier sale!
Not only that, but a good landscape design can add as much as 20% to your property value and even save you money on heating and cooling costs. However, many homeowners bungle landscaping efforts by not seriously planning the improvements. To take full advantage of what landscaping can do for your property value, either hirer a professional or at least do some MAJOR research.
Other outdoor improvements that can increase your property value include painting or re-siding the home and making sure all gutters and clean and in working condition. Fencing in a yard can often create a larger demand for a property and good outdoor lighting adds a feel of security. Make sure the parking areas are clear and clean, no muddy puddles, and that potholes are filled in.
Inside improvements can also help to increase your property value. For example, homes with central air conditioning are almost always in demand. Also, spacious kitchens are in high demand - even if your kitchen is small by most standards, shelves and hanging racks can help open it up.
Maintenance is probably the #1 way to keep your property value up. Don’t leave things damaged or broken and be sure to replace fixtures as needed - whether it’s window screens, lights or water fixtures. Keep in mind that cosmetic changes like new paint and carpets are a matter of opinion and therefore have little to no affect on property value.
Your property value should be like your credit score - you find out what it is regularly and take steps to constantly improve it. Make sure you research improvements before actually starting them to make sure they’re worth it. You can increase your property value slowly but surely by keeping up with these tips over the years.
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