How Can You Increase the Value of Your Home?
There may be many reasons you are looking to increase the value of your home.
Are you looking to cash out on positive equity and want to increase that equity? Are you looking to sell your home and you want to get the most money possible? Are you going to rent the home or offer it for short-term renters, such as Airbnb? Maybe you just want to feel comfortable both in your home and with its appraised value.
These 7 upgrades you can make to your home range from those that are more expensive and time-consuming to those that are quick and relatively affordable. You may choose one of these upgrades or several, to increase the value of your home.
- New Flooring and Flooring Upgrades
Installing new flooring can be a pain, whether you decide to do it yourself or take a hit to the wallet by hiring a professional. When you compare the cost of either option to the average increase in value with this upgrade, it’s easy to see why it’s one of the first upgrades homeowners turn to. The type of flooring you choose has an impact on the amount of that increase. Wood floors, even engineered, tend to give higher increases. Upgrades, such as heated floors, can also be worth the investment.
- New or Upgraded HVAC System
If you already have central air conditioning and heating, installing new parts or replacing the system altogether can dramatically increase your home’s value. If you don’t have central A/C, installing it usually requires professionals. I’m sure you can guess how important central air is to potential buyers and renters. This means you can increase the price.
- Upgrade Your Kitchen Appliances
Kitchen appliances seem to become outdated very quickly. However, the convenient features of new appliances, along with more modern designs, can greatly increase your home’s value. Even if you plan on staying in your home for a bit, new kitchen appliances can make living in your home much more comfortable for all. You don’t even need to spend $10,000+ on appliances that have Wi-Fi-calling, built-in television and the like. The most convenient features are having extra burners on the stove, a larger oven, a nice-sized dishwasher, a refrigerator that has logical food storage options, etc.
- More Convenient Vacuuming Options
Some homes have central vacuuming systems. These systems allow you to plug the moving parts of a vacuum into a filtered motor in the wall to vacuum the room. When you’re done, you can put it up and out of the way. These can be very convenient, especially for older adults or those with mobility problems. However, the newest home vacuuming technology is the robotic vacuum. There are many options available, so it’s important to choose one that works best in your particular home. This system can be very valuable to renters or potential buyers.
- Built-In Sound System
There are thousands of types of sound systems for homes these days. Built-in sound systems and those that offer Wi-Fi or Bluetooth capabilities are the most desirable. A sound system that is built into the walls, ceiling, etc., can be a great asset to a potential homebuyer who was planning on doing that anyway. With younger and younger homebuyers, a sound system is usually a top selling point.
- Comfortable Furniture
Having comfortable and well-designed furniture throughout your home not only makes your home a more relaxed place to live, but can also help increase the value of your home. If buyers or renters will be bringing their own furniture or buying new furniture to move into the house, having comfortable furniture shows them the possibilities in the home. If they really like the furniture, they may make an offer that includes furniture. Usually, this works out for a seller because the increase in asking price is more than what they’d spend on furnishing their own new home.
- Strong Wi-Fi Signal
While the renters or new owners will most likely be paying for their own internet connection, upgrading your home with Wi-Fi boosters and other permanent internet upgrades can positively affect the value of your home. It seems everything runs on Wi-Fi these days, and being able to receive a strong signal, no matter where you are in the home, can also be a strong selling point.
Get the Most Out of Your Home!
If you’re looking to sell your current home, you want to increase its value as much as possible without going through costly and time-consuming renovations and rebuilds. The 7 home upgrades we’ve listed can have a great impact on your home’s appraisal. The more you get out of your current home, the more you can look for in your next home. Galaxy Lending can help you get even more out of purchasing a new home by offering great terms on your new home loan.