Tips to increase the value of your home
Buying or selling a home is an important life step. Learn to improve the value of your home based on your budget with these tips.
- GET A HOME APPRAISAL
There are different methodologies for assessing the value of a property: comparison, cost or income based appraisal.
The comparison-based method is that in which the appraiser gives an opinion on the value of the property by carrying out an analysis of sales made or in progress, or real estate listings of properties that have characteristics comparable to the property in question.
The cost-based method, which involves estimating the value of the building and the land separately and then adding them together to determine the real value of the property. The total cost estimate is adjusted by deducting depreciation of the home and taking into account improvements to the land.
And the income-based method which is an analysis of the property’s annual income and expenses to determine the net present value income.
We recommend a home appraisal because it is an independent and unbiased opinion of the value of your property, completed by a qualified professional.
- RENOVATE THE KITCHEN
When it comes to renovations, keep in mind that improvements that are consistent with the value of your property and the market, and are done by professionals, are usually a better investment.
- A FRESH COAT OF PAINT
This is an easy and relatively inexpensive task that you and your family might decide to DIY (if you’re looking for savings) however, it is also not a bad idea to pay a professional and have it done in less time.
- UPDATE THE DECOR
Again, if we are talking about “Best Bang for Your Buck” then it doesn’t get any cheaper than upgrading your decor. As simple as it may seem, the more minimalistic the better. You don’t want to scare future buyers with pink wall paper all over the place.
- RENOVATE A BATHROOM
Make sure you assess your needs well and don’t overdo it. Investing in an expensive project might have the opposite effect of improvement within a given market, and the investment might only be partially recognized by future buyers.
Other things to consider when assessing the value of your home might include: a fully functional garage or basement, a nice deck, proper landscaping & even a sun room., but if what you are looking for is enovations that generate longer-term value, then replacing the roof, windows or energy-efficient, long-lasting upgrades is definitely worth looking into.
If you would like to dwell deeper into this topic HGTV has great tips as well that you should consider. And don’t forget to check out our blog for more relevant information such as Kitchen Trends for 2022.