4 Home Improvements To Boost Property Evaluation

Even with the coronavirus pandemic raging on, there’s been a surge of home renovations. With rock bottom home prices, many homeowners have adopted a ‘wait-and-see’ attitude and are resorting to renovation to improve the value of the property. They will decide whether or not to sell when the property index goes up.

But one of the main concerns in home improvements is that of knowing which renovations will contribute to an increase in home value. Repairs, improvements, and renovations entail financial expenses. And if they don’t ultimately increase the value of property, then in the end they’re just additional expenses incurred.

So whether you’re going for additional space, hardboard siding, the addition of energy-efficient systems, replacement of doors and windows, or sprucing up your lawn and façade, you have to choose wisely what to spend on. Keep in mind that if it doesn’t add value, then it’s just money down the drain.

Four Renovation Ideas

Before you spend your money on home improvement, hoping that the value of your home will go up, read some of these recommendations from real estate agents. They know what works up the price and they know what sells.

   1.   Go For More Space

Everyone wants more space. They may settle for less space for now if that’s what their money can buy. But if they had their way or better options, every home buyer would want more square footage for their dollar.

Data from the National Association of Home Builders (NAHB) indicates that home buyers want more square footage regardless of their take-home pay. The Home Buyer Preferences study found out that home buyers want more space. It’s their primary motivation in moving to a new home.

There are several ways for you to expand your current square footage. One way of doing it is by finishing your basement. The same study found out that buyers in the high-income bracket (with incomes of USD$150,000 upwards) like to have basements in their homes.

Another way of increasing floor area is by knocking out one wall to create additional room.

   2.   Landscapes And Facade Impressions Last

Exteriors can still make a lasting impression, or so it appears. The appearance of the lawn and the front of the house still contributes positively to adding market value to the property.

These are upgrades that spruce up the curb appeal of your home. They can define the vibe and feel that your home exudes. For many, or at least for some home buyers, this is a crucial factor that they take into account when they come up with mental pricing of your home. Some even speak of what they felt or the images that your home evoked in them the first time they saw it or set foot inside.

Landscaping works and maintenance such as lawn mowing, pruning shrubs, and applying mulch, entails additional expenses. But this investment in maintenance is one of the things that attract qualified home buyers because they know that a well-kept landscape means that the home is also well-maintained.

In fact, in a 2018 survey of realtors, around 17% said that a well-maintained and landscaped lawn usually resulted in the sale of the home being offered. And in another survey of real estate agents, this time done in 2019, three out of four said that curb appeal of your landscape and lawn should be one of the first priority projects that a homeowner should pursue to improve the market value of their home.

   3.   Add Stone Veneer To Front

Another way of improving your home to add to its value is by adding a stone veneer in front of your house. This was tried and tested in a midrange home featured in a magazine. It's said that the installation of the stone veneer cost around USD$9,537, but the owner recovered nearly that whole amount when the house was sold.

   4.   Replace Your Door and Repaint Exteriors

The next low-cost home improvement you can do to improve the value of your home is by simply replacing your front door and repainting your home exteriors. External appearances still make an impact on potential buyers.

You can pick hardwood as a replacement for your door. You can also opt to buy and install a steel door.

Making the Value-Adding Improvements

There are quite a number of various different ways to improve your home and increase its market value. You just have to take note of these recommendations from real estate agents about what changes and improvements can actually be translated into the increased fair market value of your home.

Some of the low-cost but value-adding things you can do are: go for more space by expanding the square footage of your home. Enhance the curb appeal of your home by improving the landscape and lawn. Add a stone veneer to the front. Replace your front door and repaint your exterior walls.