It’s common for people to think that the worth of a home is associated with the piece of land it is built upon but there’s a lot more to it. There are several other factors that decide the value of a house which help in fetching a good price on the real estate market.
It is common for homes to sit on the market for months before you are able to find a good buyer. This can be a lot of problem for sellers that are in dire need of money. During such times, you can either reduce the price or look for ways to increase the value of your home, and most people would prefer the latter for obvious reasons.
Increasing a home’s value requires proper maintenance and timely remodelings to make your home stand out. Whether you’re willing to spend just a few years in the house or many, you need to consider timely repairs and remodeling gigs to make sure your house keeps its worth. This is future planning as such moves will help you sell the house at a good price when you eventually decide to move out of it.
Here are 5 Elements that can give the value of your house the jump that it needs:
1. Outdoor Elements
The first rule of increasing the value of your home is to make it visually appealing both from the inside and the outside.
Plant trees in the yard to increase ROI by up to 20%. They not only give the bump to the value of your house needs, but come with many other benefits.
Outdoor kitchens can make a lot of difference when it comes to increasing the value of a home. Experts say that they can get you a ROI from 10% to 150% depending on factors such as the size and design of the kitchen.
Building outdoor kitchens can cost you from $5,000 to $500,000. While it is a big investment, it can reap good rewards so do give it some consideration.
2. A Pool
Pools can cost somewhere between $5,000 to $13,000 but the return on investment can go up to 100%.
So beat the heat and give your house a huge value bump. Keep in mind that the ROI of this element depends upon the location as well.
3. Remodel Your Bathroom
We spend a large part of our day in the bathroom, which is why it is important to consider it.
You can replace the shower, sink, mirrors and the lighting to increase your home’s worth.
4. Re-Painting The Walls
The walls of your home speak volumes. With a ROI of 107%, painting a home is one of the most important elements to boost its value. However, the trick lies in choosing colors that blend with the overall theme of the house. So choose wisely.
Replacing the floors of your home can be a game changer. Hardwood flooring alone is said to bring two times the value of investment. You can also turn to carpets and vinyl flooring if wood is not your choice.
Other than this, you can install technology as well. This include non contact flow meter, solar panels etc. All these come with benefits and can improve the value of your home when you decide to sell it. However, remember that the benefits you get from each of these additions is subjective and may be more or less based on different factors. It would be wise to speak to your contractor about it so that you can be sure of the return on investment. This is important especially if you are getting the upgrades with an intention to sell your property in the future.