The Impact of Repairs and Upgrades on Home Appraisal Values
Home values have changed rapidly over the last few years, with property prices going wildly. The average property owner who's getting ready to sell wants to make sure their home is valuable, but it can be hard to do that if you need help figuring out where to start.
Thankfully, there are some changes you can make to boost your home's appraisal value. These are the top tips to follow!
1. Understand the Value of ROI
Return on investment is an important phrase to keep in mind while you upgrade your home. Although a large kitchen remodel is exciting, it has a lower ROI than a mini remodel. The project with the largest ROI is replacing an older garage door, which many will overlook until it suddenly stops opening.
Pay attention to what projects you want to complete, and research how this will affect the final price versus how much money you'll need to put in to complete it.
2. Consider Boosting Your Exterior
Although both materials can have beautiful results, deciding between porcelain and concrete pavers is a huge choice. Look at your home's exterior as a natural extension of the indoor space. This means seating, possible entertainment spaces, manicured grass or shrubberies, and a general welcoming environment.
Curb appeal carries a lot of weight on your property value and will also interest buyers far more. Create a home that will intrigue people and invite them in excitedly. While you're at it, consider installing in-ground drainage to reduce the property's risk of flooding or water damage.
3. Remember What Mistakes Others May Notice
Finding replacement windows in Massachusetts before winter is vital; some people tend to put them off as long as they possibly can. The older windows get, the more air leaks they'll allow, and the more issues that will cause for homeowners.
If you know that there's a warped floorboard in your office, and someone might notice that, take the time to replace it. You're not trying to create a perfect property, but you want inspectors to be pleasantly surprised, not concerned.
4. Reduce Water Waste Where You Can
If you're still getting familiar with most outdoor brands, the fight of choosing Hunter vs. Rainbird can feel like a lot to take on, but it will make sense as you learn. Overwatering a lawn, or having a grass lawn in an environment where it won't last, is a big mistake that will ruin your property's value.
Nobody wants to spend over $1,000 a month to keep their grass green. If you can afford it, investing in artificial turf will save you money in the long run and can add value to your home if you're in the right area.
5. Keep Updates On Time
Set a timeline for yourself. Avoiding doing this will lead to a home renovation that takes years to complete. It's vital that you stop and plan ahead as much as possible. If you want to have everything done in a quick six months, you'll need to set out steps for yourself ahead of time that will make that possible.
You can get a property inspection before you sell, so you know what to upgrade, but try to do this as ahead of time as possible. Waiting too close to when you sell and then repairing it all in a rush might look shady.
6. Update for Energy Efficiency
Exterior wall insulation is often just as important as in-roof or ceiling insulation. Energy efficiency is something that over half of Americans are looking for in their next property. Not only do you need to create a property that's visually appealing, but ensuring that it will save their energy bill every month is vita
The top steps for doing that are ensuring any air leaks, lighting mishaps, energy issues, and old appliances get repaired or replaced entirely. Consider what will make the energy bills drop while improving comfort within the home.
7. Don’t Fall for Easy Mistakes
On most home remodeling television shows, you'll see people pour tens of thousands of dollars into a kitchen that's in a $100,000 home. Although it can be fun to upgrade a kitchen, you need to keep the end goal in mind.
Don’t spend more than 10% of your home’s value in any one room.
Don't take shortcuts or steal the personality out of your home. Many house flippers do such subpar jobs that things like 'house flipper gray' or 'house flipper special' are running jokes about people who do things poorly. Even if you are flipping this home for profit, do so in a way that tangibly adds value instead of just aesthetics.
Updating Your Home Will Skyrocket its Value!
Although every property has a thousand variables that will affect the price, renovating can help you boost nearly any home's price. Consider some of these tips when you start your next project!
Sam Willis is a freelance writer that loves sharing his knowledge and expertise in residential and commercial real estate, as well as engineering and construction. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a construction industry resource site.