Keeping the value of your home or even adding to the value of your home may not require a gigantic effort on your part. Simple things such as a tidy yard and garage, freshly painted exterior, building a car port or installing a modern kitchen are all ways to keep the value where you want it to be. After all, buying your property is a large investment of time and money.
Financially, if you rent out your property and are commanding more rent because of the improvements, this is reflected in the overall value of the place. You may also save money with tax deductions for your expenses related to improving the property. Larger equity from an improved home that will enable you to comfortably borrow more money for other investments.
Some factors which affect the value of your property over time, and may not be obvious are:
- Safety – homes in cul-de-sacs and areas safer for children.
- Location close to desirable schools.
- Limited availability – in a nice neighborhood, limited construction is allowed, causing values to rise over time.
Top property appreciation tips:
- Keep the property’s interior and exterior in good condition
- Do regular yard maintenance
- Take care of plumbing and gutters
- Bathroom and kitchen renovation as necessary
- Replace the roof
How To Choose a Property That Will Increase in Value
- Research the Neighborhood
Are there problem areas? Is there any flooding or structural issues with the house? What future property development might occur?Use expert help and advice. An hour with a pro will save time and money.
The best people to help you are a property inspector, a good real estate agent, a handyman, an insurance representative and an attorney.
- Inspect the property. Make sure there are no deteriorating roofs, termite infestations, or outdated electrical systems.
- Avoid overpaying for your property.
You may end up crippled by debt or with a property that is worth considerably less than what you paid for it.
Another way of getting hold of a property that will appreciate in the short term is to acquire an undervalued property and quickly sell it for a profit. Some people will buy and sell a property in the same condition it is in, seeing the opportunity in the low price. The enemy here is a bad market which could leave the property on your hands. Other flippers renovate the property and add value before selling. This additional investment does slow down the appreciation.
There are some lower-cost ways to improve the value of your home:
- Plant a tree. Landscaping adds curb value.
- Add a money-saving luxury. A water filtration system is an excellent idea: not only does it purify the water, but it will lower grocery bills
- Improve the air quality in the home. One way is to get rid of carpets and replace them with tile, laminate, or vinyl flooring.
- Popcorn ceilings are dated. It’s actually fairly easy to scrape the popcorn away and replace it with a softer texture.
- Replace closed draperies with vertical blinds or shutters. Sunny rooms look bigger
- Small bathroom updates can help: replace wallpaper with paint or old lighting with a new fixture.
- Energy-efficient fixtures help increase house value. A ceiling fan can not only add lighting but help cut the cost of cooling your home.