Whether you're simply looking to spruce up to your home or are trying to capitalize on an investment, there are many ways to increase your property value. Sure, it's true you'll have to spend quite a bit of money on making the necessary renovations or remodels, but the trade-off is more than worth it. However, increasing your property value isn't as easy as it sounds. Many go into this thinking that adding a new sink faucet or a new dishwasher will net them loads of cash. It's true that these can raise the value, but only a small amount. In this article, we'll be going over everything you need to increase your property value.
Swap Out Your Old Appliances
Swapping out your old appliances is a great way to start adding value. Old appliances are one of those things that can decrease property value. In fact, if you're planning on selling, then you'll be amazed at how much of a dealbreaker having old appliances can be. Why is this the case? Well, older appliances typically don't function as well as they used to. They also use double the power, which can cause your utility bills to spike. Homebuyers will be aware of this, so it's best to invest into more modern and high-quality appliances. Replace your old fridge with one that can dispense water on the fly, switch out your dishwasher for a smart variation and upgrade your toilet when you can.
Take Out a HELOC
It’s important that we help you find a way to pay for this excursion. Renovating and remodeling aren't always affordable, especially when you're on a budget. You may not like the idea of having to take out a loan of some kind either. So, what can you do to pay for everything? You can get a home equity line of credit. A HELOC is a special type of loan for homeowners that functions similarly to a credit card. The amount you can get from a HELOC is typically up to 80% of the home value, less any mortgage, and potentially more depending on the lender. Finding a good use of a HELOC, however, may take some time, so make sure to have a plan in mind before applying.
Install a Home Elevator
This is something you'll most certainly use a HELOC for as it's one of the most expensive renovations you can get. Home elevators are exactly as they sound, but the thing is that they can be very difficult to install. This is because some houses may not be compatible with them and will require extra space to be added. You'll need to have a specialist come and assess the property to be certain. Furthermore, the elevators themselves can be rather pricey as well. On average, home elevators can cost somewhere between $20,000 to as much as $120,000. Combined with the price of adding extra space, you could easily spend almost what your home is worth for it. However, home elevators can boost your property value, more so in a niche market with those who are looking to age in place.
Focus on Curb Appeal
The interior, as important as it is, is only one section of the property. When touring houses, the first thing homebuyers see is the exterior. Just like old appliances, the exterior can be an instant dealbreaker. However, you don't have to go above and beyond to spruce it up. Simply replacing the front door, adding a fresh coat of paint, maintaining the lawn, and adding new plants will be more than enough. If you do want to go the extra mile, you can also consider repaving your driveway, so it's safer for vehicles.
Install a Smart Thermostat
Smart thermostats are pretty much a household staple at this point. They function identically to their predecessors, except they're far more energy efficient. Furthermore, you can also access them via a designated app on your laptop and smartphone to conserve energy and save money.