A lot of people usually don’t care about investing in home improvement to maintain a high market value. It is because most of them have no plans for selling it in the future. They care for other things that for them are far more important than home renovations such as educational and retirement plans. Some save their money for recreation such as traveling and leisure. Others, on the other hand, find it expensive to do home renovation and so they instead spend or save their money for other matters.
However, they fail to realize that home improvement can have a significant impact on their lives. Remember, our home is our foundation, this is where we build a family and stay till we grow old. That’s why we highly recommend property judgment insurance, house insurance and title insurance if you are planning to buy a new house. We can always preserve the dream house that we are saving for and you can always do any home upgrade you wish to do in the future.
Living in an outdated home can become painful as years pass by since almost everyone can have a change in lifestyle along the way. Also, many homeowners disregard securing their home’s from a growing family is inevitable, so there’s a high chance that you will find yourself making home improvement in the future and plan to sell it afterward. In this article, we will be discussing why keeping your homes market value high is essential and what are its benefits. Below are the reasons why.
It Improves ROI Significantly
As mentioned earlier, there might come a time where you need to sell your house and have to move to a bigger one due to your growing family. If home renovations are done the right way, it can significantly increase the market value. For instance, whenever you do kitchen revamp as part of your home renovation, it fantastically generates up to 90 percent of ROI once you sell your house. Aside from your kitchen, renovating your bathroom, floorings, roofing, and landscapes can improve the ROI as well.
However, be careful when doing the mentioned renovations since every home buyer’s liking is different. To know better, you can always ask the assistance of a local real estate agent on whether your plans of renovation can genuinely increase your homes market value.
It Improves Home Equity
What is home equity? Over the course of time, the value of your house increases. Home equity is the difference between your current home value and your mortgage loan balance from a mortgage lender. Making various home improvements that increases home market value increases your home equity as well. Both home equity loan and home equity line of credit (HELOC) loans are beneficial, especially if you plan on applying for a second mortgage loan from a mortgage lender in the future. The bigger your home equity value, the more significant the amount you can get from the loan.
Loans from HEL and HELOC can be used for various reasons such as additional funds for educational purposes, new business ventures, travel, and leisure.
It Improves House Safety
Increasing homes value through renovations means that every part of the house that is being renovated becomes a lot safer than it was before. Home improvement can reduce and remove home structural damages such as broken tiles, damage floorings, and leaking pipes. In this way, home renovations don’t just increase the value of your home, but it also makes everyone safe.
Here are some easy Home Improvement Tips To Increase Your House Value
To help with what kind of house improvement that can improve home value, we have listed below five simple home improvement tips.
Consider Adding an Attic
For some, having an attic is a thing in the past. However, as people continue to change their lifestyle, having more room and spaces in the house becomes a necessity. If your current home doesn’t have an attic, then consider adding one. It will not only give you additional room and spaces, but it will improve your homes outside aesthetic as well. It is also a lot cheaper than adding a bedroom by extending your house. Having an attic can easily attract home buyers that are looking for homes with more rooms and spaces for their big family.
Keep Improving the Kitchen
Many homeowners would agree that the kitchen is the very heart of every home. A lot of unforgettable family bonding moments are being created here daily. If there’s one place in the house that one should make it look fancy, it should be the kitchen. Try to update first your kitchen drawers and replace them with laminated kitchen doors. Replace old tiles and stained sinks with a new one. Kitchen update and remodeling are one of the vital keys that can increase the home value significantly.
Improve Your Home Entrance
First impressions matter. Having an outdated front door and window will only make your house look old and odd. It is wise to update your door and windows and keep up with the trend. After all, your front door affects the overall aesthetic of your house.
Install Energy Saving Lights
One of the simplest yet the best ways to improve home value is by installing energy saving devices and types of equipment such as LED lights. A well-lit room makes the place look cleaner and more prominent. The good thing about using LED lights is that one can customize them. Choose lights that are warm in colors since it promotes a welcoming atmosphere and warm feeling. They are a little bit pricey compared to a conventional light bulb, but energy efficient, thus, making them cost-effective in the long run.
Enhance Your Landscape
Aside from your house front door, don’t also forget to improve your outdoor landscapes. It is wise to hire a professional landscaper to do the improving, especially if you don’t have the knowledge and the equipment. Improving your outdoor curb appeal is essential since it will surely boost your house overall market value.
Takeaway And Credits To The Author
Over the course of time, all of our beloved property, including our homes, gradually deteriorates. Protect them with property judgment insurance from your trusted provider. If one doesn’t know how to care and maintain them properly, then expect that their market value will deteriorate as well. While it is true that a lot of people find it challenging to keep their home’s value up high, one can apply for a second mortgage such as home equity loan or HELOC.. In this way, one will be able to fund various home improvement projects to keep or to increase the market value of their home.
Robert Viggiano is the owner and co-founder of Sunnyside Title Agency. After earning a B.S. in Finance from Fordham University, Robert went on to become a licensed title agent in the state of New Jersey. He founded Sunnyside Title Agency with his wife, Angela, in 2018. Named after Robert’s hometown of Sunnyside, Queens, Robert prides himself on running an agency with a staff dedicated to exceptional and timely customer service, as well as those who share his optimistic and competitive mindset. A former basketball player, Robert has previously served as a volunteer coach for William Paterson University’s basketball team.