From energy efficiency to more square footage, the best part about increasing your home's value is enjoying the improvements before you sell the home. Here are five quick tips on meaningful ways to make your house or condo more appealing, more valuable, and more fun to live in.
1. Go Green
Making your home more energy efficient doesn't just increase the value of the property, it lowers your bills, making it a good long-term investment beyond your home's value. In fact, it's possible to produce enough energy to sell some back to the power company, especially when you live in a place like San Diego.
Every day, the demand for green additions, like solar panels and water recycling, grows more prominent. With many new homebuyers already planning on becoming energy efficient after they move in, a "green" home increases home's value – and becomes a strong selling point.
Further, investing in energy efficiency can be easier than renovations and other updates. The reason is simple: green energy is encouraged by both lenders and the government. That means you can expect lower interest rates for Green Living Loans, and tax benefits for making the investment.
2. Does It "Need Some Work"? Provide the TLC.
Nothing quite turns away a homebuyer like the term, "Needs some work." It may sound innocuous, but that phrase can mean tens of thousands of dollars. That's especially true when something that's in need of maintenance is ignored – and gets worse.
Consider taking care of what "needs some work" now instead of trying to sell your house with that caveat. You can get a better price, and enjoy an updated home in the meantime.
This could be something as straightforward as a new water heater or furnace. It could also mean replacing the roof or renovating the kitchen, which isn't cheap. Make sure to do the math and the research, and talk to an expert. But if it makes sense, get it done sooner rather than later.
3. Extensions Expand Your Home's Value
The more square footage, the higher the price. If you have the space and can get the proper zoning permits, investing in an addition gives you the space to do more you – and makes your home more valuable.
Of course, you'll decrease the size of your yard. But with enough room, it can be worthwhile to add another room. Home theater, anyone?
4. Turn Your Home into a Smart House
Optimizing your living with smart tech isn't going to make your home's value jump. But it's excitingly affordable compared to the other options, and it ups the appeal of your property.
Having the most state-of-the-art safety equipment, from smoke and carbon monoxide detectors to security cameras and remote-activated locks, will help you justify the asking price. It's also a unique addition to the home tour, giving your house a more "brand-new" feel. Even if it was built in 1920, it will feel made for 2020.
What's more, heating and cooling efficiency can save huge in the long-term. If you present your utility bills to the potential homebuyer, they can see their year-over-year savings, which will help with their mortgage. The same is true for energy efficiency; but again, the comparative investment in smart tech is minimal.
5. Consider a Home Equity Line of Credit
When you partner with a non-profit lender like a credit union, you can receive loan options for a Home Equity Line of Credit. This is where you borrow against your equity to make improvements without dipping into your savings, or taking out a personal loan. And because your home is at stake if you fail to make a payment, going with a lender like MyPoint Credit Union to receive the lowest rates is crucial.
Any of the above suggestions are made easier with a Home Equity Line of Credit, although they're most commonly utilized for large-scale projects. For energy-efficient appliances or smart tech, paying out-of-pocket is another option!
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