USAA recently featured an article about maximizing your home’s value. That’s an important concept which is not always fully understood by homeowners. Naturally, we all want our homes to be worth as much as possible. What we may not realize is that as homeowners we can positively or negatively impact the value of our home through decisions that we make for our home. Here are three specific areas to consider…
- Renovation Projects
- We’ve all heard about those crazy renovation projects that are built solely for a homeowner’s hobby or passion. It’s perfect for that one person but not so perfect for everyone else. If maximizing the value of your home is one of your goals, then think in practical terms about renovations. New kitchens, master suites and large bathrooms are the type of renovations that always add value to a home. Tricked out garages and hobby-focused man caves do not add much value and will usually make your home harder to sell.
- Energy Efficiency
- Most people know that energy efficiency can save money in reduced energy costs. Month-after-month, energy efficient homes put money back into their owners’ pockets. That’s a good deal but it gets even better for homeowners who choose to make a larger investment in energy efficiency. High efficiency materials, windows, appliances and insulation will not only save you money on the monthly utility bills, they will also add value to your home. That’s the type of green everyone can agree on.
- Curb Appeal
- Real estate agents are constantly talking about curb appeal…and for good reason. Homes that look good are worth more when it’s time to sell. New paint in tasteful, pleasing color combinations, professional landscaping, spotlessly clean facades, interesting architecture and well-manicured yards go a long way to make your home look better. They also make it worth more money.
- Tracking Your Home’s Value
- Your home is your family’s center of the universe. It’s so much more than just four wall, a floor and a roof. it also has a specific monetary value and it’s important to understand know that value. Consider not just the market value (how much it would sell for today), but also the replacement value (how much would it cost you to buy a new, similar home) of your home. Online tools, a local real estate agent and a reliable appraiser will go a long way in ensuring you know what your home is worth.
Now that you know a few of the things you can do to improve your home’s value, it’s time to get to work considering sensible renovations, enhancing your home’s energy efficiency and improving its curb appeal. Got questions about any of those to-do’s? Just let us know!