Monday, January 11, 2016

10 Surprising Things that Increase Home Value


Looking to increase your home’s value, but you’ve already exhausted the traditional value increasing methods such as updating the kitchen and bathrooms? Here are 10 surprising things that you may not have realized can increase your home’s value.


Roof repairs


As you’ll read in this article, having your roof repaired is one of the best home improvements you can make before the winter months hit, and it could mean the difference between having a seamless winter season and dealing with expensive repairs due to ice damming. 

It makes sense, then, that inspecting your roof and making any necessary repairs is one thing you’ll be sure you want to do before listing your home. Homebuyers, after all, want to make sure that the next home that they invest in, well, offers a well-built roof over their heads. If once you’ve repaired your roof, it promises to last another three to five years, you’re set. As an added bonus, repairing any unsightly flaws in your current roof will improve your home’s curb appeal.


Foundation repairs


Similarly, home buyers want to be sure that the home they are going to invest in is built on a strong foundation. Be sure that your home’s foundation is keeping the home up off the ground without any apparent cracks or failures.


Trees


As this article details, trees planted throughout a neighborhood can raise property values throughout the entire area. Even trees planted in a neighbor’s yard can raise the value of your own property by potentially thousands of dollars. In one study, homes that had “street trees”—trees planted between the sidewalk and street—sold for on average $7,130 more than homes without street trees. 

To get the most property value out of your landscaping, plan your landscaping early on, allowing for trees and shrubs to mature for when it’s time to sell; you’ll see on average a 12% increase in the perceived value of your home. And a strong overall first impression? That’s worth up to 27% in increased perceived value.


New outdoor lighting


On a similar note, it’s a good idea to consider updating your home’s outdoor lighting before you put your house on the market. As with landscaping, lighting can contribute to a better overall first impression of your home. Updated outdoor lighting won’t just give your home a better ambiance at night, either; it will also give your home a more modern feel during the daytime.


New front door


Installing a new front door is another way to instantly boost curb appeal, and it’s a home improvement that many homeowners overlook. Just be sure not to veer too far away from the mainstream here as you replace your front door. This is also a good time to update your front door’s locks.




Deep cleaning


At this point, you may have guessed why this one made the list—a deep cleaning is the ultimate way to improve the first impression that buyers have of your home. This includes having the interior of your home professionally deep cleaned, as well as having your home’s exterior siding and pathways powerwashed. 

Really, not enough can be said about how giving your home a strong buyer's’ first impression boosts the home’s value overall. One major plus to this item on the list is that it’s by far the cheapest.


Green lawn


Another point for curb appeal? Yep.


External dwelling units


When you consider the fact that so many young adults are headed back to their parents’ homes for a break from rent, this one makes a great deal of sense. Having an additional “tiny home” on your property can increase home value by up to 34%.


Coffee shops


Okay, so this one is a little out of your control as a homeowner. But according to an article published by Time magazine in February 2015, a Starbucks opening in the neighborhood—within a quarter mile, to be exact—actually boosts local property values. When you consider the fact that for many a morning coffee is a daily ritual on the way to work, this one may not be all that surprising after all.


Walmart


Here’s another that’s outside of the homebuyer’s control, but it’s something to be aware of nonetheless. For many homebuyers, living near a Walmart offers the ultimate convenience. In fact, researchers at the University of Chicago concluded that living within a mile of a Walmart store could raise a home’s value by 1%-2%. And if that Walmart is located within half a mile of the home, the property value can increase by an additional 1%.

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