Why is Property Value Important?
Property value is important because it lets homeowners know how much they can make if they choose to sell their home. It’s also important for homeowners looking to refinance their mortgage, if a homeowner wants to rent or transfer their property, and for tax purposes. So with that being said, you should really understand what affects your property value.
Your home being located close to a power plant, bad schools, or a cemetery can decrease your property value, and so can having foreclosures in your neighborhood. While these are things you can’t control (unless you’ve done research ahead of time), there are things that you can control, such as your curb appeal, cleanliness, and energy efficiency.
Outdoor Upgrades
The look of the outside of your home directly impacts your curb appeal because the outside is the first thing that everyone sees when they drive past your home.
Roof
If your roof is over 25 years old, more likely than not, it’s time for an upgrade. Most people tend to repair their roof when there’s a problem, but updating your roof can enhance your curb appeal, whether it needs to be repaired or not. The five most common types of materials that roofs are made out of include:
- Asphalt (which is what most roofs are made of)
- Metal
- Slate
- Synthetic materials
- Wood (usually from cedar)
The type of material you choose should be the one that best suits your house, though the majority of roofing materials fit any style home. Also, keep in mind that it’s always best to have a professional roofer upgrade your roof.
Garage Door
Your garage door is just as important to your home as a roof when it comes to curb appeal— especially if you have a front-facing garage. A new garage door will give your entire home a sleeker and cleaner look. The most common type of garage doors include:
- Roll-Up
- Sectional
- Side-Hinged
- Sliding
- Tilt-Up
Also like roofs, garage doors need to be replaced every so often (about every 10-15 years) even if they’re not in need of a repair. This is also something that you’ll want to call a professional for, as trying to replace your garage door yourself can be dangerous.
Deck/Patio
When it comes to curb appeal, don’t forget about the backyard. Although it may not be the first thing people see, it’s still important when it comes to property valuation. Adding a deck or patio/upgrading the one you already have is a good way to boost your property value and enhance your backyard. If your deck is more than 20 years old and is seeing some wear and tear, it’s time to consider replacing it.
You should also update your outside seating area, and even add an outdoor fireplace or fire pit if possible. If you’re on the fence about adding a pool to your backyard, make sure that the cost to add one doesn’t exceed the amount that it will add to your property value. Pools can either add value or be a total waste of money.
Indoor Upgrades
Attic and Basement Updates
A finished attic or basement is one of the major home upgrades that will increase property value. This is because this finished space becomes an extra bedroom or an extra living space (adding more square footage), depending on how much space you have. The more spacious your attic/basement is, the more value it adds to your property when finishing it.
Bathroom and Kitchen Updates
Bathroom and kitchen updates may seem like they’re purely for vanity reasons, but they can also significantly increase your property value. New faucets, cabinetry, countertops, and lighting are small enough renovations that have a huge (positive) impact on your property value— an expensive remodel isn’t necessary.
Living Room Updates
If your living room and kitchen are right next to each other, consult a contractor about knocking down the wall that separates them to create a more open floor plan. Open floor plans are highly regarded by home buyers, so opening up your floor plan will increase your property value. An open floor plan will also allow you to create a cozy nook by installing a new fireplace.
Finally, you can never go wrong with a new paint job, on both the inside and outside of your home. A fresh coat of paint can make things look brand new, even if you choose the same color as before.
Image source: Depositphotos
