Homeowners: Here are four ways to help a property hold its value over time.
Buying a home is a big investment, both emotionally and financially.
Homeowners should enjoy their home for the reason they purchased it, whatever that might be. But they can also protect – and even enhance – the property’s resale value at the same time.
Here are four ways to help resale value while reaping the benefits of upgrades and enjoying your home.
1. Keep up with regular maintenance
Maintaining a home over time can help avoid larger repair issues down the road. This could include work such as:
• Touching up chipped paint inside and outside
• Having the HVAC system cleaned
• Aiding curb appeal with lawn and weed maintenance
• Inspecting for interior water damage or roof leaks
• Clearing out gutters
• Replacing batteries and light bulbs where needed
• Managing pest control
• Cleaning that goes beyond the normal routine
2. Invest in energy-efficient features
Implementing environmentally friendly tactics in a house can help you save money on your energy bills while adding value to your property. To determine where to focus – common examples are updating poorly insulated windows and replacing older light fixtures – conduct an energy audit before you begin.
These modern features could appeal to buyers if you ever decide to sell. Demand for energy efficiency in homes is on the rise – according to research by Freddie Mac, over 80% of homebuyers want Energy Star-rated windows and appliances, and energy-efficient lighting in a prospective home. Similarly, the 2023 RE/MAX Future of Real Estate Report reveals that 73% of Americans consider energy insulation an important factor when buying a property, up from 60% – a significant increase in recent years.
3. Renovate key rooms
Renovation projects can be an effective way to increase a property’s resale value, especially in highly trafficked areas of the home. A 2022 consumer survey by RE/MAX found that the top upgrades sellers plan to make before listing their home are to the kitchen and bathrooms.
Removal of dated features like popcorn ceilings and wall-to-wall carpeting should also enhance your experience of living in the home, as could larger renovations such as installing new appliances in the kitchen, finishing a basement to create more space, adding a bathroom, and more.
4. Consider curb appeal
Maintaining your home’s outdoor space is a must for enhancing curb appeal and enjoying its external appearance. Not only does it keep a property looking tidy, but can also be a creative way to express yourself with gardening. For future resale value, think about the longevity of new plants that could be added to the yard.
Trees, bushes, and perennial flowers can enhance the exterior of your home, and will continue to flourish with age. With regular maintenance, new saplings can age into mature trees and create shade and privacy on your property. This means you can enjoy them now, knowing they will help in a future sale, too.
Even if you adore your current dwelling, you may want to upsize, downsize, or seek other features like more acreage (which Fido would love) sometime down the road. In the meantime, it’s critical to maintain your home while you’re in it – for your current enjoyment and for resale value in the future.
