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Real estate investors and homeowners who want to increase their home’s appraisal value need to know these 3 key features that can secure long term value in homes. Some homeowners trying to sell can face financial losses or a protracted waiting period before finding any interested buyers if your home is out-dated or has a lot of work to be done.
Despite the current market conditions, many forward-thinking investors have taken action in the interim to increase the value of their homes. The strategies listed below can help homeowners maintain or even increase their home’s property value. For investors, keep these features in mind when purchasing a new property. The advice for preserving property value includes short-term, minor upgrades and long-term, more in depth investments. Depending on your position as a homeowner or investor, one or more of these tips could help your home gain thousands of dollars in value.
1. Make eco-friendly upgrades to the home
When making improvements around the house to save energy, preserve water, and improve the efficiency of your property, you’ll need to go above and beyond the basic required upkeep. The good news is that you can simultaneously complete some of the eco-home maintenance projects to lower your house’s eco-footprint. Many eco-friendly house upgrades will help secure long term value for your home. Remember, potential home owners may be looking for energy-efficient homes because they care about the environment or want to keep their maintenance costs as low as possible. For instance, setting up a smart thermostat increases effectiveness and reduces costs.
2. Add smart home features
Both tech-savvy purchasers and renters are looking for convenient home features that simplify daily life. There is no doubt that smart home technology can increase your home’s market value. When comparing similar but less technologically advanced homes with tech-enabled homes, appraisers apply what they refer to as “adjustments.” Smart houses are more expensive but might sell more quickly, which will help secure long term value in your home. This includes both interior and outdoor additions, such as voice-activated entertainment systems, automated security and watering systems, smart thermostats, alarms, window coverings, and kitchen and laundry appliances.
3. Finish the basement in the home
Many people ponder whether remodeling their downstairs area to finish their basement is worthwhile in terms of time, effort, and financial investment. Yes, renovating your basement will always raise the value of your home. For what to do with your basement, you have countless options. A few potential options for your basement include a home gym, an extra bedroom, or an in-law apartment. To feel as comfortable as possible in your home, you can decide which better suits you and your family. If you’re an investor buying a home with a basement, consider remodeling it to an additional living space. Generic stylings can be used to finish up your basement. The more options you provide in your basement, the more probable a buyer will be able to see themselves utilizing the additional space which will secure long term value.
Conclusion: 3 Ways to Secure Long-Term Value in Homes for Real Estate Investors
Maintaining the value of a home is important in today’s market, and with these 3 ways to improve a current home’s value, you’ll be sure to secure long-term value in any home you buy, whether it’s for investing or your primary residence. Have any questions about investing in real estate? Reach out to me at 617-240-1292 or Pamela.bates@nemoves.com.
