Homeownership comes with many responsibilities and perks – while you have a perfect place to live – rent-free for as long as you might want; you can also perform tweaks and updates throughout the year to increase the value of your house.
It has been analyzed that certain home improvement projects can actually boost the value of a house to up to 30%.
There are a bunch of things that affect the value of a house, such as the availability of adjacent homes, global inflation, and, of course, the number of buyers. That said, if you are looking for home improvement projects to add the actual value to the house, there are certain things that you can do.
Understanding the Difference between Actual Home Value & Perceived Home Value
Before we jump into the list, you have to understand the difference between the actual value of a house and the perceived value. An increase in the perceived value of a house won’t make it sell for more. This aspect is something that many potential homeowners ignore.
For instance, a potential homeowner might spend loads of money on the aesthetics of their landscape and curb appeal by setting up lights, changing the roof tiles, and adding new plants. Things like these will only add to the perceived value but not the property’s actual value.
On the other hand, if a homeowner adds to the square footage of their house by adding another bedroom, this is a perfect way to add to the house’s actual value and have it sell for more. Now, as a homeowner, you might have understood the fundamentals of which tweaks might boost the real home value and which projects add to the perceived value.
Another important thing to mention here is that homes with an increased perceived value tend to sell faster than other homes, which is why adding to the perceived value of a home might somehow benefit a homeowner when selling their home.
Rest assured, here is what you can do to add actual value to your house:
Boost Energy Efficiency
Did you know that you can boost the value of your house by boosting energy efficiency in different parts of the house? According to a majority of real estate agents, the incorporation of eco-friendly energy-saving features can immensely boost the value of your property.
There are a couple of things that you can do to add energy efficiency to your house. For instance, you can install a solar panel on your roof. This will come in handy if you live in a warmer region. You might also strategically install energy-efficient lighting around the house.
Besides, don’t forget to make slight adjustments to the landscaping of your house to make it more energy-conserving. To improve home appliances and the cooling and heating system of your house, you might want to benefit from professional services, such as the commercial electrical services of your location.
Add Aesthetic Appeal
Understandably, we shouldn’t judge a book by its cover, but when it comes to buying homes, we are naturally attracted to beautiful homes. While you might indulge in the art and craft of making your house prettier inside out – the additional perk is that you will also love to live in it after it is ready.
The aesthetic appeal of a home has always been a perfect selling point in real estate, speaking of which you might have heard about home staging before. It has been estimated that amongst the homes of similar structures, the ones with the more aesthetic appeal are bound to be sold for an additional 5%.
However, one must be wise while spending their money on home-staging projects. Amongst the most popular areas to add aesthetic appeal, you will want to pay special attention to the dining space, the living area, the kitchen – the hub of the house, and, of course, the bedrooms.
It is important to mention here that the aesthetics of your house aren’t limited to the indoor spaces alone. You can increase the value of your property by adding curb appeal. Think from the buyer’s perspective when they drive up to your house and see what they will see. Improve those areas that need improving, and boost the value of your indoor and outdoor space.