6 Useful Home Modifications That Will Improve Your Home Value
Considering how the real estate market has performed over the past 100 years, simply buying a property is enough to increase your wealth since it nearly always appreciates over time. There might be certain times when the market is slow or when the price even dips, but in the long run, it always rises. In fact, the value of a property can multiply several folds over the course of a few decades.
However, if you don’t want to be invested in a property for that long and want to earn higher returns faster, there are a few things you can do to increase the value of the property. These are improvements to the home that will help you in earning a better price when you sell or rent out the property.
The most important thing to keep in mind when you are upgrading property is your objective. If you have a bit of farmland with a home on it, upgrades to the home itself might be less effective than upgrades that will improve the output of the farm. These are some good upgrades that you can do to a residential property to increase its value. We discuss a few of them below.
The kitchen is one of the most used spaces in the entire home. Whether you have a small kitchen, a big kitchen, or multiple kitchens, just upgrading this one area of the home can drastically increase the value of the house. The only challenge is that kitchen upgrades typically cost quite a bit of money.
The aim is not to get the most expensive upgrades but those upgrades that a future buyer or tenant will value the most. If you are trying to save some money, then doing some of these upgrades yourself will limit your expenditure.
You can get it done on a budget, but a proper kitchen overhaul will cost some money. This includes upgrading the most valuable parts of the kitchen such as countertops, storage systems, appliances, and flooring. Upgrading the kitchen can take a while and the components themselves are also expensive so new tenants or buyers will be willing to pay a higher price for a home that already has these things taken care of.
This is going to be especially useful if you have an older home with an outdated kitchen. Upgrading to some new appliances that give the space both a new look and added functionality will be a good addition.
Another very commonly used area in the home is the bathroom. This is an area that needs to be upgraded particularly in an older home. In the past, bathroom fixtures and fittings, and sanitary systems were very different. The modern consumer needs modern bathrooms that offer the latest functionality and are also aesthetically pleasing.
For instance, central heating/cooling in the bathroom, good exhaust solutions, and better showers are features that homeowners want. Moreover, poor plumbing and poor humidity management in the bathroom can lead to a range of problems such as gray water backups, fungus, and mold.
If you have multiple bathrooms on the property then you should try and get them all upgraded so that the home looks homogenous. Only upgrading one area of the home will not help improve the value that much.
When upgrading the bathroom, it’s important to get the work done by a professional plumber or builder. The sewerage piping in the bathroom needs to be installed properly and securely to ensure that the sewerage system works as it should and there is no chance of leakage or blockage.
3. Outdoor Kitchen
If you have some outdoor space in the backyard, then consider setting up an outdoor kitchen. This is a great addition to a patio if you already have one installed or you can install the outdoor kitchen on its own. On, there are lots of ways that you can set up the outdoor kitchen.
You can have it designed specifically for outdoor cooking such as barbecues, or it can be built to perform all the tasks of a traditional kitchen. You can consult an outdoor kitchen cost guide to understand what your project will cost before you start the job. Moreover, you can also look at different outdoor kitchen models online and put those through the cost calculator to get an idea of what different designs will cost you.
One of the main factors that influence the cost of an outdoor kitchen is the kind of appliances that you choose. Premium appliances will cost a bit more initially but they will be more cost-effective in the long run. If the indoor kitchen is not too far away, then you could consider just having cooking stations in the outdoor kitchen and using all the other appliances from the indoor kitchen.
Extra storage in the house is always going to help no matter where it is. Ideally, you should look to improve the amount of storage you have in each individual area of the home and then even get some additional storage that can be used for any extra belongings.
Certain parts of the home such as the rooms and the kitchen require more storage than other parts. For the kitchen, you could look into getting a pantry installed or making some new cabinets when you upgrade the kitchen so that the new tenant also has some space to use. Similarly, you can get external cupboards for rooms that just need to be set in place rather than being installed onto the wall.
For general storage, you can upgrade the garage by including more shelves and cupboards. Alternatively, if you have some room outside the garage or even in the backyard, you can get a prefabricated shed to use for storage.
If you have a basement in the home you could consider installing some shelving so that it can be used as a cellar or even making a temperature-controlled cabinet that can be used to store things like cigars and cheese.
Roofing can be quite expensive to do especially for larger homes. If you have an older home or a home with roofing that has been compromised by fungus and mold then upgrading the roof is important. The roof plays an important role in how the home looks and also influences the strength and stability of the structure. Broken tiles, damaged gutters, and subpar roof insulation can cause damage not only to the roof but also to other parts of the home such as the attic, walls, and windows.
If your home's roofing doesn't already have insulation, this is the first thing you should get done. Not only will it give additional support to the roof, but it will also have a big impact on the home's energy consumption.
Better insulation in the roof will protect the home from absorbing too much heat or cold through the roof and will also help keep the internal heating and cooling within the house. If you are redoing the roof, then one good upgrade will be to install a line of copper under the spine of the roof. This is particularly useful for roofs with asphalt shingle tiles. The copper prevents things like fungus and mold from growing on the tiles and will help increase the life of the tiles and the roof itself.
6. Energy Efficiency
There are a number of different modifications that you can do to the home to improve its energy efficiency. One of the best upgrades is to install solar panels. This is a pricey upgrade but buyers and tenants will be willing to pay a heavy premium for this upgrade. Considering that the cost of energy is only increasing and the cost of installing solar is becoming more affordable, it will be well worth your money to make this change to the home.
Another energy-efficient upgrade is to get double-glazed windows. This is especially useful if you have a southern-facing home and if your home has a lot of windows. Southern-facing homes get a lot of heat and light throughout the year and windows that aren't double-glazed will allow this heat to be transferred to the interior of the building.
Double-glazed windows will help keep your home warmer in the winter and cooler in the summer. Another upgrade worth considering is a rainwater harvesting system. This will be a very valuable upgrade for homes in regions where adequate water supply is already a problem.
If you want to earn a better price for your home, you need to offer something that buyers and tenants will want and possibly something that other homes are not offering. For instance, unique features such as a basement or a pool, or a solar energy system will make your property stand out from the competition.
Additionally, you could also opt for a home warranty plan and forward this to the buyer or tenant when they get the house. This gives the buyer security and peace of mind. Look at your home's unique features and try upgrading these to increase your chances of standing out from other offers on the market.