Purchasing a home is a serious investment, so homeowners should be sure to do as much as possible to maintain or even increase the value of their home. It is all about making sensible improvements and getting into the habit of smart maintenance. Over time many events can detract from the value of the structure. Home improvements generally fall into two categories: maintenance (repairs) or upgrades.
Here are 4 simple tips and points to consider in making sure you don’t overlook the key areas of your new home that may have a serious implication on its overall value.
Regular Maintenance
This is essential if you want to maintain your home’s value. Two important points of maintenance are your air-conditioning system and your furnace (heating) system.
Your furnace is sometimes connected to your HVAC unit, but most of us rarely inspect or maintain that part of the home. As much as possible, you should be swapping out air filters at least twice per year, and probably more like four times per year in order to improve your energy efficiency. Warning: not doing so will lead to energy inefficiency and other problems. Oiling the motor on older units is also a must-do. Never store hazardous chemicals near the furnace. Old units with five plus years are strongly recommended to have a professional come over to inspect it.
Fix Heat Leakers
Small cracks in doorways and windows are the #1 culprit, and they’ll slowly but surely sap your energy bills. They also have a knock-on effect that could sap your furnace and AC systems too which forces them to work harder. Reducing the amount of air leaks in and out of your home is a cost-effective way to cut heating and cooling costs, improve durability, increase comfort, and create a healthier indoor environment. Caulking and weather stripping are two simple and effective air-sealing techniques that offer quick returns on investment, often one year or less.
Air leakage occurs when outside air enters and conditioned air leaves your house uncontrollably through cracks and openings. It is unwise to rely on air leakage for ventilation. This can also contribute to moisture problems that can affect the occupants’ health and the structure’s durability. An added benefit is that sealing cracks and openings reduce drafts and cold spots, improving comfort.
This won’t directly raise your property value, but it will maintain and extend the value, avoiding any unpleasant surprises down the line.
Landscaping and Gardening
Classically known as ‘curb appeal.’ It is generally the first thing buyers notice as they approach your home so it’s extremely important to ensure your garden is in good condition. Tidying the yard may have a substantial impact on the view from the street. Having your grass mowed, shrubs trimmed, flower beds neat and orderly, fence repair, and shutters painted are the most common things people see. Looking at the driveway, shutters and yard as a whole. Simple projects make everything look fresh and new. You can do a power washing to make your home’s exterior look clean and maintained.
Do major repairs the right way
Never sacrifice on the quality – when you to take care of major high ticket repairs or improvements. A new furnace, windows, insulation, solar energy or even a home extension are all major selling factors when you come to sell your home, and they will be significantly noted and appreciated by your estate agent.
Start slowly, It’s not a marathon, not a sprint. If your home is new, get to know it. If you have already been there a while, get started. List the things you want to change and the updates you would like to make. Don’t worry about organization, just write it down. Take a guess on how long you may want to live in the house. Once you have made a plan, do research or talk to a realtor to see what sort of return those improvements may bring. Some improvements will add considerable more value to your home than others.
So if you’re making major repairs or improvements, do it the right way!
Source: RealtyTimes.com, HGTV.com, pestworld.org, discover.com, energy.gov
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Many of us may have let our home’s maintenance lapse, and because of this, we may need to hire a handyman or a general contractor to get the property ready to put on the market. Don’t even try to cheap out with this one because buyers are going to catch sloppy repairs during the home inspection and may end up paying more than you should just have used with a good handyman. To avoid this, you should walk through your home, and draw up a list of noticeable problem areas such as rotted wood, cracks in the ceiling, or chipped paint. These are some minor issues that’s worth fixing because some buyers assume that there might be a bigger problem beneath the surface.
“First impressions last,” and “Love at first sight,” these phrases mean a lot. According to the National Association of Realtors®’ 2015 Real Estate in a Digital Age Report, “four in 10 home buyers start their search by looking at properties online.” And photos are overwhelmingly viewed first, according to a study by Old Dominion University. Given that it would be cheaper to let your agent take pictures, it’s still worth paying for a professional photographer.
Landscaping is the first thing that potential buyers see, and it reflects well – or poorly – on other homes in the neighborhood. Good landscaping can add up to 28% to overall home value, says landscape economist John Harris. But don’t landscape merely to flip a house. You won’t get your money back, says Sandy MacCuish, a California appraiser. Rather, landscape for your enjoyment, knowing that you’re making a good investment. Take the time to remove weeds, trim hedges, and mow the lawn.
The home staging industry has been around since the 1970’s and is a wise investment for savvy sellers. 94% of staged homes generally sell within 29 days compared to homes not staged. While home staging includes the basics of de-cluttering and cleaning, it’s really all about the magic of marketing and creating an emotional connection with your buyers. Staging is where you hire a professional to arrange furniture and other items in a home to make it more appealing. Staging your property will also help your home typically sell quicker and for a higher offer.
Even if you’ve already moved into your new home, you’ll want to pay to keep the electricity on while your property is on the market. You wouldn’t want your potential buyers to walk into a hot or cold house, or a house that’s pitch-black right? And also, if you turn off the air conditioning during the summer, you’re putting your home at risk for mold.
Taxes are indeed inescapable and the real estate industry is no exception. If your home has appreciated a lot, you may have to pay Capital Gains Tax. This tax is based on the difference between your home’s purchase and selling prices, minus the value of documented improvements such as an addition. So, if you’re in a hot market and your profits are substantial, it may take a small chunk when April rolls around. Better talk to your accountant or a tax preparer for more information.
Closing costs will likely be your second-biggest expense behind commission fees. It could cost you roughly 2% of your home’s sale price. The buyer typically chooses the closing company, and closing costs tend to be fixed, including transfer taxes, mortgage processing fees, escrow fees, and notary fees. This may also include any outstanding property taxes, a prorated share of the water and sewage bills (depending on when you sell), and the remainder of your mortgage.
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