5 Ways to Increase the Value of Your Home

With a rising demand for houses in Chicago, there are a few ways you can sell your home for more than you bought it. Now, you might be thinking that with time, the value and prices of real estate property increases anyways, but our motive is to help you achieve higher prices for your house compared to the market rate.

It might seem hard at first, but as time is passing, increasing the value of your home has become much easier than it was yesterday. Here is how you can improve your home value this year: 

1. Renovate Your House

The home renovation industry in Chicago is flourishing. As per the National Association of Home Builders’ Remodeling Market Index, more than half of the home renovators interviewed said they saw an upswing in demand for renovating the houses in the first quarter of 2019. Moreover, Improving America’s 2019 housing study from Harvard’s Joint Center for Housing Studies reports an all-time high rate of $424 billion in 2017 in the home improvement sector.

It will be more beneficial if upgrades are done on purpose and not due to compulsion. Projects for home improvement can be done between $20 to 25 cents on the dollar, while the other 75 to 80 cents earned on the dollar go straight back into the home and then to your bank account, due to the increased value of your home. 

2. Make Your House Low-Maintenance

As most home buyers usually worry about buying a house that might require frequent maintenance. You can try removing parts such as the furnace, water heater, or even the roof. By doing so, it might silence the fears of the home buyers in the future and help you get a higher price.

Advancements that make things easier to organize and maintain can also improve the value of your home. Try to replace the quickly stained rug with wooden floors or replace high-maintenance wood siding with vinyl siding.

3. Make Your House Look More Attractive

The exterior of the house should make a prospective buyer want to walk through the front door and enter the house. Ensure the current landscaping is well managed. Try growing plants or refinishing the front door if your yard looks boring as opposed to your neighbors.

 Take care of how the kitchen and bathroom look once you are sure that the exterior looks great. A senior residential appraiser (SRA) in Chicago stated that when the kitchen and the bathroom become old, they will prevent a home from hitting the peak valuation.

As per the Remodeling magazine’s 2018 Cost vs. Value Report, a modest kitchen remodel restores 81 percent of its cost on average, opposed to 53 percent for an expensive kitchen remodel with stone countertops, custom cabinets, and commercial-grade equipment. The same extends to bathrooms. This may include a mid-range remodel with new floors and a few upgraded fixtures making it produce 70 percent of the return on investment. In contrast, the advanced remodeling of the bathroom with heated walls, designed appliances, and designer fittings bring an average of 56 percent return. 

4. Make the House More Efficient

The president of the National Association of Home Builders Remodelers stated that Energy conservation systems might have a significant influence on the home’s value, relying on which part of the world you are in. Energy-efficient mortgages (EEMs) enable lenders to fund all homeownership and energy-efficient improvements and take on extra debt. EEMs, according to Energy.gov, can also charge lower interest prices to increase one’s purchasing power.

Consider double-sided windows, improved insulation of the attic, LED lighting, and adequate equipment as a way of increasing home value and attracting energy-conscious buyers.

Place solar panels on the roof if your pocket allows you to go bigger. 39% of realtors that were recently surveyed by the National Association of Realtors said they believe that the placement of a solar panel in a house may increase its property value. However, as solar panels are a significant monetary and structural contribution, they only make logical sense if you are wishing to raise the long-term value and are not searching for a short-term boost in resale value.

5. Make the House Smarter

As per a 2018 study by Coldwell Banker, security-enhancing devices top the list of “smart” technology that buyers are now looking for in their new homes. Such secure and sophisticated systems comprise of thermostats, fire alarms, detectors of carbon monoxide, surveillance cameras, door locks, and lighting.

Although smart tech does not always improve home value, it adds interest in it, as said by Tavia Galvin, who is a licensed Realtor in Arvada, Colorado.

Many who view themselves as “techies” are more likely to buy a house for a higher price if they have all these smart technologies installed.

Unlike repairing the roof or remodeling the kitchen, such smart systems may typically be built for about $1,000 or less easily but add a lot more value to your home.

Bonus Tip: Improve the Air Quality Inside Your Home

The air quality in a house is not only about the outdoor environments. If you have very old and dusty carpets in your home, toxins and allergens may be hidden in them. The first move is to hire someone reliable to check the indoor air quality and decide if something needs to be done about it. If the findings show that you must consider replacing your carpets, select ecological friendly natural replacements such as tile or laminate flooring. Hard floors are much easier to maintain, do not retain odors, offer an elegant look to your home, and are more attractive to buyers.

We understand that reselling a house may be hectic, and you might be unsure that all the renovations and upgrades you are making will not bear fruit. However, nothing goes in vain. Make sure that you follow all the above tips accurately and then be patient. Your house will sell in a much higher value than it would have otherwise. 

Remember, it takes one’s perspective to understand the value of something. So, don’t lose hope, and you will get a buyer who will be ready to pay the amount that you deserve.