Every homeowner wants to have to maximize their property value. Even if you aren’t currently considering selling you never know when the added equity will come in handy. In most cases property value is largely determined by location and current market conditions but there are things you can do to add value. One of the common homeowner misconceptions is that any work you do will automatically add value. Improvements and upgrades are great but some of them may not give you the return you expect. If you are looking to increase your property value you need to do the right work. Here are some ways to add value to any property.
Upgrade your roof: Granite countertops and stainless steel appliances may give you a better short term return but the roof will hold greater long term value. One of the first things that potential buyers or appraisers notice is the condition of the roof. If there is decay, rotting or just extensive wear and tear this will pull the value down. A roof upgrade can bring over a 50% return on your investment. Not only is a roof upgrade a great long term investment but it will help improve energy efficiency and can reduce heating costs. It also provides a great first impression for anyone valuing the property.
Windows: Windows are another item that doesn’t have the sizzle of new appliances but it far more important. Items like roofs and windows give a property real value. Windows are a major factor in the energy efficiency of a property. With most buyers looking to save money wherever they can if the windows are efficient this may be the deciding factor. A large number of windows in the property can end up being a big ticket purchase. The positive is that you may only need to do this once every fifteen to twenty years.
Deck: A recent study proclaimed that a deck/patio yields the biggest return for any home improvement. There is something to be said for useable backyard space but a deck will only increase the appeal. This is especially true if you are dealing with a property located in a predominately warm weather area. Conversely a pool may seem like a logical match but these can actually have a negative impact. If you are deciding between a pool and a patio choose the patio to get the greatest return on your money.
Garage: Aside from a deck the most value building part of an exterior is a garage. As much as a deck is important in warm weather cities a garage is equally important in areas that are impacted by winter weather. If you have an existing garage in place you need to consider spending money to improve the condition. If you have space for a garage this should be an area that you think about putting a new garage. Not only is this important for parking but many buyers use the space for storage or as a work space. The garage doesn’t need to be massive but it does need to be functional.
If you take care of your property and do the right upgrades and improvements your property can be a tremendous asset. There are many things you can do to increase the value. Take a look at your property and your current market before you do anything. The right improvements make all the difference.