8 Factors That Influence The Value Of Your Home
A house is a long-term investment that, through some careful care for your asset, can return significant profit in the future.
Boosting the value of your home can be a challenging process, but with the right plan it is possible. After all, there are always some easy wins which you can apply in order to achieve your goal!
There are various factors that contribute to the valuation of your home, and today we’re taking a closer look at the characteristics to look out for before you buy, as well as the changes you can implement to your pre-existing home.
So without further ado, here are eight smart tips that will help you boost the value of your home:
1. Pick the right location
The earlier you start to invest in the value of your home the better. And without a doubt, location is one of the most decisive parameters in determining a house’s value.
It goes without saying that finding the perfect property requires a lot of research and a good analysis of the market. For instance, if you live in a city where a new metro line is expected to open within the next few years, you could look to invest in a property close to one of the upcoming metro stations. You may even have the opportunity to buy it cheap due to the noise and traffic from the construction site, and once the metro station is up and running, you can rest assured you’ll see an exponential growth of your home’s value.
2. A garden can always help
A second parameter that you might want to keep in mind while you are searching for your future home is whether it has a garden or not.
With urbanisation continuing to be one of the biggest global trends, an attractive and well-maintained outdoor space can really make all the difference. If you play your cards right, this could be one of the most powerful weapons in your arsenal to support your efforts in boosting the value of your home and getting the very best out of your investment.
3. Make it energy-efficient
Having an energy-efficient home is considered an essential factor for increasing its value. Right off the bat, investing in solar energy and good insulation can help you save a lot of money on a monthly basis.
Heating is always one of the biggest headaches for homeowners, so being able to ensure that no energy goes to waste is of paramount importance. And yes - to achieve that, you will need initially to invest a significant amount of money, but the return in both the short and long-term will make it all worthwhile.
4. Invest in smart technology
Digital technologies have already taken our lives by storm and our homes are no exception. Smart homes are one of the hottest upcoming trends around the world and an excellent way to increase the value of your property.
The existing technology might not yet be exactly where it should be, but as time goes by its potential keeps increasing. With the help of devices which are connected with each other through IoT technology, you can have full control over your home - even from a distance.
For example, just by using your phone you would be able to adjust the temperature of the house, manage your appliances, lock and unlock certain areas and modify lighting.
These high-tech, ultra-modern interior and exterior options can increase the value of your asset significantly, boosting your investment all the while.
5. Expand the space
Adding some extra square meters to your home is always a good idea when it comes to increasing its value. Whether this is a new balcony or an extra room, a home expansion is sure to give you a significant valuation boost on the market.
Always ensure that any expansion is in accordance with the existing housing regulations in your area, however.
6. Consider renovations
Improving the quality of your home can always have a very positive impact on its value. The smartest way to go about it is to start your renovation with the kitchen and the bathroom. After all, these two spaces can truly make a difference when it comes to the increase of a house’s price.
Invest in long-lasting interior materials like granite worktops (you can browse Burlington Granite’s selection right here) that ensure both practicality and style, remaining effortlessly timeless to ensure a significant return in the long-run.
7. Invest in decoration
Ideally, redecorating your house will be a part of your whole renovation process. But that’s not always the case - sometimes, your home just needs that little touch of TLC!
If you have a budget for it, we strongly recommend hiring a professional, but with the right amount of time, effort and skill, you’ll be able to freshen up any interior to the benefit of your home’s valuation.
8. Don’t underestimate lighting
Last but not least, never underestimate the difference that good lighting can make. Again, changing the lighting of your home can be a part of the renovation process, but it can also be done separately if your budget doesn’t allow it.
Improving the lighting of your house can increase its value as it can make it a more attractive and pleasant space for the people who live in it. The common areas of the house, such as the living room and the kitchen, should be seen as a priority as this is where the family spend most of their time together.
Wrapping it up
All in all, it becomes evident that there are several ways in which you can increase the value of your home and get the most out of this substantial investment. Of course, it’s a long and sometimes costly process, but if done right it can bring a very profitable return.