As of the second quarter of 2021, the median house price in the US was $374,900.
Many factors determine the value of a house, and as such, there are many things you can do to increase property value for your own home. These improvements often come with benefits to yourself and new potential buyers. You should consider your own needs and what others may want when making any upgrades.
For three ways to increase property value, keep reading.
In any location, larger homes are always worth more money. Typical additions to houses include things like conservatories or garages, which provide new spaces that include functions that your home did not previously have.
Not only does this mean a new buyer will be getting a larger house, but it may also meet more of their needs. This does, of course, require extra space on your property.
If you don’t have more space to expand, there are always alterations you could make internally. Knocking through a wall to turn two small rooms into a larger open plan area can make your home feel much bigger on the inside.
Alternatively, you might think there is a spot in your house where an extra bathroom would be useful. The cost of instilling this might be more than the value it adds to your house as a result, but if you plan on living there for a while longer, you can make plenty of use of it yourself.
Energy efficiency is a huge factor when it comes to property value. Renewable resources such as solar energy can greatly increase the value of your home and be beneficial to you for as long as you live there.
Solar panels can generate electricity for your home and are far more environmentally friendly than traditional energy sources. There is the initial cost of installation, but after this, solar energy will save you money on your energy bills for as long as they are installed.
Check out this guide on solar home value from Blue Raven for a rundown of how solar panels increase property value.
There are a lot of tech options that you can add to your home to increase its value. Things can be added to improve the safety, comfort, or convenience of several areas in a standard house.
Smart thermostats allow for improved temperature control. You can adjust different rooms individually, set a temperature schedule, control everything from your smartphone, and more.
Smart lighting can automatically detect people entering/exiting rooms and turn the lights on or off accordingly. You can also set your lights to turn on or off at certain intervals – this is ideal if you are away from home for a while and want to use it as a deterrent for potential intruders.
Other options include things such as:
- Smart locks
- Smart cameras
- Smart fire detectors
Best Ways to Increase Property Value
When making improvements to your home, you should consider how they will increase the value, as well as the usefulness to you.
If you plan on living in your house for a while longer, you should look into upgrades that are worthwhile to you. If you are moving out soon and just want to increase property value as much as possible, you should look into the costs of different improvements and how much value they will add to your home.
For more tech and lifestyle articles, check out some of our other blog posts.