The value of your home matters. Whether you’re investing in real estate or you live there.
You might not even plan on selling it any time soon or ever. The value still matters. The home is still an asset that can contribute to your financial security.
So how do you make sure you’re protecting, or even increasing that value?
We’re going to take a look at a few of the ways you do that now.
Unless you’re actively planning to sell, interior decorating is more a matter of style. If you are selling, however, then you need to think about designs that appeal to the average person. Going too far in the direction of your own style can hurt. Keeping your look updated by remodelling your kitchen, bathroom and laundry is usually a good idea, too. Contemporary is best if you’re looking to sell.
Regardless of whether or not you sell, the exterior of the home should be a concern for you. For one, you definitely want to be making improvements. Things like patios and decking can add some value. As can keeping a tidy lawn. Letting plants, particularly trees, overgrow can be dangerous, however. They can cause damage to the garden and home that decreases that value.
If you really want to know about the value of your home, then the final say has to come down to the space. Making your home look better by maximising the space you have and installing inventing storage can help you sell it. When it comes to crunching the numbers, however, it’s amount of rooms and how much square feet you have. Adding value in these terms means extensions and conversions.
A common question about adding value to a home revolves around the choice of adding a swimming pool. There are arguments on either side because the answer can change. It usually depends on the neighbourhood or area and the socio-economic band of the people living there. For a lot of people, a pool might add too much in terms of running costs and actually detract value. In higher end markets, not having a pool can harm your chances of selling.
There are a lot of improvements you can make, certainly. However, it’s the flaws that will make a huge difference in the value. Letting a home fall into disrepair with send its value spiralling. Keep track of any cracks or damp in the wall. Make sure you have your roof inspected often enough and improve it if it’s suffering any damage.
There are a few ways to look at value in the home. The actual, material value of it usually comes down to the kind of space and what kind of condition it’s in. However, there’s always something to be said for the human element. If the home looks good and has a great style, it can up the price through sheer selling power alone. Don’t underestimate the influence of visual quality.