Adding Value to Your Home
How do you add value to your home? Watch this first!
As Realtors®, we get asked all the time about the best ways to add or maximize value to your home. But, instead of just giving a standard list of upgrades and updates you can make to your home, let's talk adding value to your home.
What is Value?
First, let's take a look at the definition of value.
val·ue ˈvalyo͞o/ noun
1. the regard that something is held to deserve; the importance, worth, or usefulness of something.
What is the Value of your Home?
When it comes to your home, there are two different types of value:
1. Resale value 2. Value in the sense of personal use and enjoyment.
A home is typically one of the largest investments (if not the largest investment) a person or family will ever purchase and most people will always discuss their equity in the house or the purchase price vs. sales price as the value of a home.
But what about the time spent in the home? What about the birthday parties, get-togethers and family dinners held in the home? What value do those hold?
Clearly, that value is subjective and can’t really be quantified, which is why most real estate professionals or financial advisers don’t discuss it. However, your home is useful to you every single day. So, when it comes to making changes to your home or attempting to add value, it would make sense to create additional usefulness.
How to Add Value to your Home
If you are looking to add value to your home, value that you will enjoy over the next 5-10 years, AND you would love to see some additional Return on Investment when you're ready to sell...
Here are some tips for you to add value to your home:
The easiest way to get the most enjoyment out of your home and resale value is to make updates and changes that withstand the changing fads.
If you need help with what would be considered timeless, consult a designer or look to style choices that have been around for 20+ years.
Divide value-added items into two categories:
Built to last
When it comes to cabinets, counters, and flooring, how will you feel about your choices 10 years from now? 20 years from now? 30 years?
Cabinets are expensive. Somehow people on HGTV shows get cabinets for a great deal. However, since you aren’t on one of those shows, you need to know that cabinets are a big-ticket item and something you don’t want to replace anytime soon.
The same can even be said about expensive furniture pieces like sofas – buy yourself a good quality, neutral colored sofa and change out the pillows or throw to add your pops of color.
Fads or trends
If timeless or classic don’t necessarily define you, then that is more than okay. It is your home, and it has to reflect you and your family.
To get the biggest bang for your buck, you are best off saving the big splashes of color, patterns or unique materials to home accessories.
Paint is a great way to show your style but is relatively easy and inexpensive to change when you need an update or prepare to sell.
Pillows, throws, vases, wall art, candles, baskets, and knick knacks are what will make your house home to you and your family. And, when the time comes to sell, whether it be 5 or 15 years later, you can work with a Realtor® or home stager to modify the accessories to be most attractive to the current buyer.
Keep the house simple and stress-free. You will benefit from this immediately, and the future buyer with thank you for it, too.
Quartz counters and wood-look tile are perfect examples of simple, easy to maintain home features.
Making sure items in your home like the HVAC unit, water heater, and lighting (think LED) are updated will not only give you peace of mind but also impress future buyers.
In Southern California, a whole house fan is a great way to add value to the home that you can immediately enjoy.
Utilize your yard space.
Using your back, front and/or side yard(s) as living space is a great way to enjoy everyday life in your home, not to mention it is very appealing to a potential buyer.
Just keep in mind that you will benefit greatly now if you create a low maintenance space. The future buyer will thank you when the time comes, too.
Think deck or patio, built-in bbq, timed sprinklers, and maximized open space. And, if you can have great sight lines from the house to the outdoor space, all the better.
If you are going to add new technology, make sure that it is smart.
Technology notoriously offers a bad return on investments because they evolve too quickly and drop in value like a car as soon as you drive it off of the lot. But, there are some items that are holding their resale value and increasing the enjoyment and use of your home.
Programmable thermostats like Nest, door locks, and security systems are perfect examples. They offer you the convenience of making changes from your smartphone all while keeping track of the smart device’s use. This can save you time and money in the short term, and future buyers will be impressed with your tech savvy home.
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Love Where You Live, Give Where You Love
We understand that your home is your dream come true. As homeowners, we realize that purchasing a home is probably the most important transaction you will manage. As neighbors, we get that selling a home is perhaps the biggest transition your family will make.
You deserve to love where you live, give where you love, AND when the time comes….sell your home for top dollar with the right Realtor®!
If you need help preparing to sell in 2018 – to schedule a FREE Home Valuation – Contact Us Now!
The Swan Team | OC Real Estate
Love Where You Live | Give Where You Love
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