How to Amp up the Resale Value of Your Home Chicago Real Estate Podcast with Anant Deoras
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Whether you're putting your home on the market this year or in the next five years, it is a smart decision to start building your home's resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day. Small Maintenance and Repairs If you think that home maintenance on the weekends waste your time and energy, think again. The small chores you do around your home prevents it from losing value. Neglecting small maintenance and repairs causes 10% of your home's value to walk out your door and slip through your windows. Most appraisers claim that homes showing little to no preventative maintenance can depreciate from $15,000 to $20,000. A study conducted by researchers at the University of Connecticut and Syracuse University shows that regular maintenance boosts your home value by about 1% per year. However, ongoing maintenance costs offset that value, which means that regular maintenance actually slows down your rate of depreciation. Furthermore, because home buyers generally notice any repairs needed upon buying a new home, proactive maintenance lets the home buyer know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers. Maintaining the basics can cost you little money and certainly some effort, but there’s a way to accomplish this very important activity smartly. This article by HouseLogic, for example, shows you how to keep home maintenance below $300 a year. Planning ahead will also help make maintaining your home easier. Most professional appraisers and real estate agents recommend a proactive maintenance schedule that includes: · Keeping enough cash on hand to replace systems and materials · Creating and following a maintenance schedule · Planning a room redo every year · Keeping a notebook of all your maintenance and repairs Landscaping The Virginia Cooperative Extension at Virginia Tech published a study that shows landscaping can increase a home's value by 15%. The study claims that a home valued at $150,000 could increase its value between $8,300 and $19,000 with the addition of landscaping. Particular landscape elements add different value. For instance, landscape design can increase your home's value by 42%, plant size can increase your home's value by 32%, and diversity in plants can increase your home's value by 22%. Replace Entrance Doors If your entry doors are wood, consider switching them out for either fiberglass or steel doors. Steel doors add style and architectural interest to your home while improving security; you can add a deadbolt and electronic keypads to keep out intruders. Unlike wood doors, steel doors do not rot or splinter. Alternatively, fiberglass doors can be designed to look like wood doors and give your home a modern look. Fiberglass doors conserve more energy than steel doors. Price-wise, a steel door will cost you $1,335 with a 91% return on investment whereas a fiberglass door will cost you $3,126 with an 82.3% return on investment. Garage Door Replacement At first, you might not think that your garage door increases the value of your home. However, your garage door distinguishes your home from the other homes on your block. As the largest entryway of a house, garage doors get noticed first because they're the focal point of your home. If you want to quickly increase the resale value of your home, you need to make the most of this space. Some interesting things being done with garage doors include: Increased Size: Bigger garage doors help homes stand out more. Bold Colors: Bright and bold colors now can complement the color of your home, or you can build a concept around the color of your home. Faux Wood: You can install fiberglass or steel garage doors that look like wood garage doors. This gives your home a new level of sophi
Whether you're putting your home on the market this year or in the next five years, it is a smart decision to start building your home's resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day. Small Maintenance and Repairs If you think that home maintenance on the weekends waste your time and energy, think again. The small chores you do around your home prevents it from losing value. Neglecting small maintenance and repairs causes 10% of your home's value to walk out your door and slip through your windows. Most appraisers claim that homes showing little to no preventative maintenance can depreciate from $15,000 to $20,000. A study conducted by researchers at the University of Connecticut and Syracuse University shows that regular maintenance boosts your home value by about 1% per year. However, ongoing maintenance costs offset that value, which means that regular maintenance actually slows down your rate of depreciation. Furthermore, because home buyers generally notice any repairs needed upon buying a new home, proactive maintenance lets the home buyer know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers. Maintaining the basics can cost you little money and certainly some effort, but there’s a way to accomplish this very important activity smartly. This article by HouseLogic, for example, shows you how to keep home maintenance below $300 a year. Planning ahead will also help make maintaining your home easier. Most professional appraisers and real estate agents recommend a proactive maintenance schedule that includes: · Keeping enough cash on hand to replace systems and materials · Creating and following a maintenance schedule · Planning a room redo every year · Keeping a notebook of all your maintenance and repairs Landscaping The Virginia Cooperative Extension at Virginia Tech published a study that shows landscaping can increase a home's value by 15%. The study claims that a home valued at $150,000 could increase its value between $8,300 and $19,000 with the addition of landscaping. Particular landscape elements add different value. For instance, landscape design can increase your home's value by 42%, plant size can increase your home's value by 32%, and diversity in plants can increase your home's value by 22%. Replace Entrance Doors If your entry doors are wood, consider switching them out for either fiberglass or steel doors. Steel doors add style and architectural interest to your home while improving security; you can add a deadbolt and electronic keypads to keep out intruders. Unlike wood doors, steel doors do not rot or splinter. Alternatively, fiberglass doors can be designed to look like wood doors and give your home a modern look. Fiberglass doors conserve more energy than steel doors. Price-wise, a steel door will cost you $1,335 with a 91% return on investment whereas a fiberglass door will cost you $3,126 with an 82.3% return on investment. Garage Door Replacement At first, you might not think that your garage door increases the value of your home. However, your garage door distinguishes your home from the other homes on your block. As the largest entryway of a house, garage doors get noticed first because they're the focal point of your home. If you want to quickly increase the resale value of your home, you need to make the most of this space. Some interesting things being done with garage doors include: Increased Size: Bigger garage doors help homes stand out more. Bold Colors: Bright and bold colors now can complement the color of your home, or you can build a concept around the color of your home. Faux Wood: You can install fiberglass or steel garage doors that look like wood garage doors. This gives your home a new level of sophi