Did you know that, according to CNN Business, homes in the US are currently being sold at a record speed? In February, properties sold were on the market for only 20 days on average, which is far lower than it was a year before at 36 days. If you’re thinking of selling your home now or sometime soon, you need to think about your residential property value and how you can increase it. This way, when you put your property on the market, you can sell it for more than it’s worth now. However, you might not be sure where to start. How do you decide which types of changes to make to your home? Which ones will be worth the cost of doing so that you end up with more money when you sell your home?
If you aren’t sure, then you might be feeling overwhelmed by how many choices there are. That’s why we’ve put together this article. In it, you’ll learn about all the easy ways you can increase your residential property value. Finally, you can sell your home and make more money than ever. Read on to learn more.
1. Create a Rental Space
If you live in an area where there are many renters, then the value of your home can go up significantly if you create a rental space on your property. Do you have a garage or large pool shed that you don’t use? You could fix this up and make it into a rental space.
Another option is to do the simple home remodel of adding an ensuite bathroom to a room that could be rented out. You could also add a separate door to your basement. Many potential homeowners are looking for an additional way to make money when they choose the home for them, whether they’re renting the space out or using it as an AirBnB. By providing them with this option, they’ll see more value in your home and want to pay more for it.
2. Fix the Water Pressure
One of the easiest ways to make your property value greater if your construction financing budget is limited is to fix the water pressure in your bathrooms. Being able to shower and wash with high water pressure is important, so this will immediately drive up value. It’s an easy fix because all you’ll have to do is call up your plumber. You may have to replace a few fixtures, but you won’t have to knock down any walls or spend a ton of money with a big home design renovation.
3. Make Your Home Energy-Efficient
Another home finance tip if you’re thinking of selling in the future is to make your home energy-efficient. This will make the value of your home greater because it’s more green and the energy bills will be lower for owners. Ideally, you’d be able to use solar power by installing some solar panels on the roof of your home. However, if you want a small fix, then you can switch to more energy-efficient technology in your home. For example, you could replace your incandescent bulbs with LED ones.
It’s also worth getting in touch with your utility provider or an energy company to do an energy audit of your home. This way, you can find out what changes you need to make to improve its energy efficiency.
4. Add to the Outdoors
When adding value to a property, homeowners often forget that they can add value by adding to the outdoors of their property. If you don’t want to mess with the structure of your home, this can be an option that makes your home worth way more. Something as simple as clearing out the backyard and working on your landscaping can completely transform your home. Be thoughtful about where you place your plants, and add a fountain and a swing. Suddenly, the outdoors of your home are like a paradise.
You can also add a gazebo, install a pool, or put together a stone or cement patio. These are larger construction changes, but if you get to enjoy them before selling your home, they could be worth doing.
5. Upgrade Your Water Heater
This simple fix will bring the value of your property up fast. This is because no one wants to have to shower in the morning with cold water or run out of hot water when they’re in the middle of washing the dishes! Fortunately, all you have to do is bring professionals in to change the hot water heater for you.
Even though you’ll have to pay for the new water heater, you can enjoy it in the meantime and make the money back when you sell your home. You can also ask if you can pay for the heater on a payment plan if you’re worried about affordability.
Need Residential Property Construction Done?
Now that you’ve learned about the 5 easy ways you can increase your residential property value, you might be interested in getting residential property construction done. However, you might not be sure about how to afford it. If you want to get construction done and need a loan, then no need to worry. We can help.
At Shepherd’s Finance, LLC, we’re experts when it comes to residential property construction loans. To find out more about how we can help you, contact us now.