Your home may be the most significant investment in your life so far. In this way, it is also one of the most significant ways you’ve grown your wealth. Home appreciation means the value of your property grows on its own and may be worth more than when you had bought it.
The rate of appreciation depends on the buyers, the market for a new residence, how many properties are available for sale, and inflation. But you can also raise the value of your home by implementing improvements and remodelling. Ocean Gardens has facilities and peaceful amenities for your future retirement home. Here are a few ideas.
Adding Value to Your Home
1. Remodel a room or two.
Depending on how much money you’re willing to part with, remodelling a few rooms in your house helps increase its value. It can be as extensive as renovating the whole room or changing only specific details, such as modifying windows and doors, replacing sinks, tiles, toilets in the bathrooms, or installing carpets.
A popular renovation is replacing the wood, aluminium, or vinyl siding of your house with fibre cement, as it is more resistant to environmental abuse and termites.
You can also go all out and rearrange the layout of your house, knocking down a wall to create more space to enlarge a living or dining room or combining two rooms to make space for a home office.
2. Convert your attic, basement, or garage.
Instead of leaving these storage rooms empty and prone to mould and decay, transform them into usable spaces. The conversion itself means the room gets upgraded – fresh paint on walls after a good dusting – and regular use of the room assures its maintenance.
3. Upgrade your home with high tech amenities.
Installing an elevator with West Coast Elevators in your residence may sound a little extravagant, but it’s practical for older homeowners. You should consider other upgrades such as installing solar panels and placing outdoor lighting with timers you can set to turn on and off. New models of thermostats, smoke detectors, and home alarms are also great ideas. Getting energy-efficient appliances also works since they contribute to home appreciation.
Don’t renovate and upgrade for only practical purposes, but aesthetic appeal as well. Buy more modern furniture or set up a fountain in your garden.
5. Low-cost improvements.
Add a fresh coat of paint to a few rooms at a time. Replace old fixtures like faucets, electrical outlets, and doorknobs. Regularly keep the whole house clean. These are only a few small things that substantially improve the house’s upkeep and ensure its value.
It would be best if you weren’t doing these renovations with the sole purpose of raising the value of your residence in the future. While these may help add value to your home, these are not a guarantee that the rate of appreciation will also cover what you spent on renovations due to the inconsistent market.
To get the best value of your property, consult with a property appraiser, who can also advise you on after-repair value. Finally, don’t think of your home as a piece of commodity, but rather as an improvement to your quality of life. Enjoy it while you can.