For most people, the home is their biggest asset, and according to a poll of 1,400 homeowners, 65% expect the value of their home to increase over the next decade. This naturally depends on certain factors that are beyond the owner’s control, such as the location.

 

Fortunately, there are ways to increase your home’s value over time. Here are some tips to maximize house value:

•      Appearances Do Matter

Your home’s curb appeal is the first impression that anyone has. If your home looks dull in comparison to your neighbours’ homes, consider some landscaping to spruce things up. Flowers, a tree, and a well-maintained lawn provide positive impact, and even if your home itself is in good shape, a coat of paint of a new door can make it more attractive.

For the interior, kitchens and bathrooms tend to be the locations that most date a home. Modernizing them nearly pays for itself, with Remodelling Magazine’s “2018 Cost vs. Value Report” indicating that even a minor remodelling of the kitchen can recoup an average 81% of the cost in added value. A bathroom can likewise regain up 70%.

 

•      Make it Easy to Maintain

A common concern among home buyers is that there will be a need for regular maintenance. If you plan to sell your home, replacing a component like the water heater or furnace goes a long way toward receiving a better price.

 

You may also increase the home’s value by making it lower maintenance. This can be done through adding hardwood floor in place of carpet, or vinyl siding to replace wood.

 

•      Improve Efficiency

 

Home value can be significantly impacted by the inclusion of energy-conserving features such as improved insulation in the attic, double-paned windows, and LED lights. With the rise of solar power and some installers offering incentives, solar panels may also be worth considering.

To learn more about where your home is wasting energy, consult a certified energy auditor or your utility company.

 

•      Add Living Space

The amount of living space is a huge determinant of value, with increased square footage adding to your home’s appeal. This may include adding a room, but also involves simpler renovations such as finishing the basement or adding a deck.

 

•      Make Your Home Smarter

 

So-called “smart technology” is at the top of the wanted list for new buyers, as shown by a 2018 survey conducted by Coldwell Banker. Examples of smart technology include fire detectors, carbon monoxide detectors, thermostats, door locks, security cameras, and even lighting.

While these devices may not actually increase the value of the house, they do add appeal, especially for those who are tech-minded, who are typically willing to pay more for their inclusion. An added advantage to these items is that it is normally possible to install them yourself, unlike more expensive upgrades.

 

While the value of your home is likely to increase on its own over time, these tips will allow you to maximize your house value if you choose to sell.