The US Federal Reserve reduced interest rates to stimulate the economy after the pandemic caused a recession after it started over a year ago. The lower interest rates encouraged people to buy houses for the first time, which led to an increase in demand for houses across the country.
As the demand tapered off after a year, many buyers bought their first homes during the pandemic. Even as the majority opted to stay in their newly-purchased homes, others purchased houses as an investment.
These homebuyers intend to resell their new homes at a higher price. And to do this, they need to increase the resale value of the property. Here are the things that they need to do to increase the resale value of their homes.
Boost the Curb Appeal
The first thing they need to do is to boost the curb appeal of the house. Curb appeal is how attractive a house is when viewed from the side walk. Boosting it gives the house a positive first impression on people on the lookout for properties to buy.
Homeowners can repair or replace the sidings of the house. They can also repaint the door and replace an old garage door. Installing new light can increase the appeal of the home when viewed from the street at night. Additionally, homeowners can also install a stone pathway leading to the entryway of the property.
Set Up an Outdoor Living Area
Aside from the front, homeowners can also enhance the property’s backyard by setting up an outdoor living area. They can build a patio or install a deck to give the homeowner or buyer another place to hang out on a lazy weekend.
If the property already has a patio or deck, they can clean it and enhance it. They should replace old boards and repaint them if the old paint is already flaking. Enhancing existing outdoor structures is an affordable way of increasing the resale value of a house.
Homeowners can set up a garden pergola on the yard to increase the living area at the back. This outdoor oasis offers many benefits from the homeowner aside from increasing the house’s resale value. They provide shelter in case it rains, shade on a sunny day, and ventilation when the day is humid.
Improve the Interior
Homeowners should also work on the interior of the house to increase its appeal and resale value. Updating the design to make it look new is an affordable way to prepare it for visits by potential buyers. It also allows the homeowner to prepare their houses for staging once they are ready to put them up for sale.
The cost of improving the interior is not high if homeowners focus on simple enhancements. These enhancements include replacing old doorknobs, installing new lights, repainting flaked walls, and adding crown moulding. They can also install blinds on the windows and repaint the ceiling and baseboards.
Enhance Unused Space
Many houses have unused or underused spaces that a homeowner can enhance. These spaces include attics, basements, or even an extra room. They can increase the livings space in the house, which increases its resale value.
Enhancing an unused space in the house is an affordable way of increasing its floor space. Homeowners can turn these unused spaces into a home gym, game room, library, or guest bedroom. They can even convert it into a home office. Potential buyers have a place to work in case their employers support remote working arrangements.
Install Energy-efficient Devices
The importance of using energy-efficient devices has become popular these days. With this, homeowners should consider installing these devices in the home. Aside from reducing utility expenses, these devices also lower the carbon footprint of the house.
Homeowners can install solar panels to provide clean energy for the house. In this situation, they should evaluate the solar panel system they want to install, estimate the electricity the home needs, and assess its energy efficiency.
They can also invest in a smart thermostat, which allows them to save on electricity expenses since it can automatically adjust the temperature of a room in the house. Buying Energy Star appliances is also another good way to reduce the electricity expenses in the house.
Aside from reducing their carbon footprint, homeowners can also receive credits from the state and federal governments. Therefore, homeowners should check with the authorities about the tax credits they can receive if they implement energy-efficient projects.
It is challenging to choose the improvement projects that homeowners should implement. But they can focus on projects that offer bigger increases in the resale value of their homes.