Owning a home is likely the largest financial investment many will make, so whether you are buying or selling a home, it’s important to think about resale value. With a little research, you will find that there are some things that will get you a great return on investment and there are others that will not. Six Best and Worst Home Improvements for Your Money
When selling your home, you may want to make some improvements that will make it more appealing to buyers, ensuring a more profitable sale. But it’s when you’re searching for a home to buy that you can consider options that will give you desirable resale value in the future. Here are 5 unexpected ways to raise your home’s value:
LOTS OF TREES – While a brand-new house in a recently established community has it’s perks, what it often lacks is a proximity to mature trees. Large, well-rooted trees found in older neighborhoods, not only make for a lovely landscape, they also provide shade. They add beauty and they save energy, while also increasing your home value. 4 Ways Trees Add Value to Your Property
GOOD SCHOOL SYSTEM – It may not seem so unexpected that a home in a good school district would have increased value. But, sometimes people who don’t have children don’t think about this. Even you if you never intend to have children, you should keep in mind that many buyers will be highly motivated to purchase a home based on the quality of the area’s school system. For the purpose of resale value, it would be smart to invest in a home in an area with desirable schools.
SHOPPING NEARBY – People like convenience, so if a house is in close proximity to a shopping area with a supermarket, it will likely increase its value. This is especially true if it is close to higher-end stores like Trader Joe’s or Whole Foods. Per Zillow, homes near these grocery stores may appreciate in value up to 40% more quickly than other homes.
OUTDOOR RECREATION AREAS – Living close to a park, walking trails, or other recreation areas can increase your home’s value. Things like dog parks, tennis courts, golf courses, and playgrounds are appealing to people to who enjoy staying active. They will be willing to spend a little more to live close to areas where they can enjoy outdoor activities.
SEPARATE LIVING SPACE – Whether you have a mother-in-law suite, an apartment, or a carriage house, having a separate living space will add to the value of your home. Unlike the other items listed here, this is something you can add to a home after moving in. But while looking for a home, you may want to keep an eye out for one that already has one. Not only will it boost resale value, but it will give you the opportunity to earn rental income (depending upon the laws in your area) while living in the house.
When buying a home it is important to find a place that feels right for you, but unless you plan to stay there forever, it will benefit you to think about resale value as well!
If you’re thinking about buying or selling a home in the New River Valley area, contact professional, experienced Realtor Desi Sowers and let her assist you with all your real estate needs. Give her a call today at 540-320-1328