Over the last decade, home owners in the Denver metro area have generally seen a steady increase in home values. Of course, factors such as location, neighborhood, and floor plan play a big role in home value, but so can the improvements home owners make over time.
So, how do you know which improvements will help you continue to raise your home’s value and give you the best return on investment? Just follow the 5 simple “rules” below to raise the value of your home with every project or purchase.
- Bigger – More livable square footage typically equates to higher home value. According to NerdWallet, “Bigger homes often command higher values, and even if an appraiser doesn’t officially acknowledge the full value of added space, a buyer will likely notice.” Obviously, you can add rooms for more living space, but finishing a basement, building a deck, or transitioning attic space into a bedroom or home office are also great ways to get that additional square footage.
- Smarter – “Smart” gadgets that add safety or efficiency are at the top of the list when it comes to technology that buyers want in their homes. Think smart thermostats, locks, security systems, indoor and outdoor lights, smoke and carbon monoxide detectors, and sprinkler systems. Buyers consider these smart features high-end, even though the investment to purchase and install them is typically less than $1,000.
- More Attractive – Anything that adds curb appeal or beautifies your home is usually a safe bet when it comes to increasing its value. In 2021, exterior upgrades including garage door replacement, manufactured stone veneer, new siding, and new windows topped the list of home remodeling projects that deliver the highest ROI, according to Remodeling magazine. Even smaller projects such as painting, refreshing your landscaping, or replacing or repainting your front door can make your home more attractive and ultimately more valuable.
- More Efficient – According to the National Association of Home Builders Remodelers, energy conservation features can have a significant impact on home value, depending on what area of the country you reside. Features such as double-paned windows, enhanced insulation, efficient appliances, energy-efficient lighting, and solar panels are big wins for energy-conscious buyers. Consider scheduling an assessment with a certified energy auditor or your utility company to determine where your home is energy inefficient and how energy-friendly features can help you put more money into your pocket now and down the line when you’re ready to sell.
- More Longevity – A surefire way to increase your home’s value? Invest in major big-ticket components like the furnace, water heater, roof, or air conditioner. When potential buyers know they won’t have to worry about these big features anytime in the near future, they will be more likely to pay a higher price for that peace of mind.
Have questions on the value of your home or the best way to improve it based on its features, your neighborhood, or selling timeline? Get in touch – we can help!