Posted on | April 19, 2013 | 6 Comments
For most people, their house is their single biggest material possession. Therefore, if there is any possession whose value you would want to increase, it has to be your house. Just a 5% change in value of a $500,000 house can increase the net worth of its owner by $25,000. In the following sections, we talk about the top ways in which you can add value to your home.
Upgrade, upgrade and upgrade
The simplest way to add value to your home is by upgrading the features and rooms that have lost their charm and functionality. The following are some types of upgrades worth noting:
- Kitchen Your kitchen is arguably the single most important shared resource of the home. Upgrading the kitchen appliances, cabinets and other parts of the kitchen can drastically improve the attractiveness of your home. As our kitchen appliances get old, get used to them; so we may not notice when they get so old that others can easily notice their age. Therefore, take a good look at the appliances that need to be replaced.
- Upgrade your Plumbing Good plumbing can imrove the value of your home in the eyes of any prospective buyers manifold. There is a difference between plumbing fixtures that are ten years old, and come in older designs, and between fixtures that you have newly upgraded, that any buyer can instantly see.
- Flooring Upgrade Flooring is often forgotten among all the upgrades, which is a tragedy, because flooring is easily the eye-catching feature of any home. A new floor can catch the attention of just about everyone, and leave them impressed.
- Upgrade your Master Bedroom The master bedroom is the bedroom that will be personally used by the new buyers, so it is important that they feel at home in it. You can improve the master bedroom by installing new closets, and by expanding the bathroom.
Improve Curb Appeal of our House
Curb appeal refers to how a house looks from the curb. Whereas upgrades to the kitchen and other parts of the house will improve its functionality, curb appeal improves the value of your house by making it more attractive to the eye. A well-maintained lawn, trimmed grass and clean sidewalks should add a lot to any house; and all this would barely cost you anything. Further, make sure that your house is painted well, and is not rusting off at any point.
Whether you want to add value to your house for prospective buyers, or for your own use, these changes can serve you well in either case. A number of lenders even lend money to add repairs and upgrades to home, so if you wanted, you can even get a loan to upgrade your house. According to a leading home lender, Newcastle Permanent Building Society, most people borrow money to make upgrades, before they put their home for sale. Whether you want to use the upgrades yourself, or want to use them to improve your selling price, you can easily get a loan from one such lender.