Items that Will Add Value To Your Old Home That You Don’t Have
Friday, May 30, 2014, 1:00 PM | Leave Comment
In today’s economy, home values are finally starting to increase; but how can we as homeowners accelerate the value of homes? The following items prove that we do have power to increase home value:
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Solar Energy Panels
Solar energy panels can not only cut your energy bill in half, but also increase your home’s worth. Solar Energy panels are flat metallic boards placed on rooftops that obtain energy through its reflection of sunlight.
According to the U.S. Department of Urban House and Development (HUD), a home’s value increases by $20 for each $1 that is removed from the electricity bill.
This will lead to a $1000 savings every year on an electric bill, and will increase a home’s value to $20,000. Energy saving utilities will also make the property more marketable when selling since a buyer can also save money.
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Neutral Based Paint
It is important to maintain the freshness and tone of interior and exterior walls, but what about its color? Having a neutral palette, such as cream or beige, gives an owner or prospective buyer the freedom to mix and match different shades of furnishings.
Bright or off-balanced colors such as punch red or orange restrict a buyer’s selection of furnishings and bedding to limited colors.
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Detachable Storage Cabinets
Having more storage space, such as portable cabinets and drawers, invites homeowners or buyers to maintain the home’s tidiness.
This promotes the property’s cleanliness which augments value. Surveys conclude that buyers consider storage spaces in garages the most appealing than storage spaces in other rooms (HUD, 2014).
A garage is the easiest place to store unnecessary baggage called junk. It is important to also beautify this aspect of a home since a garage can easily become the nearest junkyard.
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Insulated Garage Doors
According to The Garage Door Company Ltd, a company that specializes in garage doors in Airdrie, a garage door can open opportunities for higher value since it is a major focal point of the home (accounting for 20-40% of the home).
Strateamark Research and Clopay Door interviewed 300 realtors and found that an insulated garage door added up to 4% in selling value (Robey, 2012).
This is a $10,000 gain on a home worth $250,000. Insulated garages use polyurethane, a chemical compound that bonds to the steel section of the garage. This bond enhances rigidity and durability which helps to prevent snow damage to garage doors in geographical areas heavily impacted by snow.
In addition, having separate or multiple garage doors is an added bonus. It creates the appearance of a spacious garage, and provides more choices in access.
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Windows
Having modern windows can update both the interior and exterior of a home while adding value. The HUD found that spending around $7,000 on windows yields an 82.4% ROI, which translates to $8,715. Updated windows is a smart investment that can add value to a home inside and out.
As evidenced, the quality of a home is easily improved through the use of many items such as windows, colored paint, solar panels, or cabinetry. Now, the future worth of homes is dependent upon the owners. Owners can now exercise care of their homes through applying these value enhancing items.
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