Millions of Americans get mortgages on their homes instead of buying them outright every year. If you have a mortgage on your home, you know how important it is to keep the value high. But in an increasingly competitive market with home prices climbing, this is not always an easy task to keep the value on par with other high-value homes.
You know your house is excellent, but will prospective buyers? Here are five ways you can start maintaining the high value of your home to make sure they do.
1. Upgrade Your Property
The best way to keep your home from losing its value is to keep it updated. You can do this throughout your mortgage, even after paying it off, if you want to sell it one day.
One visible upgrade you can make to your property is to have your siding repaired or replaced. The exterior is the first thing that stands out about a home’s curb appeal, so it’s crucial to keep it in good condition.
Another big thing is making sure your kitchen stays updated throughout the years. Buyers usually want newer appliances and modern amenities, even in homes with historical styles.
These are just a couple of ways to upgrade your home, but you can get upgrades for pretty much everything on your property. Make sure you keep it all up-to-date to ensure a high value.
2. Invest in Energy-Efficient Features
Many homes now come with energy-efficient features, so you need to make sure you have the latest options in your home to increase value.
One vital energy-efficient feature is insulation, which is easy enough to install. It helps lower electric bills, as well as prevent leaks.
Another feature that may raise the value of your home is low-flow water appliances like toilets and washers—these lower the amount of water consumption by letting a smaller amount of water flow at a time.
3. Maintain Your Landscaping
Keeping your lawn nice and tidy may seem unnecessary, but it is the first thing realtors and potential buyers see when visiting the house. A well-maintained lawn is also usually the sign of a quality house.
To make your lawn look healthy, make sure you keep all your trees and shrubs trimmed, along with the grass. Fertilizing your lawn will also help keep it green and fresh. You might also try checking up with your landscaping company to ensure you are on the right track to a healthy lawn.
4. Increase Your Finished Square Footage
Increasing the square footage of your home is a great way to bring up the value of your property while still adding something for your benefit. Some ways to add square footage include building a second story and finishing your basement.
While one is easier than the other, they both offer more space for your family and any future buyers who might want a more extensive property.
Another good thing to do is build a roof over the garage. It will increase the value of the property and protect your cars from any harsh weather conditions.
5. Switch to Tile Flooring
If you have carpet anywhere in your house, it may be time to think about switching to tile flooring.
Tile is much more durable than any other material, and it is resistant to stains, unlike carpet. Ceramic tiles are one of the cheapest flooring materials out there, and yet they significantly increase the resale values of properties.
Whatever you do, make sure you keep the flooring in your house consistent. Most buyers do not want to redo the flooring or deal with mismatched materials in different rooms.
Now that you know how to keep your home’s value high, which project will you pursue first? You may need to hire professionals to help you with these upgrades, but it will always be worth it in the end! Make sure you are always thinking about your home’s value when getting repairs and upgrades.