What do stock market investors and homeowners have in common?
Both parties must track upcoming market trends on the horizon. Next, they gather data from these observations to make informed decisions. One may use housing trends to make a house-flipping decision, while the other may use forecasts to diversify their portfolios.
Similar to investors, homeowners have a laundry list of details to consider.
A home is also an investment. Like stocks, properties increase (or decrease) in resale value, depending on the market. The resale value is your home’s worth in the future.
If you want to boost your home’s value, you have to invest in various upgrades. Everything from kitchen flooring to HVAC systems can increase the resale value of your home.
Start with this essential homeowner’s checklist.
How to Choose Home Upgrades
Naturally, home upgrades add up. That’s why homeowners, like all investors, must make strategic decisions. This way, you don’t have to pay for a bunch of renovations you don’t need.
First, look up any recent home purchases in your area. Take note of any patterns in housing listings.
For example, did all recent sales include a pool?
This perk may be your cue to install a pool or renovate your existing one.
Are homebuyers looking for plenty of backyard space?
Consider calling a land clearing service to remove trees and shrubbery, creating more space for Grandma flats, gazebos, and kid’s play areas.
Did recent sales include brand-new doors and windows?
Research various window and door services to upgrade these basic essentials before listing your home. Windows also require insulating materials and ease of use, as well as style. Windows must be properly customized for the right shapes, too.
Here are some other points to consider when reading home listings:
- New bathroom fixtures
- Number of bedrooms
- Kitchen appliance upgrades
- Central heating system (or ductless mini splits)
- Renovated home offices
- Home security system
- New home wiring
- New plumbing systems
- Solar panels
Solar panels are a really interesting point to consider. The upfront cost is much higher than regular roof renovations. However, homeowners report huge yearly savings from solar panels.
Let’s take a look at more eco-friendly upgrades for your home.
Boost Resale Value (Without the Carbon Footprint)
Are you an eco-friendly homeowner? Were you looking for sustainable home upgrades while you were searching for a house?
Eco-friendly upgrades are growing in popularity as homeowners shift toward more green habits. They’re also seeing huge savings on gas and electricity usage. Coupled with good conservation practices, homeowners save significantly year-round.
There are several things homebuyers look for when searching for eco-friendly homes. Solar panels are just the beginning.
Homebuyers who grow their own food need plenty of yard space for fruit and vegetable gardens. You can also increase your listing price with additional garden sheds, composting areas, chicken coops, and more functional upgrades.
Next, install receptacles for recycling. Large families generate a lot of waste. You can even install built-in recyclable receptacles underneath the kitchen sink.
Homebuyers may also enjoy a garden ready-to-go! Look at recent home sales to see if any houses came with gardens, including the type. Listings should have garden photos included.
Don’t forget the finer details like plant-based eco-friendly wall paint like NO-VOC paints. These types of upgrades do well in areas where most homeowners have solar panels, sustainable gardens, and so forth. This market is growing in both rural and urban locations; rural properties are often more cost-effective than popular, dense urban areas.
Next, replace your own appliances with energy-efficient alternatives. Replace old insulation with healthier alternatives to prevent indoor air pollution. You should also test your home’s indoor air quality so that you can make the necessary upgrades.
It’s also important to prepare your home for energy efficiency. Even little things like window and door caulking can go a long way. You can also use home improvement spray foam to fill in any gaps; warm and cold air quickly escapes from the tiniest cracks.
Attract Homebuyers With Bathroom and Kitchen Upgrades
One housing listing trend you can’t miss is kitchen and bathroom upgrades. These upgrades are the top choice among all homebuyers nationally.
Naturally, a lot of activity takes place in the kitchen. It’s the hub for meals, family get-togethers, and holidays. A warm, spacious kitchen brings people together for quality time, necessitating the need for quality lighting, seating, counters, appliances, and flooring, as well.
Here are the most common types of kitchen upgrades, starting with the highest priority:
- Kitchen counters and countertops
- Kitchen floors (hardwood and stone)
- New appliances (stoves, fridges, dishwashers, etc.)
- Kitchen plumbing
- Lighting system
- Kitchen islands
- Kitchen tile backsplashes
Are you planning on selling a furnished home?
Upgrade your new kitchen with brand-new breakfast tables, chairs, drawer inserts, organizers, and more.
You don’t have to list your furnished home at all to attract buyers or renters.
Homeowners are generating plenty of income through Airbnb listings.
How to Finance Your Home Upgrades
Are you pressed for time?
Are you flipping or renovating multiple homes at once?
There are plenty of financing options to help you get the ball rolling.
First, check your credit score.
Homeowners with high credit scores are more likely to get approved for loans from any financial institution. You also enjoy much lower interest rates and higher borrowing limits. These types of borrowers also enjoy generous payback terms without having to pay a dime for several months.
Homeowners with lower scores can still get loans through financial institutions. However, it’s a little harder through banks. You also pay higher interest rates and may not get the same payback terms.
Home improvement loans are another option. These loans are designed for homeowners like yourself. Plus, you can pay back your loan in monthly installments, perfect for homeowners on a budget.
Supercharge Your Home’s Value
Is your home ready for the market?
First, understand the market to identify the right home improvement projects. Start with high-priority jobs like kitchen and bathroom remodeling. You can also book an appraisal afterward to see where your resale value stands.
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