Increasing your home value is an excellent way to boost your potential wealth over time. Sometimes, making a few simple changes to your home can significantly increase the potential purchasing value of your property in the long run, allowing you to reap some serious rewards.
What’s more, not only will investing in your home improve your wealth through equity, but it can also enhance your quality of life too. The right home renovation or upgrade strategies don’t just make your home more appealing to future buyers, they also simplify and enhance the lives of you and your family members too. The question is, which home improvements will have the biggest impact on both your lifestyle, and your potential selling price when it comes time to move on? Here are just some of the top options to consider.
Loft, Garage, and Basement Conversions
While a loft, garage, or basement can deliver its own unique value to a property with extra storage space, it’s also an opportunity for you to increase the size of your home for future potential buyers. We’re living in a world where people are constantly looking for extra space, whether they need another bedroom for a new family member, an extra bathroom, or a home office. For homes in cities where floorspace are limited, renovating, or converting the under-used spaces in your home could give your property significant extra value.
In some cases, you may be able to make changes to your loft space and basement without planning permission. However, you may need to request permission if you’re going to be converting a garage, so do your research. Make sure you do your research before beginning your project. You’ll need to plan for the cost of not just redecorating the space, but adding heating, lighting, and even windows in some cases.
Solar Panels and Green Energy
While energy prices can rise and fall depending on the state of the economy at any given time, the cost of electricity and gas has consistently increased over the last few years. High energy prices, combined with growing global concerns about carbon emissions and pollution, have led to increased interest in properties with alternative power options. There are numerous ways to invest in making your residence more sustainable, from installing triple insulated windows, to updating your roofing materials.
However, perhaps the most popular option is installing solar panels. These days, purchasing solar panels for your home is much less expensive, thanks to reduced material costs and grants. Not only will solar panels make your home more appealing to future buyers, but they should help you to reduce your energy bills and costs in the long-term too, by making you less reliant on the grid.
Home Lift and Accessibility Upgrades
As the housing market continues to evolve many modern buyers are looking for properties that can stand the test of time, evolving with them as they get older. As such, there’s an increasing focus among buyers on accessible properties, which adhere to the needs of those with disabilities and mobility problems. Investing in making your home more accessible can be a great way to ensure you can attract as many buyers as possible in this current market.
A home lift can help you to attract consumers who want to age in place, as well as those with disabilities. Installing a solution from a company like Lifton Home Lifts can improve your quality of life too, by making it easier to navigate the floors of your home. Imagine how much easier it will be to clean your house and handle laundry when you don’t have to carry heavy items up and down the stairs.
Kitchen Improvements
Kitchens are one of the home renovations with the highest return and often the first room in the home property owners consider when deciding to upgrade or enhance their living space. A new kitchen can be incredibly appealing to homeowners, particularly if it includes all the right features. Replacing units and cabinets alone could end up costing you more than you gain in resale value. However, upgrading your kitchen with more space, so families can sit down and eat together in the same room, could be an excellent way to boost your property’s value.
You could even consider creating an open plan environment, breaking down the wall between your kitchen and dining room. Investing in ways to make your kitchen more efficient, with smart appliances, and energy saving tools can also be an excellent way to make it more appealing to buyers. Don’t be afraid to look beyond simple décor changes and make some serious updates.
A New or Improved Bathroom
Finally, a new bathroom is an excellent and reliable way to add more value to your property. The good news is you don’t have to spend a fortune to create a phenomenal bathroom. It’s important to note that if you want to add value to your home with a bathroom, you also need to ensure the rest of your property is in good shape. Changing the full layout of your bathroom and changing out your plumbing can be expensive. However, simply replacing your sink, toilet, bath, or shower could have a significant impact on your selling price without breaking the bank.
Even simple strategies, such as changing the tiling and updating the lighting in your bathroom can drive excellent results. You can even consider updating your home’s accessibility in the bathroom, by switching from a bath to a walk-in shower.
Making the Right Home Improvement Upgrades
Investing in ways to upgrade and improve your home is a fantastic way to boost your long-term wealth and add more value to your assets. However, home improvements don’t just give your home more selling potential when you decide to place it on the property market. All the upgrades mentioned above will simultaneously improve your potential sale price for your home and enhance your quality of life. With these strategies, you can make your home stand out on the real estate market and live the lifestyle of your dreams.
