A house’s property value, also known as the house’s market value, is affected by many different aspects of the home and the land it is located on. A property owner benefits from higher property values when taking out a home equity loan or when selling the house. Your state may adjust your property tax if your home’s value increases, however.
A homeowner increases his property value by improving the curbside appeal of his home, which is the view of the house as someone is pulling up to it. Basic landscaping, such as mowing the lawn, planting a garden and adding trees, makes your house look neat and tidy. You may also consider repainting the house or cleaning off the siding, depending on your home’s exterior features. Address problem issues with your home, such as a damaged roof or exterior defects.
You can refresh your home’s interior by painting all of your rooms, especially if it has been a number of years since you painted your walls. If your furnace or water heater is an older model or breaks down from time to time, replace it with a newer model or completely new system. Your electrical system may need updating if your house is older and has original wiring. You’ll need to fix any minor and major issues with the interior of the house, such as dings and holes in the walls or broken light fixtures. If you are putting your house on the market, clean it as thoroughly as possible so the buyer focuses on your house and not any messes or dirt.
A major renovation, such as an addition to the house, a renovation to an existing room or an in ground pool, increases your home value but you might not recuperate the costs over the short-term. HGTV reports that the kitchen and bathroom are two of the most popular rooms for major renovations. The upgrades help your house stand out in the market or increase your home’s value over time.
Your home’s renovation costs could range from a few dollars for a bucket of paint to tens of thousands of dollars for room renovations and house additions. You need to keep the costs in mind so you either gain the cost of the renovations back through the home sale or receive it over time as house equity. According to HGTV, you eventually get between 75 to 85 cents on the dollar back from many home improvements over time.