Your home is not only a place to live but also one of the best ways to build wealth. Thanks to home appreciation, recent sellers have sold their homes for about 29% more than they purchased them! Here are a few things you can do to Increase your home value this year:
How to Increase Your Home Value this Year
1. Adding More Space or an Accessory Dwelling Unit (ADU)
Making your home feel bigger will increase your home value. Just look for opportunities to make your home more spacious. You might have to knock down some walls or add another bathroom as a house addition. Hiring a remodeling contractor can help you get the best results. Checkout our blog post 10 Reasons to Add On or Remodel Your Home.
ADUsthey go by a variety of names: casitas, pool homes, in-law suites, granny flats, guesthouses and secondary dwelling units. There are 3 types – detached, attached, and garage conversion. ADUs can increase your resale value depending on the type and size of ADU you are building.
2. Adding Beauty Inside & Curb Appeal Outside
Making your home more appealing will also increase your home value this year. A beautiful home is not only a great selling point for future buyers but also a chance to enjoy living in a prettier home yourself. Adding indigenous drought tolerant plants and landcaping can improve your curb appeal and save water and reduce your water bill.
3. Adding Smart Tech to Your Home
If you love tech, then you’re going to like this one. Americans are getting more interested in buying homes that come with more gizmos and gadgets. Switch on your tech-geek radar whenever you hit the electronics store, you might find a good deal to upgrade your home with smart technology!
4. Adding Energy Efficiency Upgrades & Solar Panels
Adding energy efficiency might not be the most exciting way to increase home value, but it is something you really want to consider. Energy efficiency is a great way to increase your home value this year. Almost 70% of real estate professionals said that promoting energy efficiency in home listings was valuable.
So which energy efficiencies should you focus on to build home value? An energy-efficient home is well insulated and airtight, with high-efficiency heating and cooling equipment that helps keep utility bills low. It’s outfitted with low-flow accessories to lower water consumption and water-heating costs.
Cool roofs use highly reflective materials to reflect more light and absorb less heat from sunlight, which keeps homes cooler during hot weather and save on AC costs especially if you live in the valley or desert areas of Los Angeles.
If you install solar panels in 2021 you will get the Federal Solar Investment Tax Credit (ITC). If you had bought and installed a new home solar system in California in 2020, with or without a home battery, you could qualify for the 26% federal tax credit. The residential ITC drops to 22% in 2021 and ends in 2022. So don’t delay!
5. Adding Updated Systems and Appliances
Easing a buyer’s mind about home maintenance issues is another way to present your home as more valuable. How do you do that? Make sure all the systems and appliances in your home are up to date and fully functional.
Final Thoughts on How to Increase Your Home Value this Year
Unfortunately, it’s really hard to predict your home’s exact rate of appreciation. This is because your home’s appreciation rate is based on variables that keep changing. They not only include the number of houses and buyers available but also inflation. You also might not even be ready to sell your home when the market is hot.
You now know the things you need to do to increase your home value this year but how you do it is up to you. Some of these things could take tens of thousands of dollars, especially when you don’t have professional help.
With the right Los Angeles remodeling company, you will easily increase your home value this year. You can rest assured that the project is completed on time, within your budget, and just as you envisioned. Eden Builders is a California licensed construction company. We specialize in Home additions, ADU’s, Kitchen remodeling, and Bathroom remodeling. Our company can tackle any remodeling project with a minimum project cost of $25K
Some recent home additions and ADUs and remodels
