Everyone wants to see their home increase in value. And that goes especially for sellers who want to get top dollar. Depending upon your corner of the market, many homes are going for well over-asking as buyers are out in full-force, holding pre-approval letters for mortgages at record-low rates.
About 65% of homeowners believe their home value will go up over the next few years. But, in these times of severe economic uncertainty, that’s definitely not guaranteed. There are, however, some relatively simple tasks that can increase the value of your home in order to sell for more in Boston.
1. Strive for Low Maintenance
Most buyers don’t want a home that will require a lot of immediate work or a great deal of ongoing maintenance. They would like to move in and likely perform minor updates. One good way to increase the value of your home in Boston is to make it low maintenance.
Experts agree that since many home buyers worry about buying a home that will need constant maintenance, replacing a major component before putting it up for sale – like the furnace, water heater or even the roof – may calm fears of an emergency repair in the near future and help get you a higher sale price.
Similarly, you should try to perform other improvements that will make your home low maintenance by making it clean and easy to take maintain. You could, for example, remove the carpeting to reveal the hardwood flooring because these are lower maintenance and easier to keep clean than wall-to-wall carpeting.
2. Increase the Energy Efficiency
Energy conservation features can have a significant impact on home value. Most people are environmentally conscious and trying to live greener, so making everything more energy efficient will also increase the value of your Boston home.
Some of the eco-friendly updates that you can do to enhance energy efficiency and increase home’s value include:
- Adding more attic insulation
- Installing double-paned windows
- Installing solar panels
- Replacing current lighting with LED lighting
- Switching to energy-efficient appliances
Be aware, though, installing solar panels is a hefty expense and so takes some time to realize the value increase. Still, a National Association of Realtors survey revealed that 39% of agents said that solar panels do in fact immediately increase perceived value.
Check to see what rebates MassSave is offering to keep your home warmer in the winter and cooler in the summer. They also offer no-cost online home energy assessments.
3. Improve Curb Appeal and Landscaping
One of the best – and not very expensive – things you can do to increase the value of your home in Boston is to work on landscaping to enhance curb appeal. Landscaping is probably the best and easiest, most affordable way to increase your home value.
Here are a couple of things you can do out front:
- Strategically plant native trees – This will help reduce energy consumption by as much as 50% by providing shade and protection from wind.
- Replace annuals with perennials – This too can help cut energy costs (as well as ensuring a more attractive curb appeal throughout more of the year). Plus, you’ll save on having to replant every spring.
4. Alter Floor Plan to Increase Square Footage
Some homes just don’t have an amazing floor plan. If that’s yours, then modifying the floor plan can help increase the value of your Boston home. Here’s what industry insiders say: “If you purchased a home that’s closed off and choppy at a time when most people prefer a more open design, then removing a wall here and there will increase the value.”
Buyers always want more room. Increasing the square footage can also increase your home’s value. Bigger homes usually lead to higher values, and that’s something buyers tend to notice.
In order to increase square footage, you could add, say, a bathroom or a family room. Less ambitious and less expensive projects would include turning a basement into a rec room or an attic into a living space. Not only will this increase value, but it will also broaden your target market.
5. Make it Smarter
And don’t forget to take into account the popularity of smart homes. Today, buyers are willing to pay more for homes equipped with smart technologies. Even if it doesn’t increase the value by much, it will still add considerably to buyer appeal.
Keep in mind that buyers are looking for smart technologies that enhance both safety and convenience. According to a survey, the most sought after smart devices include thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks, and lighting.
Consult Your NextHome Titletown Agent
There are, in fact, many things you can do to increase the value of your home in Boston, many more than we’ve listed here. The difficulty lies in determining exactly which of those many things will actually yield a good enough ROI to make them worth the time, effort, and expense.