Buying a house is a long-term investment itself, but various factors impact the home’s overall value in the long run. Whether buying a new home or trying to increase the value of a current home, here are some factors for homebuyers and owners to consider.
Homes located in desirable areas are more likely to increase in value. Proximity to good parks, schools, shopping and restaurant options, entertainment and more can help increase a home’s value. Even if the home itself loses value, the property it sits on may help increase its worth.
Usable space plays a significant role in the value of a home. Minimal usable space may limit options for remodels and additions. Homes with more usable space tend to have a higher value and can be a greater long-term investment.
Energy-efficient homes require less energy and result in less expensive utility bills, saving money in the long run. Energy-efficient home features can also reduce maintenance costs. Appliances and systems that save energy can save money for owners and attract potential buyers.
Upgrades and Renovations
Updating a home can increase its value depending on the upgrade, the home’s existing value, its location and other factors. Homeowners who invest in making upgrades such as finishing their basement, adding a deck or renovating the bathroom add value to their home and can attract buyers when the time comes to sell.
It’s important for homeowners to keep up with home maintenance for a variety of reasons, but maintenance and completing repairs can help maintain and even increase a home’s value. This is especially important as a home ages and requires more maintenance and repairs. Staying on top of problems will help increase your home’s lifespan and value.
Having a secure home is important to most owners, buyers and sellers. Home security systems have been gaining popularity, and having a secure, reliable system can increase a home’s value and make it more desirable to buyers. Proper security can also help prevent dangerous, costly and inconvenient incidents like burglaries, property damage and other crimes.