Since the rise in interest rates, many homeowners worry about the negative effect it could have on their home value. No need to stress out! The rate of your property value increase can depend on many factors, including the community where your home is located, local demand for housing, and the economy as a whole. But you, as a homeowner, can also affect your home’s value over time by making upgrades and changes that increase its appeal and merit a higher selling price.
Appreciation in real estate is the increase of your home’s value over time. Homes have seen a higher than average growth in value over the last couple of years, reaching the highest climb in January 2022, when the median nationwide real estate appreciation reached 19.1 percent year-over-year. The highest level in 45 years!
“How do I know what projects will add more value?” In my experience as a real estate agent, this is a list of 8 home improvement projects that I have seen add value to my client’s homes, and I am confident it can help your home as well!
Clean and declutter – this little action can go such a long way!
A fresh coat of paint – although it sounds simple, it can have a significant impact, increasing your home value up to 5%
Change your front door – first impressions matter!
Freshen up your curb appeal – this is an easy DIY upgrade in many cases.
Update the flooring with newer materials and colors – it can completely change the feel of the space.
A complete kitchen renovation – this is one of the most important rooms, and it has an estimated cost recovery rate of almost 75 percent!
Upgrade the appliances with new energy-efficient models – buyers always look for ways to save money.
Boost the bathrooms – this will recoup up to 90% of your investment.
I like to provide my clients with an informational document once a year with the updated value of their homes. I know it’s important to know the value of your assets, regardless of future plans with them. And I would love to provide this same information for you! Just respond to this email, and I will ensure you receive this personalized packet at your doorstep.
