Your House is An Asset: How to Increase Your Home Value
The real estate market continues to fluctuate due to increased mortgage rates and inflation. While the past few years have typically been in favor of sellers, the market is beginning to cool. However, for homeowners who are looking to move, late spring and early summer have been the best time to sell due to a number of factors, including seasonality and scheduling ease around children’s school schedules. If you’re preparing to sell, here are a few tips on how you can increase the asset value of your home.
Home renovations
According to the Joint Center for Housing Centers of Harvard University (JCHS), homeowners spent approximately $472 billion on home improvement and repair projects in 2022. While homeowners’ reasons for remodeling vary, homeowners can also expect positive ROI from their renovation projects, especially from installing hardwood floors, upgrading to more energy-efficient fixtures, and installing new roofing or garage doors.
4 tips for increasing your home value on a budget
- Get rid of things you no longer need. Even if you’re not ready to undertake major renovations to your home, small steps like cleaning and decluttering can help by making your space more efficient. If you need help deciding what stays and what goes, professional cleaning services can help.
- Refresh with paint. Adding a fresh coat of paint to your interior rooms can also refresh and update your home. Check out this guide from HomeAdvisor to check basic costs by room type or square footage.
- Work on your curb appeal. You want potential buyers to have a good first impression before they even step foot into your home, and that’s what makes curb appeal so important. To update this, NerdWallet suggests trying small, inexpensive projects that make a huge difference, like power washing the driveway or the exterior of your home, cleaning your windows or replacing your outdoor lights.
- Hire a professional for staging. Professionals who stage homes can help make the most out of your existing space and decor, and make your property more appealing to potential buyers.
Thinking about selling your home?
Selling your home can be a beneficial opportunity to increase your wealth. Energy-efficient homes may also provide tax credits. Before you sell your home, contact us today to discuss how your house is an asset with your financial and tax professionals at Chatterton & Associates.
Although the information has been gathered from sources believed to be reliable, it cannot be guaranteed. Federal tax laws are complex and subject to change. This information is not intended to be a substitute for specific individualized tax or legal advice. Neither Royal Alliance Associates, Inc nor its representatives provide tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.
