Clever, Easy, Cost-Effective Strategies
If you’re going to get the most value for your property, you’ve got to put in the effort. Still, it’s wise to work smarter, rather than harder, by finding the most cost-effective ways of doing so. Consultation can help with your specific home. To help stimulate your imagination, we’ll briefly cover four easy and affordable ways to maximize the property value of most homeowners.
1. Incorporate Value-Injecting Renovations, Like A Solar Array
Consultation can help you determine which cost-effective renovations will have the most Return On Investment, or ROI. Sometimes a simple kitchen remodeling can add thousands more in property value than its overall expense. Sometimes a kitchen remodeling won’t work well in terms of profit. However, there are renovations that are cheap, easy, and ROI-rich.
A solar energy array averaging around 3.1 kWh of output will bring the average home in America $16k+ in value. This will differ per state. You can install such a system yourself for around $5k over a weekend, if you’re diligent to do your homework, take your time, and get the job done right. However, the general installation of a total solar package can often be found under $10k; so either way, you slice it, you’ve got a good chance of increasing property value above what your actual costs are for the installation.
Even so, if you’re going to have your solar array installed without crawling on the roof and doing it yourself, search for a deal. State averages are $5k+ per kWh, so the average is going to be about $16k in installation costs; unless you shop for that deal, or do it yourself.
It’s just a matter of installing brackets and running cables to an energy bank—read: battery array. As a bonus, there’s an associated tax break, and you can cut utility costs by using your solar array instead of the grid. Whichever direction you go, you’ll be able to get your money back; either in the long-run through utility bill reduction and tax breaks, or in the short-run through a property.
2. Maintain The Premises, Inside And Out
When a wall needs a lick of paint, give it a lick of paint. When a faucet needs replaced, replace it. Keep your property’s value constant by continuously maintaining it. Make a habit of this; have one day a week when you do chores.
In terms of your property’s exterior, landscape it. Proper landscaping can provide between 5.5% and 12.7% in property value, depending on your region. So if your home were worth $300k, landscaping it would pop that value up to something between $316,500 and $338,100. On average, good landscaping essentially defers closing costs on a home sale.
3. Maximize Available Space
Attic space can be made into a bedroom, an observatory, a poker room, a reading room, or whatever suits you. A basement can be a bar, or a theater, or a living space you sublet out. Subletting the basement could provide you with enough money to cover many renovations costs.
If you’re about to sell, rent out the basement at $1k for two years, and you can put $24k into renovation at no cost except the time to manage your tenant, and prepare a space for them. Granted, you will have incidentals, but it’s probably safe to assume at least $18k in profit, provided you get the job done right.
4. Install A Security System
A security system will increase the value of your property provided it is effectively installed and comes from a reputable group.
Some home security systems may have more advantages than others. You want something comprehensive for best property value enhancement; one with motion detectors, cameras, and window alarms.
Maximizing Property Value
There are a lot of things you can do to make your property more valuable, and which require relatively little expense on your part. Solar energy arrays and other high-ROI ventures make a lot of sense. So does the installation of a security system, internal space maximization, general maintenance inside and out over the long-term, and proper landscaping.