When you own your own home, there are a lot of responsibilities that come along with the purchase. Maintaining a home is a whole other adventure. It’s important to understand the various elements of your home that most affect its overall value.
Boosting the value of a property while you are occupying it is key to getting a good price when it’s time to sell. Take a moment now, and read through a short list of some important aspects that affect the value of your home.
Understand the local property laws
You should make it your business to understand any local property laws that affect the value of your home. Ideally, the value of your property will increase each year, but you can’t be sure that’s the case.
Take the time to research your area, and understand the boundaries set by the local law. The knowledge could help you make the most of your home when it’s time to resell the property.
The schools in your area
You probably looked at the schools in the area when you first purchased your home, and other homebuyers will look at those aspects too. The schools in the area can add value to your home if you have a popular college nearby or a highly ranked high school.
Education is valued in many areas of life, and real estate makes changes for quality education as well. Make sure you have good schools in the neighborhood when you buy, so you’ll get a better deal when you sell.
The state and age of your home
Home improvement projects are always welcomed, as long as you make sure the work is quality. The state and age of your home have a strong bearing on the price at resale, so consider building equity in your home while you are occupying it.
Amount of usable space
The usable square footage in your home is a huge selling point for new buyers. If you want to add value to your property, add usable square footage. Building an in-law suite that can be used as a studio, office, or guest bedroom will add dollar signs to the selling price of your property.
You can also add value to your home by adding outdoor living space. A nice deck where occupants can host parties and backyard barbeques is always an attractive element to buyers.
The price of other homes in the area
The price of other homes in your neighborhood have some bearing on the resale value of your property as well, which is why it is important to invest in your community. Take the time at least once per month to give back to your community, and help build up the neighborhood once service at a time.