Hey Taylor: I just bought a house and I’m really focused on making sure it retains its value. Aside from maintenance and such, what are some ways to hold (and hopefully increase) its overall worth? - Carmen
Hey Carmen: This is an important thing for homeowners to focus on! Property value usually trends upward, but that’s never a guarantee. Here are a few ways you can increase the worth of your new house over time:
1. Maximize space. Whether your home has two bedrooms or four, it’s important to feel that there’s plenty of room. As the years go by and you collect more things, it’s easy to get accustomed to cramped quarters and limited storage. That can be a big deterrent when it comes time to appraise your home. There are a few ways to make your house feel bigger, one of which is actually making it larger with an addition. If you have the money to invest in a new room, you should see a good return on that money when it comes time to sell. If you don’t want to make the house physically bigger, you can install shelves, cabinets, and pantry spaces that create space without adding square footage.
2. Be tech savvy. You don’t want to overdo it with the programming and computerizing of your house but smart home security panels and thermostats can add a lot of appeal. As long as there isn’t a steep learning curve, prospective homebuyers will generally like the idea of a house with good security features and a heating and cooling system that is effective and efficient. Any system that lets you save money on utility bills makes financial sense in the immediate future and for resale purposes. You should think about innovative and efficient lighting sources, bathroom fixtures, kitchen appliances, and so on. You don’t have to turn your home into something out of a sci-fi novel but keep an eye out for smart devices you think will fit nicely in your house.
3. Keep up outdoor appearances. If home value is a concern, you can’t overlook your front or backyard. Even if you just have a small patch of grass, figure out a way to make it look nice. You’ll also want to be sure you go with a setup you don’t have too much trouble maintaining. People often bite off more than they can chew when it comes to landscaping, and if you abandon your efforts part way through you could end up with a pretty ugly yard. Find a look you like that you have time to maintain, and stick with it.
Home upkeep costs a good deal of money, but that investment will pay off if you take the right approach. Keep the above items in mind as you work on your home, and hopefully the value will continue to rise!
Disclosure: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
