Buying property isn’t the quick path to riches that many people think it is. While most real estate does appreciate in value over time, the value of that appreciation is dependent on your investment. Good maintenance practices, neighborhood policies, and curb appeal can all affect your home’s value. A home can be the most significant investment you make in your life, so protect it.
Routine Maintenance Is Key
Routine maintenance of your home is a crucial factor in maintaining your home’s value. You should save at least $500 a month for significant home repairs like plumbing, electrical, and roofing issues. Routine maintenance will help you spot minor issues that could become major if left unattended. You should also choose a home insurance company to cover you in case of disaster. It’s important to know what home insurance will and won’t cover in Toronto, as not all home insurance is created equal, so be willing to do comparison shopping to find the right fit for your budget.
Increasing Curb Appeal
The visual appearance of your home plays a huge role in determining its value. Siding with mildew, loose shingles, and a broken driveway all lower the value of your home because of their appearance. Visual signs of neglect can signal to a potential buyer that the house may not be in the best shape.
A new coat of paint or power washing a brick home can do wonders for changing the outside appearance. Landscaping is also part of curb appeal, but be careful here. Everyone loves a beautifully trimmed lawn, but don’t overdo it here. Good aesthetics increases the value of your home, so keep that in mind when planning landscaping projects. The value of your home’s curb appeal is also directly tied to your entire neighborhood’s charm.
The appeal of your neighborhood can also impact the value of your home. Living in a neighborhood with high crime statistics or high numbers of foreclosures can lower the value of your home. Vacant homes can be filled with squatters or become unkempt. If a foreclosed home in your area has been left unattended, consider caring for the yard. Mowing the lawn and pulling weeds can keep the neighborhood looking nice. Consider enlisting your fellow neighbors in a neighborhood project to keep lawns mowed.
You can also preserve the value of your home by adding a few long-needed updates. Replacing outdated appliances and cabinets in the kitchen can have a considerable impact. Inefficient appliances can also cost you an arm and a leg in energy costs. While kitchen and bathroom renovations can add value, be realistic with your expectations. Expect about 80% of the renovation cost to be added to your home’s value.
New Tech Investment
You can also preserve the value of your home by investing in new home technology to help future-proof your home. If you live in an area that gets lots of sunshine, solar panels may help reduce your energy bill. These tech investments pass savings on to the new owner, which is a selling point for a potential buyer.