Everyone wants to see their home increase in value. And that goes especially for sellers who want to get top dollar. About 65% of homeowners believe their home value will go up over the next few years, but in these times of severe economic uncertainty, that’s not guaranteed. There are, however, some sure-fire ways to increase the value of your home in order to sell for more. Take a look, then, at these 5 things that will increase the value of your home in Baltimore.
1. Strive for Low Maintenance
Buyers don’t want a home that will require a lot of immediate work or a great deal of ongoing maintenance. One good way, then, to increase the value of your home in Baltimore is to make it low maintenance.
Experts agree that “[s]ince many home buyers worry about buying about buying a home that will need constant maintenance, replacing a major component before putting it up for sale – like the furnace, water heater or even the roof – may calm fears of an emergency repair in the near future and help get you a higher price.”
Similarly, you should try to make other improvements that will make your home low maintenance by making it easy to take care of and clean. You could, for example, take out the carpeting to reveal the hardwood floorS because these are lower maintenance and easier to keep clean than carpet.
2. Increase Energy Efficiency
Because today most people are environmentally conscious and trying to live greener, making everything more energy efficient will also increase the value of your Baltimore home. In fact, “energy conservation features can have a significant impact on home value.”
Some of the things you can do to enhance energy efficiency and increase home’S value include:
- Installing double-paned windows
- Adding more attic insulation
- Replacing current lighting with LED lighting
- Putting in energy-efficient appliances
- Installing solar panels
Be aware, though, installing solar panels is a hefty expense and so takes some time to realize the value increase. Still, a National Association of Realtors survey revealed that 39% of agents said that solar panels do in fact immediately increase perceived value.
3. Improve Curb Appeal/Landscaping
One of the best – and not very expensive – things you can do to increase the value of your home in Baltimore is to work on landscaping to enhance curb appeal. “Landscaping is,” one top publication says, “probably the best and easiest, most affordable way to increase your home value.”
Here are a couple of things you can do to that end:
- Strategically planting native trees – This will help reduce energy consumption by as much as 50% by providing shade and protection from wind.
- Replacing annuals with perennials – This too can help cut energy costs (as well as ensuring a more attractive curb appeal throughout more of the year).
4. Alter Floor Plan and/or Increase Square Footage
Some homes just don’t have a very good floor plan. If that’s yours, then modifying the floor plan can help increase the value of your Baltimore home. Here’s what industry insiders say: “If you purchased a home that’s closed off and choppy at a time when most people prefer a more open design, then removing a wall here and there will increase the value.”
In addition, buyers always want more room. So increasing the square footage can also increase your home’s value. “Bigger homes usually lead to higher values, and that’s something buyers tend to notice.”
In order to increase square footage, you could add, say, a bathroom or a family room. Less ambitious and less expensive projects would include turning a basement into a rec room or an attic into a living space. Not only will this increase value, but it will also broaden your target market.
5. Make it Smarter
And don’t forget to take into account the popularity of smart homes. Today, buyers are willing to pay more for homes equipped with smart technologies. Even if it doesn’t increase the value by much, it will still add considerably to buyer appeal.
Keep in mind that buyers are looking for smart technologies that enhance both safety and convenience. According to a 2018 Coldwell Banker survey, the most sought after “smart devices include thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks, and lighting.”
Consult Your Baltimore Agent
There are, in fact, many things you can do to increase the value of your home in Baltimore, many more than we’ve listed here. The difficulty lies in determining exactly which of those many things will actually yield a good enough ROI to make them worth the time, effort, and expense. And to make it even more difficult, these things aren’t the same across all local markets. This is where your local real estate agent can be an invaluable asset.