The property market rises and falls over time, but it isn’t the only thing that has an impact on the value of your home. As your primary asset, preserving the value of your home should be one of your top priorities.
Unfortunately, many people don’t realize how quickly a residential home can drop in value if it isn’t well-maintained. To ensure you don’t slip into negative equity or have trouble selling your home in the future, take a look at these critical ways you can preserve its value:
Make repairs when they’re needed
Physical deterioration is the number one reason properties fall in value.
Although wear and tear will occur over time, making repairs when they’re needed will prevent your home from becoming dilapidated.
When you’ve lived in the same property for some time, it’s easy to get used to its idiosyncrasies.
Chipped brickwork, dripping taps, or missing roof tiles may not cause major problems initially, but they can lead to more significant issues further down the line.
By making repairs now, you can save time and money, as well as preserve the value of your home.
Boost curb appeal
How your property looks from the outside impacts how much you can sell it for.
Although a developer may purchase a rundown home, you won’t get the same price you would for a well-maintained property.
Boosting curb appeal can be as simple as keeping your lawn tidy, pressure-washing paving slabs, and making the property look more welcoming.
However, there are other things you’ll need to consider too. ‘Pest control, bird nest removal, and landscaping are essential ways to keep your property looking great.
Similarly, replacing older-style windows, improving security, and adding exterior lighting can improve the property’s aesthetic and help increase its resale price.
Replace kitchens and bathrooms
When people visit a property intending to purchase it, they’ll pay close attention to the kitchen and bathrooms.
While it’s relatively easy to redecorate a living area or bedroom, overhauling kitchens and bathrooms is more time-consuming and more expensive.
Furthermore, renovating these areas tends to create more hassle for residents.
If your kitchen or bathrooms haven’t been redecorated in some time, this will likely affect the number of purchase offers you receive.
Additionally, potential buyers may make low offers to offset the cost of renovating these rooms.
Often, it’s more cost-effective to renovate kitchens and bathrooms before you try and put your property on the market.
As well as maintaining your home’s value, you’ll get to enjoy the use of a brand-new kitchen or bathroom before you decide to sell.
Improve home security
Safety is always a top priority, so improving your home’s security system can be a great way to maximize its value.
With various new technology available, you can add a security system into your smart home setup and control it from anywhere in the world.
When you have effective home security in place, the insurance cost is likely to go down, so this could be an effective way to save yourself some money.
With added security, you’ll have peace of mind that your home is safe and be able to minimize the risk of trespassers wandering onto your land.
Too much noise pollution
Depending on the location of your property, you might experience high levels of noise pollution.
Although this is more common in urban areas, being situated close to a railway line, a busy road, or even a school can increase the amount of noise you’re exposed to.
Fortunately, extra insulation can dampen this noise or eradicate it.
Modern windows are a great way to block out external sounds, and you can even select glazing designed for use in noisy areas.
By doing so, you can enjoy living in a peaceful environment and ensure that your surroundings don’t have a negative impact on the value of your property.
Increase the Value of Your Property
While it’s important to prevent your property from dropping in value, you might also want to take steps to increase what it’s worth. Adding an extension or a loft conversion are viable ways to significantly increase your home’s value, and even getting planning permission for these works could boost the property’s value.
Homeowners who invest in their property can make significant returns if they ever decide to sell. Providing you make the right modifications, you’ll be surprised at how much you can add to the value of your home.