Real estate is one of few things that always appreciates in value, but there are some exceptions to this general rule. For instance, homes can lose their value due to crime raising in the neighbourhood, foreclosures, or even if the curb appeal is lacking appeal.
Homes can even lose value if certain renovations are made in place of others. For example, adding a pool to a backyard doesn’t increase property value everywhere— and it can even lower property value in some places. If you live in the state of Indiana, here are four things you can do to increase your property value.
1. Smart Landscaping
As mentioned above, curb appeal is one of the keys to maintaining— and even increasing— property value. Curb appeal is the impression that your property gives to visitors from a street view (or the curb), so it’s your home’s first impression.
The easiest way to keep up with curb appeal is to perform regular maintenance on your lawn (e.g., cutting and watering the grass). You can also take this a step further by hiring a professional landscaping company to plant some greenery in your yard. You can even plant a tree in your front yard to draw more attention to your home. For the most success, plant trees and other plants that are native to your area.
2. Replace Doors
In keeping with curb appeal, updating or replacing your front door is a great way to boost curb appeal. A new front door can give you a 90% return on your investment, but simply painting and/or updating the hardware on your front door can also give you good returns.
Another door to replace on your home is your garage door if you have one. The average lifespan of a garage door is about 30 years, but it should be replaced sooner if there are any serious cosmetic or mechanical issues. Keep in mind that some cosmetic or mechanical issues can be repaired without replacing the entire garage door, and proper maintenance can make your garage door last longer.
3. Renovate the Kitchen and the Bathroom(s)
The kitchen and the bathroom are the two most important rooms in a home, which is why many people renovate one or both. Kitchen renovations can yield as much as 92% in return in Indiana. Update your countertops your kitchen, and maybe opt for a walk-in shower in your bathroom. In both rooms, update the flooring, the lighting, the sink faucets, and other hardware.
One thing to keep in mind with both of these rooms is that you don’t want to go overboard. Renovating kitchens and bathrooms already requires a lot of money, and you want to make sure that you’ll get the best return on your investment. More lavish upgrades will barely get you a 50% return.
4. New Home Additions
If you have the space, adding on to your home can greatly increase your property value. This is because new home additions create more square footage, and oftentimes more liveable space. Examples of creating more liveable space include:
- Adding on another room
- Finishing an attic or garage
- Finishing a basement
You can also include additions that don’t necessarily create “liveable” space, but definitely provide more square footage, such as:
- Decks
- Patios
- Porches
- Sunrooms
In Indiana, your best bet is a patio with an outdoor kitchen, giving you a return on investment up to 200%! All you need is a concrete pumping company to lay the foundation, an electrician to install your electrical outlets, and plumber to install plumbing for the sink.
These are just a few of the most valuable home improvement projects for your Indiana home. Another option is to create an open concept home, but with more people working from home, people are starting to appreciate the walls their home. One last way to help boost property value is by simply keeping a clean home and performing proper maintenance on everything. Well-maintained homes will always be more valuable than homes that have not been well-kept.
Even if you don’t plan on selling your home in the near (or distant) future, you can enjoy these home improvements yourself. Finish your basement or attic, add on a patio or a completely new room, replace anything that’s not working properly, and/or change up the look of your home— it can make you feel like you’re living in a completely different space.
