Your house is both an investment and an asset. For homeowners, their house may actually be their biggest asset. An aging home slowly depreciates in value until it becomes categorized as historic (as long as it is still livable and well-maintained). At which point, the value of the house appreciates. If you're looking to sell your house, get a house appraisal to determine what your house is worth. If aging is a concern, here are 3 ways that will increase the value of an aging home.
Renovating and Upgrading Structural Components of Your Home
Although you may be tempted to deck out your house with granite or marble countertops and beautiful hardwood floors, it's important to take a step back to determine whether other houses in the same neighborhood offer the same features. These luxurious renovations and upgrades may end up being unnecessary or unprofitable if your home is considered to be "over improved" when compared with neighboring properties.
Renovations and upgrades that target the structural component of your home, however, will help keep any depreciation that is associated with aging at bay. For example, you want to make sure that your plumbing is in good condition or that you replace all old and broken roofing shingles with new and improved alternatives. Keep receipts and records of all of the renovations and upgrades that have been made.
Taking Time to Enhance the Outer Appearance of the Home
Much like how makeup can conceal physical flaws, paint can really help brighten up the overall appearance of an aging home. Before getting your house appraised, consider repainting the outside of the home to conceal any flaws that may otherwise be sitting in plain sight, such as water stains or dirt marks.
Don't just focus on repainting the home. Trim all of the plants and bushes that surround your property, and even consider pressure washing the driveway or any ceramic tiles that may be leading up to the house. In short, make sure that your house looks presentable and new. This will conceal your house's actual age, and make it look a lot newer than what it may actually be.
Maintaining Specific Historic Architectural Styles
If your house features beautiful historic architecture, try to maintain and enhance these styles. For buyers that appreciate the architectural style of buildings, the right architectural style can make a world of a difference and can easily increase house value.
Don't be so quick to tear down the Victorian-era windows in favor of more modern styles. Instead, draw attention to your house by maintaining prominent features and styles.
An aging house can still be worth a lot if you take the time to maintain and upkeep it. There are many different types of renovations and upgrades that can be performed. Keep in mind that some factors that influence house value cannot be changed, such as location; however, combating depreciation caused by aging is a piece of cake.
Talk to experts like East Coastal Appraisal Services for more information.Share