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INCREASING THE VALUE OF YOUR HOME IN 2024

Thursday, December 14, 2023   /   by Bob Cowan

INCREASING THE VALUE OF YOUR HOME IN 2024

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Homeowners are searching for more methods to increase the value of their properties as 2024 draws near. This book will provide you useful advice and the latest trends to increase the value and market attractiveness of your house.



New Developments in Real Estate

Real estate trends are led by technology and sustainability. Buyers are starting to find properties with energy-efficient systems, sustainable materials, and green certifications more desirable. Furthermore, the combination of home automation and smart home technologies is having a bigger and bigger impact on property prices.


Market Research Before Upgrading

Before embarking on renovations, it's crucial to understand your local real estate market. Align your home improvements with properties in your area to avoid over-investing in renovations that don't yield a significant return. Consider the types of renovations that enhance property appeal in your market and avoid personal preferences that may not align with general buyer interests.

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Typical Errors to Avoid

A common mistake made by homeowners is to base renovation decisions more on personal preferences than on what the market will bear. Following the epidemic, buyer preferences have changed, placing an increasing focus on outdoor upgrades and home offices. Excessive landscaping or extremely customized upgrades may put off prospective purchasers.

Improving Outdoor Areas to Boost Home Value After the Pandemic

Consumer tastes have significantly changed in the post-pandemic era, with a particular emphasis on the caliber of outdoor areas. The following are some improvements that homeowners looking to boost the value of their home can think about making to their outside spaces:

1. Enhancements to the Garden and Landscaping: A well-kept garden may greatly increase curb appeal. Think about adding low-maintenance, native plants to your garden to give it some color and texture. Because it makes gardening care easier, installing an autonomous irrigation system may also be a selling factor.

2. Outdoor Living Spaces: Adding useful outdoor living areas may raise the value considerably. One way to do this would be to construct a patio or deck that extends the living area. To improve the atmosphere, outfit these spaces with cozy chairs, weather-resistant carpets, and lighting.

3. Outdoor Kitchens and Dining Areas: For purchasers who like hosting, an outdoor kitchen with a grill, sink, and storage may be a big lure. In a similar vein, adding a designated outdoor eating area can improve the area's appeal.

4. Fireplaces and Fire Pits: Including an outdoor fireplace or fire pit makes a garden focal point and allows you to use your outdoor space throughout the fall and winter.

5. Features related to privacy: For many homeowners, privacy is a top priority. It is possible to create a more private and secure outdoor area by adding fences, privacy screens, or tall plants.

6. Exterior lighting has the power to completely change a room. Think of ambient lighting for seating areas, path lighting, and spotlights for trees or other garden elements.

7. Pod for Home Office: A separate home office pod in the garden may be a significant and distinctive addition, especially with the surge in remote work. Make sure it is powered, insulated, and internet-connected.

8. Sustainable Elements: Buyers who care about the environment may be drawn to eco-friendly upgrades like solar lights or rainwater collection systems.

9. Recreational Features: A sports court, hot tub, or swimming pool are examples of desirable features, particularly in family-friendly communities in warmer climes.

10. Maintenance and repair: Maintaining outdoor areas on a regular basis is essential. Maintain hedges trimmed, lawns mowed, and exterior buildings in excellent condition.

It is crucial to take into account regional tastes and the particular market while implementing these enhancements. In warmer climes like Arizona and other parts of the southwest, for example, a swimming pool could be more valuable; but, in colder climates like Chicago and the Great Lakes Region, it might be less attractive. It's also critical to weigh the possible return on investment against the expense of these upgrades. To make sure they truly add value to the property, upscale features should be commensurate with the neighborhood's and the house's total worth.

Increasing Property Value: Useful Advice

  • Curb Appeal: Perception is important. Simple improvements like painting the front door or installing flower boxes may improve the appearance of your house.

  • Professional staging, both inside and out, will make your house stand out.

  • Smart Updates: Pay attention to low-cost upgrades with a high return on investment, such as replacing the windows or front door. 
  • Monitor Improvements: Maintain a log of all modifications and make-overs, including before and after pictures and invoices. Improvement expenses may be deducted from capital gains taxes in some states by being added to the cost basis.

Working on a Fixer-Upper: Increasing Property Value with Remodeling

Homeowners have a rare opportunity to greatly raise the value of their house by renovating a fixer-upper. A combination of hard labor, strategic planning, and imagination are required for this procedure. It's crucial to concentrate on both necessary repairs and cosmetic upgrades when turning a fixer-upper into your ideal house. Modernizing bathrooms and kitchens, fixing any structural problems, and upgrading electrical, mechanical, and ventilation systems are frequently important areas.

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  bob cowan, san clemente, platinum living realty, orange county, december 2023

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
949-441-9918
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of April 16, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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