The idea behind buying a home is that it is typically going to be your most valuable asset. For this reason, it is important to ensure that your home’s value is maintained or increased as time goes on. Whether you’re planning to resell the home or take out a new mortgage, the value of your home will directly impact your future financial success. While it is true that the housing market goes in cycles, the following are a few improvements a home-owner can make while they await the right time to get top dollar for their home.
Cracks in the Concrete
When it comes to ensuring your home is worth every bit of its stated market value, attention must be given to overall curb appeal. This means that cracks in the sidewalk, the driveway and especially the foundation of the home are going to be major reasons why a potential buyer will want to pay less for a home even if it is worth more. Remember, the exterior of a home is the first thing a buyer or an appraiser will see. You can make your concrete last longer with protective sealants and doing so on your foundation can help prevent water damage and leaks later on. If your foundation does have cracks or other damage already, then it is essential that you have it repaired as soon as possible to prevent that damage from spreading through your home’s frame by means of settling.
Old and Worn Wiring
If light switches pop when turned on or plugs spark, then chances are you have a wiring problem on your hands. This is one of those issues that a home inspector is going to frown upon during a routine inspection for a potential home-buyer or mortgage refinancing, as it is a serious fire hazard and impacts the functionality of the home. Just like with cracks in your cement, a worn electrical system will only continue to damage itself if left unrepaired. Due to the extreme safety hazards of having outdated wiring, it is important to have your electrical system updated and checked every 5-10 years regardless of any intention to resale or refinance.
Garage Door Damage
While it may feel like the garage was just meant to be old and dirty by the nature of it, your garage actually has a direct impact on the value of your home. Garage doors are heavy and can be a hazard if they malfunction. As having a garage is also a major feature of the functionality of a modern home, a garage door that doesn’t work reliably or is old and dented will work as a mark against your house during an appraisal. As garage doors and openers become more functional and advanced as new features are invented, it can really help your home’s value to have your door inspected yearly and replaced every 5-10 years as needed. Having professionals, like the Raynor Door Company or other local garage door services, installing your new garage door will have this problem resolved in a timely fashion.
If there is one thing that can diminish the resale value of a home, it is plumbing problems. Sinks dripping, toilets that do not flush right and a basement that does not drain properly are common plumbing issues to not let get out of hand. This directly affects the functionality of your home and, therefore, its market value. If you get standing water in your basement that is not properly draining, this can also lead to mold accumulation that can make a home unsafe to inhabit. It may be necessary to get the drain in your basement fixed, install a sump pump or even a battery backup sump pump to get rid of standing water before it becomes a serious issue.
When you work to take care of your home, its market value can be sustained and even increased through the years. Keeping a file on when you make repairs and the amount you have spent on major repairs can be a negotiating point in your favor. Be aware of these major functional aspects of your home and ensure that they are maintained as time goes on so that your greatest asset is protected.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.
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