Unfortunately, you can’t just expect to buy a home and have its value automatically rise along with inflation and the home market as a whole – Unless you live in downtown Manhattan!
Maintaining the value of your home is all about making sensible improvements and getting into the habit of smart maintenance.
We’ve put together 4 simple tips and points of consideration to make sure you don’t overlook the key areas of your new home that may have a serious implication on its overall value.
1. Regular Maintenance
It’s essential to perform regular maintenance around the house if you want to maintain the value. Two key (but lesser known areas) of maintenance are your air-conditioning system and your furnace (heating) system.
Your furnace is sometimes connected to your HVAC unit, but most of us rarely inspect or maintain that part of the home. The reality is that we should be swapping out air filters at least twice per year, probably more like four times per year in order to improve your energy efficiency! Not doing so will lead to energy inefficiency and other problems.
Aside from swapping air filters, you should be oiling the motor on older units. Never store hazardous chemicals near the furnace and if your unit is quite old (five plus years) then we strongly recommend having a professional come over to inspect it.
You can find some more detailed advice on residential air filters on this Government website.
2. Fix Heat Leakers
We all know there’s little drafts around the house that we can feel during those cold and windy months, but many of us simply won’t do anything about it. Small cracks in doorways and windows are the #1 culprit, and they’ll slowly but surely sap your energy bills.
They also have a knock on effect – These annoyances will sap your furnace and AC systems too, forcing them to work even harder.
Avoiding the long term implications of the above is key. This won’t directly raise your property value, but it will maintain and extend the value, avoiding any unpleasant surprises down the line.
3. Landscaping & Gardening
Classically known as ‘curb appeal’, it’s extremely important to ensure your garden is in good conditioning, and that’s obviously true if you’re thinking of selling up. It’s the first impression any prospective new buyer will see of your home, and it’s especially important for young families with children who want to envisage themselves and their children enjoying the outdoor elements of the home.
Many experts suggest investing as much as 10% of your home’s overall value into landscaping if you’re considering a sale, with homeowners expecting at least 150% return on their investment. Such is the high value that buyers place on an immaculate garden.
4. Do Major Repairs The Right Way
If you need to take care of major high ticket repairs or improvements – New furnace, windows, insulation, solar energy or even a home extension, then please never sacrifice on quality! These are all major selling factors when you come to sell your home, and they will be significantly noted and appreciated by your estate agent. There’s nothing worse than seeing a home extension built to low-quality standards which isn’t in-keeping with the rest of the home. If you’re making major repairs or improvements, do it the right way!