| Hi Taylor
- Just bought a house and I'm really focused on making sure it retains
its value. Aside from maintenance and such, what are some ways to
hold - and hopefully increase - overall worth? - Carmen
Hi Carmen - This is an important thing for homeowners to focus
on. Property value usually trends upward, but that's never a guarantee.
Here are a few ways you can increase the worth of your new house over
space. Whether your home has two bedrooms or four, you want
to feel like there's plenty of room. As the years go by and you
collect more things, it's easy to get accustomed to cramped quarters
and limited storage, but that can be a big deterrent when it comes
time to appraise. There are a few ways to make your house feel
bigger, one of which is actually making it larger with an addition.
If you have the money to invest in a new room, you should see
a good return on that money when it comes time to sell. If you
don't want to make the house physically bigger, you can build
shelves, cabinets and pantry spaces that create space without
adding square footage.
2. Tech savvy. You don't want to overdo it with the programming
and computerizing of your house, but smart home security panels
and thermostats can add a lot of appeal. As long as there isn't
a steep learning curve, prospective homebuyers will generally
like the idea of a house with good security features and a heating
and cooling system that is effective and efficient. Any system
that lets you save money on utility bills makes financial sense
in the immediate future and for resale purposes, so you should
think about innovative and efficient lighting sources, bathroom
fixtures, kitchen appliances, etc. You don't have to turn your
home into something out of a sci-fi novel, but keep an eye out
for smart devices you think will fit nicely in your house.
3. Keep up outdoor appearances. If home value is a concern,
you can't overlook your front or backyard. Even if you just have
a small patch of grass, figure out a way to make it look nice.
You'll also want to be sure you go with a setup you don't have
too much trouble maintaining. People often bite off more than
they can chew when it comes to landscaping, and if you abandon
your efforts part way through you could end up with a pretty ugly
yard. Find a look you like that you have time to maintain, and
stick with it.
| Home upkeep
costs a good deal of money, but that investment will pay off if you
take the right approach. Keep the above items in mind as you work
on your home, and hopefully the value will continue to rise!
© Taylor Kovar
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Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.