{"id":87733,"date":"2023-10-20T09:44:43","date_gmt":"2023-10-20T16:44:43","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=87733"},"modified":"2023-11-06T13:24:57","modified_gmt":"2023-11-06T21:24:57","slug":"how-to-boost-home-value","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-to-boost-home-value\/","title":{"rendered":"How to Boost Your Home Value for 2024: Professional Home Appraisers Weigh In"},"content":{"rendered":"

Are you curious what home upgrades can boost your property’s value? Whether you’re a homeowner in <\/span>San Marcos, CA<\/span><\/a>, looking to maximize your property’s sale potential, or a seller seeking a deeper understanding of the <\/span>Katy, TX, housing market<\/span><\/a>, this Redfin article explores insights from professional homes appraisers on how to boost your home\u2019s value and what they think will happen in the 2024 housing market. Read on to see how you too can boost your home\u2019s value for next year\u2019s homebuying season.<\/span><\/p>\n

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Tips on how to boost your home\u2019s value<\/span><\/h2>\n

Homebuyers across the U.S. often seek <\/span>home trends<\/span><\/a> specific to different regions, states, or even cities. However, there are some home features that have a tendency to transcend these differences and appeal to the majority of homebuyers everywhere, giving your home instant appeal and boost to your home\u2019s value.\u00a0<\/span><\/p>\n

1. Vaulted ceilings with exposed natural(ish) wood beams<\/span><\/h3>\n

Bernhardt Appraisal<\/span><\/a>, based in <\/span>Portland, OR,<\/span><\/a> states that\u00a0 \u201cSometimes when I’m trying to figure out why a home sold for significantly more than other homes, I notice that homes with decorative or vaulted ceilings can sell for more, especially if there’s a secondary material involved, like natural wood, painted wood, or more ornate plaster in historic homes.. These ceilings stand out, evoke a sense of wonder, and sometimes I find myself just staring upward with my mouth open.\u201d<\/span><\/p>\n

2. Boost your home\u2019s value with thermal energy<\/span><\/h3>\n

“In my opinion, as a seasoned real estate appraiser, one of the best methods to increase your home’s value today is by adding an owned photovoltaic system rather than leasing it,\u201d says <\/span>Arnel Dimagiba from <\/span>Island Realty Group, LLC.<\/span><\/a> \u201cHistorically, energy costs have only moved in one direction: up. Homeowners can increase the market value of their homes while reaping the immediate benefits of renewable energy, including reducing tax liability through potential tax credits and lowering monthly electricity bills. Of course, consult your tax advisor for your specific situation.”<\/span><\/p>\n

3. Simple upgrades\u00a0<\/span><\/h3>\n

\u201cUpgrades to things like paint, landscaping, trim, and flooring cover large areas at a lower cost, setting the base canvas for a higher value. Then, the right special features, like a beautiful cooking range or higher-end bathroom fixtures, or accordion doors that open the wall up to the outdoor living area, provide character to the home, enhancing the story about the good life the owners are enjoying there,\u201d says <\/span>Bernhardt SwissTrust Appraisal<\/span><\/a>.<\/span><\/p>\n

4. Extending living space – but only if done correctly<\/span><\/h3>\n

Increasing the living space of your home may sound like the right move to boost your home\u2019s value, and often is actually the case, however, if done incorrectly, there are numerous pitfalls that can actually hurt your home\u2019s potential resale value.<\/span><\/p>\n

For example, <\/span>Bernhardt SwissTrust Appraisal<\/span><\/a> states that \u201cConverting garage space into living space can have a wide range of success or failure, depending on many choices made. There are permitting issues, heating issues, and finish quality issues that can come up with converting garage space into living areas. It can also negatively alter the appearance of the front of the home. Surprisingly, I’ve even seen people convert garage living space back into a garage for parking.\u201d<\/span><\/p>\n

5. Unleash your homes wow factor<\/h3>\n

“While updating kitchens and baths will consistently and historically provide a big bang for your investment buck, I always recommend highlighting any wow- factor(s) your home may have,” recommends Certified Residential Appraiser, Kenneth Weiner, from Fast Track Appraisals, LLC<\/a>. “Whatever were your initial top ranking features that sparked an emotional connection to your home will most likely do the same for a potential buyer within the market.”<\/p>\n

6. What you should do in 2024<\/h3>\n

“For homeowners looking to enhance their property’s value, I offer the following insights and guidance,” assures Appraiser, Spencer W. Webb, from A-Tech Appraisal<\/a>. “First, focus on curb appeal as it creates a strong first impression. Invest in landscaping, exterior paint, and well-maintained entryways. Second, prioritize kitchen and bathroom updates as they tend to have a high return on investment. Third, consider energy-efficient upgrades like insulation, efficient HVAC systems, and LED lighting, as they appeal to environmentally-conscious buyers. Lastly, don’t overlook the importance of decluttering, staging, and creating a neutral and inviting atmosphere for potential buyers.<\/span><\/p>\n

In terms of emerging trends in the real estate industry, sustainable and eco-friendly features are gaining prominence. Buyers are increasingly interested in properties with green certifications, energy-efficient systems, and sustainable materials. Additionally, technological advancements such as smart homes, home automation, and high-speed connectivity are becoming more influential in property values. Being mindful of these trends and incorporating them into property improvements can potentially have a positive impact on future property values.”<\/span><\/p>\n

Before upgrading your house, see which homes are selling the most and quickest in your area<\/span><\/h2>\n

\u201cTo increase your home’s value, it’s essential to consider your desired price range and research sales in your market area to determine if a typical buyer would view your home as \u2018similar\u2019 to these properties,\u201d recommends <\/span>Owner and chief appraiser, Brian Walther of <\/span>Uyetake, Uyetake & Associates, Inc.<\/span><\/a> based in <\/span>Honolulu, HI<\/span><\/a>. This is also commonly known as <\/span>real estate comps<\/span><\/a>. \u201c<\/span>If differences exist, consider the following questions:<\/span><\/p>\n