As a homeowner, you want to do everything you can to increase the value of your home, especially in these uncertain financial times. Boosting your home equity not only provides you with peace of mind but also helps you to prepare for any potential future financial needs. There are many ways you can increase your home equity, but some methods are more effective than others. Here are 4 ways homeowners can boost their home equity, with fencing being one of the points:
Invest in Home Improvements
One of the most effective ways to increase your home equity is to invest in home improvements. According to the National Association of Realtors, homeowners can expect to recoup 62% to 65% of their investment in a major kitchen or bathroom remodel. Other high-return home improvements include adding a deck or patio, finishing a basement, or updating the exterior of your home.
One home improvement that can have a significant impact on your home equity is adding a fence. According to the 2021 Remodeling Cost vs. Value Report, a wood privacy fence installation can recoup 75.4% of its cost. In addition to increasing your home's value, a fence can also provide privacy and security, which are highly desirable features for potential homebuyers. Click here for more information on the types of residential fencing we carry here at Hurricane Fence.
Keep Up with Regular Maintenance
It's important to keep up with regular maintenance to prevent small problems from turning into big ones. This includes regular cleaning, painting, and repairs. A well-maintained home not only looks better, but it's also more appealing to potential buyers. According to HomeLight's Top Agent Insights Survey, 94% of real estate agents agree that a well-maintained home can increase a property's value.
Regular maintenance also helps to prevent costly repairs down the line. For example, neglecting to clean your gutters can lead to water damage, which can be expensive to repair. By keeping up with regular maintenance, you can avoid these types of issues and protect your home's value.
Increase Energy Efficiency
Another way to increase your home equity is to increase energy efficiency. According to the U.S. Department of Energy, heating and cooling account for about 48% of the energy use in a typical U.S. home, making it the largest energy expense for most homes. By making energy-efficient upgrades to your home, you can save money on energy bills and increase your home's value.
Some energy-efficient upgrades include adding insulation, upgrading windows and doors, and installing a programmable thermostat. According to a study by the National Association of Home Builders, homebuyers are willing to pay an additional $8,728 upfront for a home that saves them $1,000 per year on utility bills.
Increase Curb Appeal
Curb appeal is the first impression that potential buyers have of your home, and it can have a significant impact on your home equity. According to a study by the National Association of Realtors, 99% of real estate agents believe that curb appeal is one of the top 5 most important factors for attracting buyers.
Simple upgrades such as adding a fresh coat of paint, planting flowers, and keeping the lawn well-manicured can make a big difference. Additionally, adding a fence can also improve your home's curb appeal. According to a survey by the American Society of Landscape Architects, a fence was listed as one of the top 5 outdoor features that homeowners desire.
Increasing your home equity takes time and effort, but it's worth it in the end. By investing in home improvements, keeping up with regular maintenance, increasing energy efficiency, and increasing curb appeal, you can boost your home's value and prepare for any potential future financial needs. Adding a fence is just one of the many ways you can increase your home equity, so consider contacting a reputable fencing company today to get started.