3 Clever Ways to Boost Your Home’s Property Value in 2020

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Are you getting ready to list your home for sale? In addition to home staging, there are a variety of steps a homeowner can take to boost their home’s property value. A few additions/alterations can prove to make a significant difference in the return of their investment. Keep reading and discover three clever ways to boost your home’s property value in 2020.

Install smart appliances

Many homebuyers today have smart appliances near the top of their wishlist. In most cases, when a homeowner invests in smart appliances, they won’t need to undergo significant renovations in their home. In many cases, old appliances can be easily swapped out for smart ones. Examples of smart enhancements include items like fire detectors, keypad door locks, thermostats, and security cameras. Smart home technology is one trend that does not appear to be losing any steam going into the new year.

Eliminate carpeting

Carpeting is becoming less desirable every single year. Today, modern homebuyers are looking for sleek hardwood floors. If you don’t want to break the bank with authentic wood flooring, there are cheaper alternatives, like laminate, for a fraction of the price.

Upgrade kitchen countertops

Home sellers need to understand that the kitchen is without question the most important room in the eyes of homebuyers. An outdated kitchen will significantly bring down your home’s appeal. If your kitchen currently features old laminate countertops, you should consider investing in a material like quartz or granite. An investment like this will improve the appearance of your kitchen and boost the value of your home.

HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.