Owning your home is a wonderful investment. In addition to having the many years of enjoyment to live and thrive in a home, people that own their own homes have the benefit of knowing that the money they put into their home is also a sound financial investment.
But not all people who own homes see an increase in the value of their home. There are critical reasons why homes do not always appreciate in value.
For a home to see a value increase over a period of years, there are a few important things that must be considered. The location of a home is a critical component of the property’s value. If a home is in an area that later becomes urban, the value of that home is likely to decrease.
By contrast, if a home is located in an area that later becomes a high-end housing development than the property owner will likely experience a higher than normal appreciation in property value.
The Secret to a Secure Home (& Secure Retirement)
The greatest way to protect the value of your home and experience a good solid value appreciation is through taking good care of the home. Most homes in decent neighborhoods will see a sizable appreciation over time. If the home is maintained well with upgrades to the home being done over the years it is occupied, the value should increase.
The best way to ensure the investment of your home stays on solid ground, there are important areas of the home should be maintained and updated.
The following projects ensure home value appreciation for your retirement years:
- Home care projects
- Home maintenance
- Updating the kitchen
- Updating the bathrooms
- Replacing flooring as necessary
- Maintaining the roof
- Maintaining the electrical and plumbing
- Updating the painting and wallpaper as necessary
- Adding to the square footage of the home
- Maintaining and improving the house’s siding
- Maintaining and improving the curbside landscaping
Each of these focus areas are critical components to ensure that the value of your home remains intact and grows as you enter your retirement years. Doing this will ensure that your home will not only be a great place to live, but will be a great investment in your future as well.