The housing market has definitely been taking a beating over the last several years. Is it still fair to say that your home is an investment? Or has your home become another asset that depreciates over time instead of building value?
Even with the downturn in home values, homes are still considered by most investors as one of the wisest choices for investing. No matter what type of real estate or property you have, your home still has a good chance of recovering and adding value to your investment portfolio.
To make sure your home continues to be a worthwhile investment, consider a few basic upgrades that can add significant value:
Kitchen upgrades can yield a nice increase in the appraisal value of your home, especially if the appliances are replaced and are very energy efficient.
Energy efficiency in general can make your home very attractive and improve the investment value. Whether you improve insulation, add a tank-less water heater, replace windows and doors, or upgrade your heating and air conditioning systems you can add real value. Alternative energy options such as solar power and geothermal also make a great investment, although they may not pay as much in the short term.
For decades, adding a pool and a fenced back yard increases your home value and also makes it easier to sell. Also renovations from the roof and exterior to interior walls and flooring always yield a great return when it's time to sell. Another consideration is the lighting in your home – energy efficient fixtures that are also aesthetically appealing are available at a very reasonable price.
While it may be true that home values have suffered greatly over the last several years, this is not necessarily a new trend. The housing market has always encountered peaks and valleys. Recent years have had more valleys than peaks to be sure, but a rebound is sure to occur eventually. Keeping your home adequately maintained and holding onto your home for a longer period of time has been a wise decision in the past, and it would be wise to do the same today.
No expert can be certain, but the housing market is bound to turn around and bounce back – probably sooner rather than later. Making good choices about your home upkeep and getting the most value from your home is still a very smart move. When it is time to sell, leveraging a reliable realtor can help you to get even more bang for your housing dollar.
Are you ready to start you search for that Boise ID investment property? Feel free to call our 24/7 rapid response number at (208) 571-7145.