Housing in our neck of the woods is only increasing in value. In 2024, home prices across the region are expected to grow 3.6% according to East Tennessee Realtors, the Knoxville metropolitan area is now in the national top ten for price growth, and middle Tennessee markets like Chattanooga have also seen a price bump nearing 5% since this time last year. In other words, it’s a good time to be a homeowner in Middle and East Tennessee!
If you’re looking to hang on to your house while keeping an eye on increasing its value, now is a great time to do some “spring cleaning.” Knocking out those small fixes or upgrades will help ensure you get the most value out of your home, both while you’re enjoying it as a residence and when it’s time to sell.
See if any of these options are helpful for maximizing your short-term and long-term value—and within your budget!
3 Ways to Keep Green While Saving Green
Up Your Curb Appeal
When the weather warms up and your yard comes to life, it can be enjoyable to spend your weekends mowing, weed-eating, or planting a new crop of garden goodies. Regular yard maintenance, including those seasonal or annual chores, is a great way to take care of your property and its value. Show off the key features of your home with a balance of simple and eye-catching landscaping, and pay particular attention to large shrubbery or overgrown areas that can obstruct your walkways. A clear and well-lit path can add a welcoming effect to any home.
If your house still needs a pop of color, a fresh coat of paint on your shutters or front door can go a long way! In fact, a new front door is one of the most valuable improvements you can make according to Remodeling Magazine’s annual Cost vs. Value Report.
The look of your house may look great from the curb, but how does it fare under closer inspection? Depending on where your property is situated, you may find that the siding or roof is in need of a good wash. While you’re at it, clean your deck or porch and those corners and windows that are harder to reach in your regular cleaning. These tasks will help add to the longevity of your home’s exterior as well as your quality of life.
Add Square Footage Where It Counts
If you’re ready to tackle a bigger project, why not expand your home’s usable space? According to HGTV, the average basement remodel recoups about 90% of the cost involved in value added, while converted attic space recoups 94%. You get the benefit of an extra room with the long-term value of more saleable square footage.
Think about how to maximize space outside your home as well as inside. If you’re situated in a more urban environment or on a busy street where parking is hard to come by, adding a parking space to your property can be quite an enjoyable upgrade. If your property restrictions or HOA allows, consider a concrete pad or a gravel driveway for your next addition.
Invest in Energy Efficiency
It may be easy to forget the high energy bills of winter or summer when you’re in between, but you’ll thank yourself later if you take steps to increase your home’s energy efficiency now. Note older windows or doors that may need fresh sealant or replacing altogether, as these will raise flags for future home inspectors. Also, if you have an attic, consider adding extra insulation while seasonal costs may be relatively low.
If your HVAC system is contributing to high power bills, converting a fossil-fuel-burning furnace to an electric heat pump may be a worthwhile solution. True, it’s a costlier investment, but it more than makes up for it in value, with an ROI of 104%. And don’t forget to be vigilant about replacing your air filters as recommended!
One area of your home you may not have thought about in terms of energy efficiency? Your bathroom. Low-flow toilets are made to be high efficiency, using less water to do the same amount of work. When upgrading your bathroom, consider replacing your older fixtures with new water-conscious ones.
Is the Grass Greener in Your Own Yard?
Just as there are “spring cleaning” chores we often do just once a year, don’t forget to review your homeowner’s insurance as well. Many homeowners do not update their policies regularly. Don’t wait until an emergency happens to update yours!
If you loved your home enough to buy it in the first place, it’s certainly worth the upkeep and investment while you enjoy living it. Maximize its value by preserving its special features and adding to its accessibility and efficiency. If it comes time to sell your home—whenever that might be—you’ll be glad you did.
Need help financing your next home improvement project? A home equity loan or line of credit from SouthEast Bank may be able to help! Visit your local branch or fill out an initial interest form to get started with the help of our team.
