For the vast majority of us, a home represents the largest investment we’ll ever make. Since many homes take decades to fully pay off, houses often represent years of hard work, dedication, and determination on the part of owners.
Given how much of a family’s financial resources go into purchasing and paying off a home, it stands to reason that they’d want this property to maintain its value – if not grow in value – as the years go by.
Homeowners looking to ensure that their residences don’t go down in value will be well-served by the following tips.
1. Be Mindful of Curb Appeal
First impressions are vitally important in many areas of life – and the value of your home is no exception. Residences that are aesthetically unappealing tend to be undervalued, regardless of how well-kept their respective interiors are.
So, if helping your home maintain a respectable value is important, it’s imperative that you stay vigilant with regard to curbing appeal.
Among other things, this entails keeping your lawn mowed and well-nourished, tending to any plant life in your yard, keeping your yard free of clutter, and repainting your home whenever its existing paint-job begins to show signs of wear. Investing in a high-quality front door and an eye-catching mailbox can also help you maintain solid curb appeal.
2. Stay on Top of Roof Maintenance
In addition to being an eyesore, a noticeably damaged roof stands to make life in your home fairly uncomfortable. For example, if your roofing incurs holes, a large amount of indoor air is likely to escape and a large amount of outdoor air is likely to enter your home.
This can prove particularly detrimental to your home heating and cooling efforts. Furthermore, if left unaddressed, some roofing issues can even result in full-blown cave-ins. So, if you live in an area that’s prone to relentlessly hot summers and/or bitterly cold winters, you’d do well to stay on top of roof maintenance.
To help prevent large-scale roofing issues, make a point of having your home’s roof thoroughly inspected at least once a year. The weight of heavy snow piles and constant moisture from snow and ice can do quite a bit of damage to even the most resilient roof, so if you live in an area with harsh winters, you should be extra-vigilant about potential roofing issues.
Should you ever decide to replace your home’s current roof, keep in mind that the cheapest options aren’t necessarily the best? For instance, while certain types of roofing generally don’t last more than 15 years, higher-end roofing can last as long as 50 years – provided, of course, they receive proper maintenance.
3. Promptly Repair Large Issues
The longer certain issues are allowed to linger, the more they stand to compromise the value of your home. This is particularly true in the case of plumbing, electrical and structural issues.
Not only can these problems adversely impact the value of your residence, but they may also compromise the safety of the people residing within.
In fact, if you’re thinking about selling in the near or distant future, you should be aware that bargain hunters and house-flippers are generally the only people who are willing to purchase properties with large outstanding issues – and in all likelihood, you will not be offered your asking price.
While such repairs can be rather pricey, you ultimately stand to lose more money by not having them done. Furthermore, the longer these problems go unaddressed, the more expensive repairs will be when you eventually get around to them. So, if you’re unable to comfortably afford necessary large-scale repairs, you may want to consider taking out a reverse mortgage loan.
Considering what a sizable investment your home represents, it’s only natural that you’d want it to maintain its value – if not grow in value – over the years. In the absence of proper care and maintenance, even the most valuable home’s value is liable to plummet in a relatively short time frame.
As such, keeping their residence in prime condition should be among the foremost priorities of any homeowner. Fortunately, with the previously discussed tips at your disposal, helping your home maintain its value should be far from an uphill battle.