How to Increase Home Value and Market Appeal

Whether you’re getting ready to sell or simply want to make your home more attractive, understanding how to increase home value and market appeal can make all the difference. From cost-effective upgrades to design touches that catch buyers’ eyes, this guide walks you through proven ways to boost your property’s potential and make it stand out in today’s competitive market.

Fresh paint

A fresh coat of paint offers one of the highest returns on investment when selling a home. A new coat of paint instantly refreshes spaces and increases buyer appeal at a relatively low cost.

When choosing a color palette, select neutral paint colors to help buyers envision their own style in the space, creating a clean and versatile look.

Kitchen and bathroom upgrades

Kitchen and bathroom touch-ups and upgrades are important because these high-traffic areas can affect buyers’ impressions. However, keep in mind, you don’t need a full remodel to make an impact. Small upgrades, such as replacing outdated hardware, installing new light fixtures or updating faucets, can transform the space.

For bathroom updates that offer a strong return on investment and signal the home is well-maintained, try regrouting tile, caulking any cracks, replacing mirrors and updating backsplashes.

New flooring

Next on the list of how to increase home value and market appeal is new flooring, as it instantly refreshes the home’s look. To eliminate signs of wear and create a polished look, replace old flooring with a durable option such as hardwood floors or luxury vinyl plank.

Energy-efficient features

Modern buyers are prioritizing energy efficiency and sustainability more than ever before. Upgrades like LED lighting, smart thermostats and updated appliances not only reduce utility costs but also demonstrate the home is modern.

If your budget permits, these types of updates can attract eco-conscious buyers. Remember to highlight these energy-saving improvements in your listing.

Decluttering and staging

Decluttering helps create a clean, open space that will make potential buyers feel like it’s move-in ready. Additionally, removing personal items can allow buyers to envision themselves in the home.

What’s more, staging can help highlight the property’s best features and demonstrate how each room can be used effectively.

Curb appeal

Buyers often decide whether they’re interested in a home before stepping inside. Simple exterior updates, like trimmed hedges, fresh mulch, clean walkways and a manicured lawn, create an inviting first impression.

Little touches, such as seasonal flowers, updated house numbers or a new mailbox, can also elevate curb appeal without a big expense.

Summary 

Bottom line? Knowing how to increase home value and market appeal can lead to a successful home sale. Connect with a Lee County Association of REALTORS member for a smooth and successful real estate journey! And continue reading our blogs for more industry news and tips.

5 Potential Homeowner Tax Breaks for 2022

The due date for taxes is April 18, 2023. But before you file, be sure you are aware of the tax perks of homeownership. Check out these five potential homeowner tax breaks for 2022.

Mortgage interest 

The mortgage interest deduction is an itemized deduction. This means that for it to work in your favor, all your itemized deductions need to be greater than the standard deduction.

Note that for the 2022 tax year, those standard deduction amounts increased. For individuals, this deduction is now $12,950, and for married couples filing jointly, it is now $25,900. For the head of household, this deduction went up to $19,400. And if you are 65 or older, you can add on an extra $1,400 per person if you are married and filing jointly or an extra $1,750 if you are a single filer.

And remember—the more recent your mortgage, the greater your tax savings will be.

Property taxes

Property taxes are on that itemized list of all your deductions that must add up to more than your standard deduction.

Taxpayers can take one $10,000 deduction. This deduction is capped at $10,000 for those who are married and filing jointly.

Note: If you have a mortgage, your property taxes are built into your monthly payment.

Interest on a home equity line of credit

If you have a home equity line of credit, or HELOC, the interest you pay on that loan is deductible only if that loan is used specifically to “buy, build or improve a property.”

Essentially, you will have some cash if your home needs repairs or upgrades. But you cannot use that money for things such as weddings or college tuition.

You can deduct up to the $750,000 cap—this is for the amount you pay in interest on your HELOC and mortgage combined. But note, if you took out a HELOC before the new 2018 tax plan for anything other than improvements to your home, you cannot deduct the interest.

Home offices

Are you self-employed, with your home office being your principal place of work? Good news! You can deduct $5 per square foot, up to 300 square feet, of office space. The maximum deduction your home office can receive is $1,500.

For those taking this deduction, know that there are very strict rules on what constitutes fully-deductible home office space.

In addition, understand that if you are still working remotely, you are still a W-2 employee and are not eligible for this deduction under the CARES Act.

Home improvements

To receive the home improvement tax break, your improvements have to exceed 7.5% of your adjusted gross income.

Deductible improvements can include widening doorways, lowering cabinets, fixing electrical or adding stairlifts. For some homeowners who plan to add renovations such as wheelchair ramps and grab bars in the bathrooms, for example, the cost of improvements can result in a nice tax break.

You will need a letter from your doctor to prove that these changes were medically necessary.

Summary

Be sure you keep these potential homeowner tax breaks for 2022 in mind when filing your taxes in 2023. These breaks and homeownership tax perks can save you money!

Finally, continue reading our blogs for more real estate tips and news.