Does a new water heater increase home value? This is a question many homeowners ask as they contemplate upgrades to their property. A water heater is an essential part of any home. However, beyond its practical purpose, it can also increase your home value by improving its functionality, convenience, and appeal to potential buyers. A recent study by Zillow shows homes with tankless water heaters fetch 4% more than the expected value.
So, the answer to the question, “Does a new water heater increase home value?” is a definite yes. But the value of a new water heater isn’t the only consideration for improving your home’s worth. Electrical updates are another critical factor—does updating electrical increase home value? Absolutely! Modernizing your electrical system not only improves safety but also enhances the home’s appeal, especially to buyers concerned with energy efficiency and future-proofing.
Additionally, how will new development affect home value? If new homes or infrastructure projects are being built nearby, they can either boost or lower your home’s value depending on factors like proximity to amenities, quality of development, and changes in local real estate trends.
In this article, we’ll share other impactful projects that can significantly increase your home’s value and position it competitively on the market.
1. Paying Off Your Mortgage and Adding New Features
Paying off your mortgage is often the first step to increasing your home’s overall value. Since home mortgages are a form of debt, the more you make payments, the more equity you build in your home. Equity is the portion of your home’s value that belongs to you, calculated as the difference between your home’s market value and the remaining mortgage balance. According to Forbes Advisor, once your mortgage is settled, you could even get a home equity loan for refinance.
However, paying off a mortgage can take years, meaning you won’t see an immediate increase in your home’s value. Instead, you can consider adding new features to your home to boost its price. By investing in thoughtful improvements, you enhance your property’s overall appeal and functionality, allowing it to fetch a higher price if you sell.
One way new features increase your home value is by increasing its square footage. For instance, adding extra living space, such as an additional bedroom, bathroom, or a finished basement, increases the total square footage of your home. More square footage often translates to a higher price per square foot, leading to an overall increase in your home’s value. Sometimes, when adding new features, homeowners raise the question: does a new water heater increase home value? Adding a new water heater may not increase your home’s square footage, but it can be an attractive selling point to potential buyers.
2. Investing in a New Roof
Your roof is an essential part of your home. Not only does it protect you and your belongings from the elements, but it also plays a crucial role in your property’s overall aesthetics. A new attractive roof gives a good impression to potential buyers, increasing their interest in your property. Therefore, investing in a new roof can increase your home’s market value and curb appeal.So, before asking yourself questions about your home’s interior – questions such as, does a new water heater increase home value – see if your home’s exterior could use work, first.
Being a significant home improvement, home appraisers will consider your new roof when calculating your home’s property value. Depending on the type of roof you go for, the value of your home can improve significantly. According to Remodeling’s Cost vs. Value Report, Metal roofs can increase your home value by 60.9%, while installing new asphalt shingles adds $17,800 to your home value. In fact, the national average of new roof return on investment is 60-68%.
Another good roofing material is a tile roof, which is durable and energy efficient, making it a highly desirable feature to home buyers. According to Forbes Home, tile roofs span 50 to 100 years. With proper installation by experienced tile roof contractors, you can improve your home’s desirability and, consequently, market value.
A long-lasting roof significantly reduces the need for repairs, an attractive feature for potential buyers. Additionally, a new roof often means your home has better insulation, a highly sought-after feature when house hunting. Good insulation reduces energy costs, a factor that increases your home value.
3. Installing a Well on Your Property
The same way one might pose the question: does a new water heater increase home value? You could also wonder whether installing a well can offer the same benefit. A water well provides a reliable source of clean water for your property, a necessity, especially in areas with unreliable municipal water supplies. Such a consistent and clean water supply can make your property attractive to potential buyers.
Furthermore, well water is free, unlike city water, which often carries monthly utility bills. Additionally, investing in a well ensures a constant water supply during droughts or water restrictions. The financial benefits of not paying for water endear potential buyers, making your property more appealing.
Moreover, a reliable water source allows unlimited usage without worrying about municipal water restrictions. It grants your property water security and sustainability and improves its standing in the market. With unlimited access to well water, potential buyers can maintain a lush garden or even start a small-scale agricultural project on your property. This element enhances the desirability of your home, increasing its value.
While water wells are crucial in increasing a home’s value, the challenge is to dig and maintain. To drill a water well, you’ll need a professional well drilling company with the necessary equipment and experience. According to Forbes, drilling a well will cost between $3,000 and $9,000. Additionally, well pumps require regular servicing by a well pump repairs expert to ensure your water supply remains uninterrupted.
4. Finding the Best Home Energy Solution
As people ask: does a new water heater increase home value? Others also inquire whether better home energy solutions can improve their home prices. With the rising energy costs, homeowners are increasingly seeking ways to reduce their monthly utility bills. As such, finding the best home energy solution can significantly increase your property’s value. One of the most popular energy solutions is propane gas.
This energy source provides an excellent alternative to electricity and other conventional fuels. It produces low carbon emissions, which makes it more environmentally friendly than other fuels. Propane is also highly efficient and affordable compared to other energy sources. As such, homes with propane services are becoming increasingly valuable in the market.
The use of propane gas also adds an element of versatility to your home. It has numerous applications, from indoor heating and cooking to outdoor activities like grilling and heating pools. With so many uses, it can improve your home’s functionality and increase its attractiveness to potential buyers.
Furthermore, using propane means accessing reliable fuel during power outages. It provides energy security and convenience by powering generators. Additionally, propane-powered appliances often have a longer lifespan and require less maintenance. Therefore, investing in propane service can increase your home’s market value and make it more attractive to potential buyers.
5. Installating Smart Technology
Investing in smart home technology can make a significant difference in your home’s value. And if you are thinking, does a new water heater increase home value, then the answer is yes. Installing a new smart water heater will provide convenience and improve energy efficiency, consecutively increasing your home’s value. Other smart home technologies include remote-controlled thermostats and lighting systems.
Smart thermostats enhance energy efficiency by automatically adjusting your home’s cooling and heating settings. On the other hand, smart LED lights connect to smart home assistants or phone apps, allowing you to control the lighting remotely. Such features make a home more attractive as they offer convenience, energy efficiency, and cost-efficiency. Considering that the real estate industry is moving toward sustainable, smart homes, investing in this technology can significantly improve your property’s value.
Besides convenience, smart technology can improve your home’s security. With remote-controlled surveillance cameras and alarm systems, homeowners have peace of mind knowing they can monitor their homes from any corner of the world. This added feature can make your property more valuable to buyers, especially in today’s world where security and safety are top priorities.
The installation of smart home technology may require the expertise of a professional. Therefore, it is essential to hire reputable companies that will ensure proper installation and integration into your home. With this investment, not only do you increase your home’s value, but you also make it more attractive and functional to potential buyers.
6. Moving to an Affordable Neighborhood
Moving to an affordable neighborhood is a straightforward way of improving your home’s value. While this may seem counterintuitive, property values often depend on the surrounding area. Affordable neighborhoods often come with lower property taxes, a key component for potential buyers when house hunting.
Homes in affordable communities also have lower utility bills and sometimes lower insurance rates. These lower ongoing costs can make your home more affordable to potential buyers. With eye-catching designs, your home will stand out, fetching good prices in an otherwise not-so-affluent neighborhood.
Moreover, moving closer to highly desirable amenities like schools, parks, and shopping centers can also boost your property’s value. These amenities not only make your property more convenient but also add to its overall livability. Potential buyers are typically willing to pay more for houses close to such amenities.
Affordable neighborhoods also have more room for growth regarding property values. If the area undergoes positive changes or gentrification over time, your home’s value may soar. That means while a neighborhood may be affordable now, it could become highly sought after, making your property a valuable asset.
However, before moving, it is essential to research the area thoroughly and assess its long-term growth potential. Once you have settled on a suitable area with high growth capacity, hire a reputable moving business for a smooth and hassle-free relocation process. Also, remember a new water heater will be an essential item for your new home. So you never have to ask: does a new water heater increase home value in a new area?
7. Making Your Exterior Presentable
First impressions matter, and the exterior of your home is often the first thing potential buyers see when they come knocking. That’s why it’s essential to ensure your property’s exterior is presentable and well-maintained to boost your home’s visual appeal, fetching a higher price. There are various ways you can make your exterior presentable, including landscaping.
Landscaping plays a significant role in boosting your home’s value. According to the National Association of Realtors, you can expect a 104% ROI by investing in landscaping. It involves having well-trimmed lawns and gardens and keeping driveways clear of weeds and debris. To achieve lush lawns, you will need a land clearing business to remove debris or unwanted plants and mulch suppliers to add a finishing touch. According to Home & Gardens, landscaping projects cost between $2,500 to $15,000.
Mulching enhances the aesthetics of your landscape by creating a more polished and well-manicured look for your garden beds. It also helps keep weeds at bay, reducing the maintenance required to keep your exterior presentable. Whether you prefer composts, rubber, or straw mulch, local mulch suppliers can avail the various types of mulch depending on your budget and preferences.
You can also beautify your exterior by investing in outdoor lighting. For instance, you can invest in string lights for picturesque scenes, step lights to light deck stairs, or spotlights to illuminate statues, plants, and other focal features. You can never go wrong with exterior lights.
You can also add a fresh coat of paint to your home’s exterior and maintain clean gutters. These small improvements can significantly enhance your property’s appearance. Ultimately, by investing in your property’s exterior, you can significantly increase its value and make it more attractive to potential buyers.
8. Adding Hardscaping Throughout Your Lawn
Hardscaping involves incorporating non-living elements into your landscape design, such as stones, pavers, or retaining walls. These features not only add visual interest to your property but also provide practical benefits. For instance, a well-designed walkway can make it easier for potential buyers to navigate around your property, and a retaining wall can help prevent soil erosion. Professional excavation companies can help you design and install hardscape features that complement your property’s overall aesthetic while providing practical benefits.
Furthermore, a well-designed patio area can add extra living space to your property, making it more appealing for potential buyers. Whether you add a seating area or an outdoor kitchen, hardscaping can help extend the usable space of your home and increase its value. You can also use demolition services to remove unwanted hardscape features, such as an old deck or an unsightly concrete walkway. This practice will not only improve the overall appearance of your property but also give you more space to work with for new hardscape designs.
The question: does a new water heater increase home value? It can be answered by a simple Yes, it does. But ultimately, there are many ways to improve your home’s value.
Some projects may require significant investments, while others may be more budget-friendly. However, each of these can make a significant impact on your property’s value and appeal to potential buyers. By carefully considering the best options for your specific property and budget, you can ask yourself important questions. Questions like, does a new water heater increase home value? or does hardscaping boost a home’s value? all help you make choices that significantly increase the market value.
Leave a Reply
You must be logged in to post a comment.