November 11th, 2020
How to Raise the Value of a Home
The subject of water conservation isn't the most exciting topic of discussion, but the more you think about it, the more excited you might get when you realize how simple it is to raise the value of your home by adopting alternative methods of saving water.
According to Dave Ramsey's blog, the conservation efforts you put into your home landscaping will account for about a 10% increase in your home's property value. A good chunk of that savings could easily come from an artificial turf lawn, saving a home owner in water and maintenance.
Water conservation adds value to your home..
A water conserving yard with artificial turf will add value to your home. An artificial lawn ranks high in the list of major considerations for home improvement. Yes, artificial turf is only fake grass, but fake grass not only adds curb appeal, it offers a lot in the way of conservation, lower energy bills, and less maintenance. A new artificial lawn will deliver a significant return on your investment.
Smarter homes save water..
An artificial lawn runs hand-in-hand with a smarter home, as artificial turf will significantly reduce the overall cost of resources needed to keep it looking good, which is a good selling point for prospective home buyers. When you consider the resources needed to keep a real grass lawn in top shape, there is gas and/or electricity needed to power-up mowers and weed-eaters. Even an automatic sprinkler system can draw upon your electric bill. And the main resource - water! Yes, a smarter home takes advantage of water conserving methods that save hundreds of gallons of water each year.
Make it more attractive..
But it's not just about saving water, it's about "curb appeal." According to James Murrett, the president of the Appraisal Institute,..
❝How your home looks from the street is your first chance to make a good impression. A home's outside exterior needs to make a prospective buyer want to walk through the front door.❞
Artificial turf requires only a fraction of the maintenance needed for a real lawn. Artificial turf stays green year-round and will stand out in comparison to your neighbors real grass, especially if their grass is dull and worn-out looking. A green lawn will get a home buyer's attention, and if the front lawn has a healthy green color with no bare spots or color variations, the green turf lawn will project a contrasting view in lieu of surrounding properties.
Lawn maintenance involves constant mowing, edging, weeding, and occasional fertilizing. By replacing real grass with fake grass, you'll save money in the long run because you'll no longer have the chore of constant lawn maintenance and purchasing lawn supplies. A new homeowner will have more time to spend playing with the kids.
☞ "Say good-bye to sprinkler systems, gas mowers, weed-eaters, blowers, noise, and bags of fertilizer!"
Indeed, installing artificial turf in your front yard will give your home "curb appeal." Creating an aesthetically pleasing look from the front yard may help to sell a home faster by presenting a potential buyer with the impression of a greener, fresher, and healthier property. And for potential buyers who are overwhelmed by the thought of lawn maintenance in drought-prone areas, fake grass might ease their thoughts of the drudgery of weekly lawn maintenance, even at first glance. If you're a homeowner who's thinking of selling your home in the future, the benefits of low maintenance landscaping is an attractive aspect to potential home buyers.
Artificial turf stays beautiful in hot summers and cold winters. Yes, installing artificial turf will keep your lawn green year-round with very little maintenance. Artificial turf does not wilt in the heat, or thin out in the winter causing weak or bare spots. Everyone likes the color green, and a front lawn with artificial grass will add more vibrant green color to any neighborhood.
Financing Options For Home Improvement
Most home owners don't pay for home improvements in cash, and instead opt to finance with an alternative method. You may have heard of a renovation loan, which is a term used interchangeably with other financing terms. The Nerd Wallet has provided a list of some good financing methods that can be used to pay for home upgrades...
- Personal Loan: From minor repairs to large renovation projects, a personal loan might be a better option, as lower rates might be available compared to a credit card. It's also quicker and easier than the extended process of tapping into your home equity.
- Home Equity Loan: Some home owners opt for a home equity loan to use for large renovation projects. This type of loan is where the borrower uses the equity of their home as collateral. Home equity loans are often used to finance major expenses such as home repairs, college education, or medical bills. A home equity loan creates a lien against the borrower's house and reduces actual home equity. Both home equity loans and HELOCs have interest rates, fees, monthly payments and tax advantages to consider.
- Cash-out Refinance: A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash.
- Credit Card: A common and convenient way to pay for home renovations costs is to charge it to your credit card account. It's quick and tempting, but is it right for you? Just be sure that you'll be able to make large enough payments in order to pay off the entire balance in a short period of time.
Does a pool add value to a home?..
Most likely not, but prospective home buyers will have to decide for themselves if a pool is really worth it. Installing a cheap fiberglass pool for an El Paso home is approximately $20,000-$30,000, and the price for concrete, vinyl, and other custom pools can go way up. If you're thinking about buying a home with a swimming pool, you'll pay a maintenance cost of about $1,200 a year, and homeowners insurance will most likely be higher than that of a property with no pool.
Conservatively, a $100,000 home in El Paso might increase a home's value by about 6% when it comes time to sell. However, it can still depend on other factors as well:
- How many other homes in the neighborhood have pools
- Backyard dimensions
- Personal preferences of the buyer
- Maintenance costs of custom pools with rock scaping, slides, custom tile, built-in spas and other custom features.
For more specific details on pool maintenance, visit Realtor.com
To estimate the fair market value of a home with a pool, compare its estimated value to that of a nearby home that does not have a pool. Subtract the listed price of the home without a pool from the price of a home with a pool, and if the difference is less than the cost to install a pool, then a pool would probably not be considered an investment. At best, this method of calculation is based on rough estimations, and both homes must be somewhat comparable in their age, location, and the listed price.
Replace Your Front Door
The efforts you put into your home will help you to sell your home faster. The simple act of replacing your front door with a custom door with glass will help to sell your home 10% - 20% faster.