When someone purchases an asset, they are paying for the original value less any depreciation up to date. This way, the new owner will not be held responsible for what the previous asset holder took advantage off. For example, buying a used car that has 20,000 miles will be a lot cheaper than buying a brand new car. That mileage is the measure of usage that has to be discounted upon transfer of title. The housing market operates very similarly. The problem, however, is that people want to maximize the selling price of their home and undermine the toll that years have taken on their property. So, what is one way to accomplish this goal?
Adding Technology Upgrades
Nowadays, technology has been pushed further than anyone could have predicted fifty years ago. Talks about self-driving cars, robots, and virtual reality used to be nothing more than hypothetical scenarios. Now, it is just a matter of time before all of the above are streamlined and mass-produced. For homeowners, fortunately, that opens up possibilities and ideas that can result in hefty increases in the home’s value. To be able to charge someone more, as experts like Robert Tweed can attest to, one must offer something more. With technology, offering more becomes easy.
A Respectable Security System
Having a secure home is hard to put a price on. Regardless of what type of neighborhood someone is dealing with, buyers tend to put a lot of value on how safe they will feel. This usually results in changing the old security system as soon as the house is purchased. Well, if the seller inputs the latest high-quality tools, then customers will have no need to change anything. This means that an increased price would be reasonable. In case someone goes a step further and installs a smart system, the spike in market value would be much more sizeable.
An Automated Sprinkler System
Fire is one of the main threats to someone’s property. Unlike floods, which can often be remediated, a fierce fire will destroy anything on its way to a point of no repair. More importantly, it can put residents’ lives in danger. Fortunately, a well-built fire sprinkler system could be the solution. Some research demonstrates that over two-thirds of the market believe how this addition increases the value of the home. That comes as no surprise as it ties back to the previous point of safety.
The days of families having one media room with a large TV and all the speakers are over. People now prefer to have an evenly disbursed audio system that includes speakers around the entire house. With the additional help of innovation, one can now purchase software that helps control which speaker is going to be on or off. This makes organizing family events and having music throughout every room of the property very easy. It also means that all those guests will not have to be chained to that media room. Thus, investing in durable speakers that are preinstalled within the walls of the home will definitely pay off.
Unlike the fire sprinklers, these ones will only serve a decorative purpose. Meaning, they will help create a beautiful front or backyard. Since people who buy a house also make an investment into the land of the property, they will want an automated way of maintaining it. This does not mean getting out of regular duties like mowing the lawn, but it would help to avoid spraying water all over the front yard every night. Thus, this tool saves time and experienced professionals like Robert Tweed always stress that time is money.
Any Smart Technology
What might be the biggest increase in home’s value is the addition of “smart” tools. That includes items that almost possess thinking skills. Some examples would be voice-activated light switches, memory-enabled appliances, smart thermostats, some detectors, door locks, and so on. After all, no buyer will ever find it unfitting to pay extra for a home that can be unlocked via phone, activated via voice, or operated through monitoring systems that maintain a safe environment with minimum human guidance.
Simple Adjustments for Weather
Depending on where the home is located, making adjustments for high or low temperatures could increase the value. Those will be very small increases, however, as the upgrades of this nature are minor. Adding remote-controlled ceiling fans is a fruitful start. It would enable the future residents to cool off in the summer in one of the most old-fashioned ways known. Moreover, one could also implement modernized solar panels that help residents streamline some of their own electricity. Such a project would be quite an investment, yet it would be greatly rewarded upon sale.