If you own property, you’re more than likely interested in raising its value. That makes the property itself more appealing to a potential buyer, while also allowing you as the owner to ask for more in a future sale.
At Turf Factory Direct, we may not be real estate experts, but we do know a thing or two about increasing property value. In this post, we’ll go over the primary ways that you can increase the value of a home, like upgrading to a turf lawn, while also spending minimal amounts of capital doing so. While none of these options are an ironclad guarantee, by improving these five categories, your home’s value is sure to grow.
Factor 1. Appearance & Curb Appeal
When a property looks clean, modern, and renovated, its value rises. But that’s not the whole story. Many people over invest in the appearance of their home, not realizing that the house is not always the primary appreciative factor. Houses often gain value because the land underneath them has gained value.
The only limited resource when it comes to property is the land itself— we’re not getting any more earth. Making that property even more valuable includes making it more appealing and showing off its potential to potential buyers. This can be done with visual, practical, or recreational appeal.
Planting flowers, shrubbery, trees, or vegetable gardens, building fences, and having verdant lawn are all investments that attract potential buyers. Turf is one of the best investments to increase the value of a home because they are attractive year round without having to worry about brown or yellow spots, weeds, pests, or overgrowth.
Potential buyers usually appreciate properties with structures like sheds and garages for storage and patios for entertaining. Fences also fall under this category for a sense of security and privacy.
It’s important to research the market and other other properties before making these kinds of investments and installing large features or structures, because there is variation in how desirable they are in that particular market and to particular buyers in that market.
All that said, making sure that your home is kept clean and well maintained will go a long way towards raising its value, including the fact that this maintenance will make potential repairs down the road less likely.
Factor 2. Well-Kept Maintenance
According to many appraisers and realtors, homes that are not well maintained can end up losing up to 10% of their value. When it comes time to make a sale, 10% can result in an owner losing $20,000!
It also makes it easier to sell when the time comes. Homes that are well-maintained have enhanced curb appeal and usually get much higher prices on the housing market than ones that will end up being a “fixer-upper.”
Fresh paint and stained carpets are one thing, but leaky roofs, bad wiring, or a sinking foundation not only discourages buyers, but will stop any chance of selling until the property is brought up to code. These kinds of problems can be difficult to address and repair, but regular maintenance makes it easier to catch them sooner and address them before they become a bigger problem and a bigger expense.
One of turf’s benefits is its easy maintenance. You don’t have to worry about keeping it mowed, weeded, fertilized, or watered to keep it attractive. All that time saved on lawn care can be better spent on other maintenance or updates to the property and therefore a chance to add more value.
And the fact that future owners don’t have to maintain it is also attractive to possible buyers.
Factor 3. Energy Efficiency & Conservation
On average, homeowners that increase the energy efficiency of their homes by doing projects like attic insulation renovation, see a 116.9% return on investment, which is some serious gains. Whether it’s adding in an energy-efficient water system or more efficient appliances, you’ll dramatically improve the quality of your home while you’re living in it and also keeping the value of the place on the rise.
Turf falls under the category of efficiency because it conserves water. Depending on climate, soil conditions, and weather, property owners can use anywhere from 10 gallons to 125 gallons of water per 1,000 square feet of grass in a single day to keep their lawn green. Since turf doesn’t require water, the 6,000+ synthetic turf fields in the US save between 500,000 and 1,000,000 gallons of water apiece each year. That’s 3 billion gallons or more in a single year. The amount of money that saves, as well as the environmental benefit, is attractive to potential buyers.
Factor 4. Go Bigger & Better
The more square footage (tasteful, that is), the better value your home will have. Usually the formula for calculating home value goes like this:
Price of Home / Square Footage = Average Price per Square Foot
Now, if your home has more square footage, the asking price will likely be higher, meaning that it will end up having a higher average price. Now, this is not to say that square footage is the be-all-end-all determiner of value in a home.
Many homes have a high square footage value because they are located in good neighborhoods with great walk-to amenities and are near parks and things like that. So, the average price per square foot means a lot more when it is placed in the context of the surrounding neighborhood and home values. But, it never hurts to add square footage to a home, be it another floor, finishing a basement, or an extension.
Factor 5. Amenities & Location
When it comes to home value, one of the most difficult things to reconcile is that one of the strongest determinants of value is location and amenities. You can have a beautiful home, but the reality is that it will have less value if it’s in an area that is not highly sought after or valuable.
But, if you’re looking to buy a fixer-upper in a neighborhood with amenities, that can be an excellent way to skyrocket the value of a home.
Here are some examples of public amenities that massively raise the value of property near it:
- Tennis and basketball courts
- Soccer and baseball fields
- Community pools
- Popular restaurants
- Organized community associations like an HOA
- Connectivity to transit
Finding the right public amenities and getting your home close to them is a fantastic way to increase value.
Other amenities are those that are specific to the property, like fireplaces, new appliances, pools, turf lawn, or hardwood flooring. If you install these in a house that was a fixer-upper in a desirable neighborhood, you can bet you can get a decent return on the investment.
On top of all of that, if you’re planning on selling a home, quality staging is one of the best ways to get it sold. Well arranged furniture, removal of clutter, good lighting, and even pleasant aromas are things to consider when showing a home to display its potential to the potential buyers.
Increase Property Value with Turf
A fresh-looking yard is a great part of the staging process to attract buyers, as well as a renovation that can increase property value. Whether you’re considering investing in a property as a buyer or a seller, landscaping, amenities, recreation, and energy conservation are all factors to consider when researching the market. Turf falls into every category of ways to increase property value, and one of the first investments to consider. Turf Factory Direct has an expansive inventory of turf for every need, so get in touch with one of our customer service representatives or start browsing or products today.