For many Americans a home is their biggest financial asset — or liability. Right now there is a glut of home inventory on the market. That can spell bad news if you’re trying to rent or sell your house.

Whether you’re selling your home or just want to actively guard against falling value, here are four ways you can boost your home’s value:

1. Consider curb appeal
A potential buyer will judge your home and it’s intrinsic value in a matter of seconds. Strengthen your home’s
first impression by carefully reviewing the following. Is the exterior neat and clean? Is the landscaping well maintained and properly trimmed? Does your home look like a nice place to live? Rolling up your sleeves and cleaning the exterior appearance of your home will go a long way toward getting potential buyers in the door. If you need to landscape inexpensively consider planting trees or bushes from the Arbor Day Foundation.

2. Inventory the “Un-Done”
Every home has its own list of “to-do” projects. Take an inventory of your home. Write down everything that would improve your home in the eyes of a buyer. This can range from small tasks like updating a light fixture to large items like updating a kitchen. Examine the list to prioritize what projects you can afford to do immediately and which ones will have to wait. Small changes can make a big difference.

Care and maintenance matter. Clean the gutters now. It will be one less thing for the potential buyer to do — and buyers can afford to be picky right now.

3. Go Green
Buyers today will pay more for environmentally-sensitive homes — particularly if the green initiatives will save them money. Making your house greener does not always require a lot of money. Some lower-cost green initiatives include: replacing bulbs with high energy bulbs; adding water aerators to your faucets and showerheads; adding extra insulation; or installing a rain barrel to collect water for your yard.

4. Have it Appraised
Your home value may have dropped along with the home values of everyone on your street. You won’t know for sure until you have it professionally appraised. A talkative appraiser can give you valuable information on ways you can be more competitive in the local market. So can the insight provided by an experienced real estate professional in your area. Some of their suggestions may be hard to hear but if you’re serious about boosting your home’s value you must consider their less-emotional recommendations seriously.

For some this may mean curtailing all major investments in your property until the market recovers.

Actively maintain your home and keep it in good condition. With patience the market will recover and so will your home’s value. Until then, enjoy living in it!

Further Reading

• 4 Ways to Update Your Home Without Large Costs (0)
• Six Reasons to Buy Instead of Rent a Home (3)
• How is a Credit Union Different than a Bank? (0)
• Best Home Upgrades For The Buck (2)
• The ABC’s of Budgeting and Finance : U – Z (1)

Tags: Curb appeal, Home improvement, Landscaping, Light fixture, money, National Arbor Day Foundation, Real Estate

This entry was posted on Wednesday, January 21st, 2009 at 9:00 am and is filed under Budget. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.