If you plan to sell your home in the future, it’s crucial to recognize that its resale value doesn’t rely solely on its location. Another crucial factor that often goes overlooked is the maintenance and care it receives over time.
In this article, we will delve into the significant role that a solid property care strategy plays in impacting the resale value of your investment. Plus, we will outline the proactive steps to incorporate into your strategy, allowing you to enhance your property’s functionality while elevating its value.
Routine property care increases your asset’s value
Being a homeowner, you’re likely well aware that maintenance is key to keeping your property in tip-top shape. But its benefits go beyond that. Apart from maintaining your home’s functionality, property care can have a profound impact on its overall value. This translates to its resale value or the money you can make when you list it on the market.
Consider this: a study by the University of Connecticut and Syracuse University found that maintenance may boost the value of a home by about 1% yearly.
If you plan to sell your home in the future, it’s a must to take maintenance seriously. Carry out routine tasks, explore luxury property care companies, and create a checklist to ensure you cover everything. By doing so, you’ll be well-positioned to list your property at a substantially higher price.
How routine maintenance helps your property’s value
There’s a reason why you shouldn’t postpone maintenance: it has the potential to create a backlog of issues, making it harder to “catch up” with them. As a result, it may compromise the overall condition of the property, making it less marketable while lowering its resale value.
Maintenance, therefore, plays an important role in preserving and even increasing a property’s value over time. Routine upkeep can prevent wear and tear from taking a toll on the property, slowing down the rate of depreciation.
Estimated costs to maintain a home
Many homeowners skimp on maintenance due to the associated costs. Over the years, the expenses from repainting the exterior walls, trimming the trees, and more are expected to pile up. There’s even the possibility of carrying out expensive repairs—an example is a whole roof replacement, which can cost around $12,000.
However, the upfront cost of maintenance comes with substantial benefits. When your property is in pristine condition, its value will stay high, allowing it to remain competitive in the market.
If you’re concerned about costs, consider partnering with a luxury property care service. Such companies, particularly those with extensive industry experience, often have a vast network of trusted vendors. These connections allow them to secure services at discounted rates, saving you money in the long run. At Luxury Property Care, for example, we maintain connections with various vendors, from pool cleaners to electricians, to ensure that your home receives the consistent and cost-effective care it needs.
Raise your property’s real estate value through care
Property maintenance is a commitment that spans several years. So how do you structure your property care plan? Here’s a list of essential routine tasks to include in your property care checklist:
How your home looks when people drive by can significantly boost your property’s value. A well-maintained exterior can create a positive first impression and set an expectation of cared-for interiors. Regularly tending to your garden, mowing the lawn, and trimming the trees are all ways to create a neat facade, while driving up your property’s resale value.
Roof and gutter maintenance
A strong roof and functioning gutters show that your home is structurally sound and resistant to water damage. Your future buyer will be more willing to pay a premium for a property with a well-maintained roof. This is because it frees them from the worry of costly repairs down the road. With that in mind, make sure to carry out routine maintenance. For example, you could clean the gutters, fix the roof (especially after storms), and get rid of pests.
Even minor pest issues can deter potential buyers. Among the many tasks to add to your checklist is to schedule pest control. Additionally, partner with a property management company that can carry out inspections, allowing them to spot the first signs of infestations. By proactively dealing with pests, you reduce the risk of unwelcome “guests”. When it’s time to sell, you can use your property’s pest-free status as a selling point, raising its desirability and value.
HVAC system maintenance
Maintaining your heating, ventilation, and air conditioning (HVAC) systems is not only crucial to your comfort, but also boosts your home’s value. This is because buyers often prefer properties where HVAC systems are in optimal condition, eliminating the need for immediate repairs or replacements. Through consistent HVAC care, your systems will continue to function for years to come. When the new owner moves in, they can immediately enjoy the convenience of a well-maintained system, and not have to worry about unanticipated costs.
Electrical and plumbing maintenance
A property with no history of water leaks or electrical issues is seen as safer and more reliable by buyers. They’re often willing to pay a premium for a home that has been diligently maintained, as it demonstrates the property’s structural integrity.
Consider teaming up with a Florida property management firm that conducts regular inspections. This proactive strategy guarantees that any potential issues are swiftly identified and dealt with. In that way, you can present your property to potential buyers with the assurance that its structure hasn’t weakened over the years.
While often overlooked, well-maintained floors actually contribute to a property’s overall appeal. Regular carpet cleaning, buffing, and carrying out minor repairs (e.g. fixing floorboards or replacing worn-out parts) can make sure your floor looks its best for potential buyers.
Increase your home’s value with a luxury property care company
Maintenance is a must-do for any homeowner who wishes to sell their property for a profit down the line. Use this guide to construct your maintenance checklist, or consult an expert luxury property care company for a more comprehensive approach.
At Luxury Property Care, we specialize in creating tailored maintenance plans for our clients. Our team of experts will consider every distinct characteristic of your property, providing you with a safe, clean, and comfortable home, while preparing it for a future sale.