According to data presented by the Orlando Regional REALTOR® Association (ORRA), Orlando’s housing market has recorded year-to-year gains for 33 consecutive months. The median price for a home in Orlando has risen by 41.13 percent since July 2011. ORRA reported that the overall median home price for April 2014 was 13.43 percent more than the same period last year. If you own property in Orlando and believe that now might be the right time to cash in, here are the top five ways to add value to your home.
- Loft Conversion
Realtors tell us that homebuyers want more living space for their money. The ‘affordability index’ is a way of showing how affordable a home purchase is for buyers earning the state-reported median income. For example, an affordability index over 100 means that median-income earners make more than is necessary to qualify for a median-priced home. Data shows that first-time homebuyer affordability decreased to 126.55 percent in April. Converting a loft is one way of adding valuable living space to a property. Comparing what it costs to the amount it can add to a home makes it one of the best ways to add value to your home.
- Basement Conversion
Overall, the affordability index was 180.26 in March whilst in April it was 177.96 percent, meaning that affordability is decreasing in Orlando. Converting a basement is a great way of attracting cash-strapped buyers and selling your home for more. If your basement is being used for storage, you could add value to your property by converting it into living space.
- Garage Conversion
Converting garages to living spaces is another way to give buyers more living space. As with loft and basement conversions, this project will give you a good return upon investment. It will cost less than the amount it adds in value to your home.
- New Windows
Realtors advise people to improve their windows to add value to their home. While replacement windows will improve the energy efficiency of a property with old leaky windows, the cost is very high. New windows may not add back their cost to the value of the property. Installing storm windows makes more sense financially. These windows increase a home’s energy efficiency without the expense of replacing the existing windows.
- New Blinds
With housing affordability in Orlando decreasing, buyers are stretching themselves like never before. Home running costs factor high in their decision process as rising energy prices are pushing up the cost of heating and cooling a home. Buying new blinds is a great way to add value to your home, as blinds are highly energy efficient. Buyers recognize that wood or faux wood blinds will help reduce the amount of energy the home uses. While wood blinds give you more choice of colors and are lighter to pull up and down, faux wood containing wood and vinyl such as Biowoods, Everwoods, Woodmates, and NuWood products have better thermal insulation properties. As faux wood blinds cost up to 20 percent less than real wood blinds, they have an excellent chance of adding back their cost to the value of your home.
These five ideas should help any Orlando homeowner choose a way to add value to their home. What do you think of our tips? Leave us a question or comment below!