Who wouldn’t want to live in California? The state’s beautiful beaches, bustling cities, and cultural landmarks can go head to head with any other state’s best. This is why so many people are coming here. Nearly 40 million people live in California today, and that number is expected to reach 50 million by 2050.
The conventional wisdom holds that it is better to buy your home than to rent it. When you’re paying into a mortgage instead of paying rent, you’re getting more for your money. And when you’re talking about a place like California, where the population is growing but the state is, obviously, staying the same geographic size, then the logic is even clearer. In California, there’s a good chance that your home will increase in value. (Of course, any investment, real estate or otherwise, does come with risk.)
A growing real estate market is good news for those hoping to buy their own homes and stay for a while. But if you’re planning on someday selling a house in California and realizing that windfall, whether it’s right now or down the road, then you’ll need to think about the things that make your space valuable.
Maintenance matters
Real estate values have a lot to do with location, and you can’t do much about that once you’ve already bought your place. But you can ensure that your property is among the most valuable in its given location. To do that, you’ll need to counteract any natural deterioration of your home.
While properties themselves may appreciate, the structures on them rarely do. As things get older, they get weaker and develop problems. But how much value your physical structure loses, if any, is a function of how well you care for it. The more proactive you are about maintenance and repairs, the more you’ll protect the value of your property. If, on the other hand, you neglect your space, then you’ll find that problems build upon one another and your deferred maintenance ends up costing you a lot more than active care would have.
Comfort and cost
California has famously good weather, but we don’t get that weather all of the time. You’re going to need an HVAC system for your California home. And how much it costs to run one is a big part of how much your home costs you every month. It’s also going to play that role for any potential future owners, which is part of why energy-efficient homes with up-to-date HVAC systems are worth more.
Investing in your HVAC system just means turning to professionals for regular maintenance and occasionally taking them up on smart, cost-effective upgrades, explains an expert heating and cooling repair contractor.
High-leverage remodeling work
Certain home improvement projects can increase a home’s value. Adding a patio or a deck can make your space more appealing to potential home buyers, for instance. And in many parts of California, adding a pool can increase the value of your space as well (just be sure to do your research, because pool installations make more financial sense in some areas than others). But not all remodeling projects are the same. While you might love a certain change in your home, that doesn’t mean that the next buyers will.
So if you want to maximize the value of your California home, target high-impact upgrades on dated spaces in your house. Bathrooms and kitchens are ripe for remodeling projects, especially because appliances and fixtures can date quickly. Examine your home, look for dated and weak spaces, and invest accordingly.
