How to Increase the Value of Your Home

A house is most likely the biggest purchase you will make in your lifetime. Making sure it increases in value over time in the event of selling takes work but there are numerous ways to make your home more appealing to potential buyers.

Update/upgrade the kitchen:

Almost every interior designer and real estate agent agree that improving the kitchen is the best way to increase the value of a home. It tends to be one of the first rooms potential buyers want to look at and a new/modern-looking kitchen always has a “wow factor” that can’t be ignored. Studies show that the kitchen topped the list of ideal home features when surveying millennials. It can be small upgrades to the fixtures or cabinet handles to bring some flash or major upgrades to the appliances, countertops, flooring that buyers will be eager to show off. Another idea is to give your cabinets a fresh coat of paint before you start showing to give it a new look even if they are a little older.

Show off an open concept with room flexibility:

Everyone’s ideal home is different but first-time or upgrading home buyers always want more living space. The open concept floor plan has been the rage lately but now it is becoming equally important to have living areas that are flexible to different functions and not necessary one big open room concept. Finishing a basement or attic adds large amounts of square footage and adds functional rooms for offices, guest rooms, man-caves, etc. that people are looking for.

Update that bathroom:

No one wants to move into a new home and use your old bathroom. If it looks used, worn down, and old, update the fixtures, or add a fresh coat of paint to the walls. These are great ways to make the home buyer feel like they are buying a home with a new, fresh, clean bathroom. Also, a remodel such as new flooring and a few updated fixtures delivers a 70% return on investment, while an upscale bathroom remodel like heated flooring, custom cabinets, and designer fixtures can see 56% on average.

Low maintenance, modern, and smart:

Since many home buyers worry about buying a home that will need constant maintenance, replacing a major component before putting it up for sale like the furnace, water heater, or even the roof may calm fears of an emergency repair in the near future and help get you a higher price.

Additionally, smart homes are a big want right now for younger homebuyers. Programmable thermostats, garage doors, lights, appliances you can control from a smartphone or device are the future, and even if it may not increase the value of your home by leaps and bounds but the appeal factor may be the difference between a buyer and subtle interest.

Energy-efficient:

Telling a potential buyer that your house is modeled to be energy efficient and cost-effective is a great selling tool. Consider double-pane windows, enhanced attic insulation, LED lighting, and efficient appliances as a way to increase home value and entice energy-conscious buyers. This is especially appealing in areas that experience extreme heat and cold seasons.

Curb-appeal, the cover to your homes book:

If a potential buyer shows up for an open house they see unmaintained landscaping and home exterior, they will assume the interior is just as unappealing and may pass right then and there. Mow the grass or hire a professional landscaper to add flowers and plants. Maybe give the outside a power wash and/or fresh coat of paint to let the exterior really show off and give your house an advantage right out of the gate and make the buyers want to see more.

Protecting the financial investment of a home can be a commitment both financially and to your time but in the end, it will be worth it. Taking the same steps in properly insuring your home with a strong home insurance policy from Arnold Insurance Agency ensures that your investment is protected in case of damage, injury to others on the property, and many other unforeseen incidents. For a review of your home insurance, give us a call or email anytime and we would be more than happy to set up a time to see where we can save you money, increase protection, and better protect your home. 614-863-0455, info@arnoldinsuranceagency.com, https://www.arnoldinsuranceagency.com/home-insurance/

Is water leakage and flood damage covered by homeowner’s insurance?

Water damage claims are the second largest home insurance claim only behind wind and hail damage. Water leakage and flooding, even if a little, can be devastating and cause problems both short-term and long-term. A good idea is to review your policies and learn if you are covered in the event of unwanted water.

Flooding and water damage can happen in many ways such as: 

• Sudden or Accidental Discharge

• Sewer backup or water backup

• Overflow

• Flood

• Storm Related Water Damage

Now the real question is: If any of this happened, will your house be covered?

Sudden or Accidental Discharge

It covers damage to items due to water damage if the incoming water is from sudden or accidental leaks such as a pipe bursting.

It does not cover the lack of maintenance. For example, if you have a leaking toilet or washing machine that you never get serviced and the water leaks into the floor or other areas causing damage.

Sewer backup or water backup

Typically, not covered and sewer backup insurance is not automatically included in most standard homeowner policies. You must add it to your policy by endorsement to make sure you're adequately protected. 

Overflow

If a toilet, tub, sink overflows or a dishwasher explodes. The damage to those items, as well as the water damage to home furnishings, would be covered by the homeowner’s policy but only if the overflow is caused by sudden or accidental change.

Flood

Flood damage of any kind is not covered by your homeowner’s insurance policy. Separate flood insurance can be purchased and if you live in an area where that may be a concern you will want to talk to your agent about adding it.

Storm Related Water Damage

Homeowners insurance may help cover certain causes of storm damage, including wind, hail, and lightning but homeowners insurance does not cover flood damage, whether it's caused by a rainstorm or overflowing river. 

Water damage of any kind can be very confusing in terms of what is it isn’t covered by your insurance. Be sure to review your options with your agent on a regular basis so you aren’t caught off guard in the event of leaks and floods. If you are looking for home insurance or any water-related insurance, give us a call! 614-863-0455 or email info@arnoldinsuranceagency.com