How Can Increase The Value Of My Inherited Property?

value of inherited property

Making your inherited property more efficient, upgrading bath or kitchen, installing smart home technology, and adding square footage all can increase its value.

Keep in mind that nearly 65% of U.S. homeowners believe that the value of their properties will continue to increase over the next decade.

Real estate trends revealed that median home values in Michigan went up by 8.6 percent last year and are expected to rise another 5.9 percent at the end of 2019.

Research by Zillow further added that spring is the best time to sell inherited house warren mi usually has a large pool of buyers during spring with people wanting to hunker down for winter.

Prepare for spring and follow these tips to increase value when you sell inherited house. Warren MI has shown signs of growing stability after years of recovery from the Great Recession and the collapse of the auto industry.

What Affects Property Value?

Several factors may influence the value of the home include historical sale prices, age or condition, and neighborhood size.

In most cases, inherited houses that are close to educational institutions are in-demand. Good schools insulate a property from the fluctuations of the market, which makes it a sound investment for buyers.

Surveys by the National Association of Realtors revealed that 22 percent of home buyers listed the proximity of the property as an essential aspect in the buying decision. The poll also added that these same buyers are willing to pay more for good schools.

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In other words, owners with inherited houses close to Macomb Community College or Lawton Career Institute – Warren can re-negotiate their prices and get healthy returns on their properties.

Which Home Improvements Add Value?

Projects like kitchen remodeling, painting, and bathroom renovation can help enhance the quality of life of the buyer. Several statistics show that kitchen remodeling can result in a 60 to 120 percent return on investments.

Consider adding energy-efficient appliances in your kitchen or a fresh coat of low-VOC paint to the cabinets. A low-VOC color makes your kitchen more environment-friendly and ensures that buyers avoid breathing in hazardous chemicals like benzene.

Likewise, adding energy-saving insulation can also make your inherited house more appealing to the buyers. Bear in mind that a $200 or less insulation installation can save prospective buyers hundreds each year on utility bills.

Does Greenhouse Add Value To Inherited Properties?

Landscaping and adding an elegant greenhouse in the outdoor spaces of your property can add 15 percent or more to the overall value of your inherited house.

Opt for a greenhouse that is flexible enough to work on the east and west sections of the property to maximize the amount of light it receives.

Add plants and ensure that the greenhouse is sheltered from winter winds. Take note that winter winds in Michigan drain the soil and prevent the plants from growing.

For best results, choose free-standing greenhouses that can be expanded as necessary and placed anywhere near the garden. 

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