As we embark on a New Year, we hear all of the traditional resolutions… lose weight, eat better, less screen time, read more, etc. However, one New Year’s Resolution we can actually accomplish is increasing your home value during the winter months. Many Americans are eager to list their home in the spring, and are trying to find ways to increase the home value before listing. According to The New York Times, Some real estate economists are projecting that mortgage rates will start to fall sometime in 2023, perhaps by the second half of the year. Lawrence Yun, the chief economist for the National Association of Realtors thinks mortgage rates already peaked in November, and will hover around 6 percent, or edge lower, in 2023. “That could open the gates for buyers who are priced out to re-enter the market,” he said. This is great news for homeowners who are considering listing… and definitely something to encourage you to make small investments now in your home to ensure you are getting top dollar during resale.
As we look at the first New Year’s Resolution: Increasing Your Home Value, we can consider curb appeal. Not only does this include painting, landscape, tree/limb removal, it can also mean looking at your concrete. Consider your driveway, garage, sidewalks, patio, and porch areas… do any of these spaces have crumbling or uneven concrete? As a potential buyer, you will notice this as “one more thing to repair” and even decrease the aesthetic value. We know repairing concrete is less expensive than replacing, so we should know when to do what. This article, Pro Tips: Lifting Concrete to Eliminate Trip Hazards, highlights some information that is helpful when analyzing and reviewing options.
One of the first questions to ask is… can the concrete area around your home be lifted? If the concrete in your troublesome area has broken into small three to four square foot pieces, it becomes difficult to control the lifting process. It really comes down to leverage, or lack there of. PolyMagic utilizes a process in which poly is injected through the concrete, then reacts to form a 3-4 foot circular lifting area. Therefore, the technician is forced to inject into the center of the small piece and hope it lifts evenly. PolyMagic has mechanical means that gives us an advantage over other Kansas City concrete lifting companies, with their (two) 15-ft hosts that get to those hard to reach slabs.
The next question to consider is cost… what is the price difference between replacing the concrete and repairing the concrete? One of the main benefits of concrete raising compared to concrete replacement is cost savings. Obviously the ability to repair an existing area is a less expensive option. PolyMagic concrete raising is typically about 33% less than replacing the same concrete. Ultimately, the cost of raising or stabilizing concrete is a direct reflection of how much leveling material the project will require. To replace a concrete slab, you must hire a crew to demolish the slab, remove and discard it, stabilize the foundation below where it used to be, repour and let cure the new cement. This is a much more costly process that requires more manpower, materials, and time. Concrete repair could be the difference between two hours vs. two days. However, as repairing seems to be the best (most affordable solution), you have to consider that some damage is beyond repair, and will need to be replaced.
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Another way to increase your home’s value is to improve and update your lighting. Consider walking into a new home… the one thing you notice is the bright lights, even the natural lighting. A relatively inexpensive way to update your home is to install new lighting fixtures. Your local home improvement stores, like Lowes, Home Depot, or Menards, all have extensive light options. You can even consider online retailers like Wayfair, Overstock, or Amazon for additional options. Just a quick search on Amazon brings up thousands of lighting options, many of which are inexpensive.
Another option for improving your home’s value with lighting is adding an egress window to your basement. This has many benefits, including:
– Safety Feature: Easy Emergency Exit
– Increased Natural Light in a Basement
– Immediate Return on Investment
– Additional Livable Square Footage (Adding an Office or Bedroom)
– Better Ventilation
– 1 Day Installation Process; Immediate Value
PolyMagic has a sister company, PierMagic, and they specialize in egress windows. All windows are built to code and compliance standards. For the small investment, adding an additional window increases the bedroom count, which will add a return of $50,000+.
New Year’s Resolution: Increasing Your Home Value can come in other forms such as building out that man cave in the garage, or customizing the concrete around your pool, patio, or porch area. PolyMagic has helped thousands of Kansas City residents with their floor coating needs. Our process is 10X more durable than epoxy, and comes in hundreds of color combinations to fit your style. We even have extensive commercial experience with floor coatings (warehouses, walk ways, bathrooms) to enhance the functionality and professional look of a space. The process we use also has a slip resistant formula which is imperative to many commercial and even residential applications. Check out our gallery of past projects: https://www.polymagic.net/floor-coatings/.
We can also look at other options to increase your home’s value, including:
- New Windows
- Updated Crown Molding
- New carpet/hardwood
- Back-up Sump Pump
We know the market can be intimidating to enter as both a home buyer, and seller. We hope the above tips, New Year’s Resolution: Increasing Your Home Value, can help you list your home for top dollar. Reach out to our team in Kansas City for an additional questions or resources. Call us today at 816-765-4800.