Gauging the value of your home’s electrical utilities and perks can be a complex evaluation that varies based on your local housing market and a variety of other factors. However, there are a number of upgrades and renovations that can be beneficial no matter what the real estate market looks like in your area. Let’s take a look at some of the benefits of upgrading your home’s electrical, how they can affect property value and if they are a smart move for making your home more enticing to homebuyers.
Fact or Fiction: Electrical work will increase property value and make it easier to sell
There is no simple answer to this question, however, there are some home electrical repairs and upgrades that are essential when selling your home. Any type of dangerous electrical issues in your home is something that you will want to take care of immediately. If your home can’t pass inspection because of electrical issues, you are in trouble before you even begin showing your home. Real estate agents and homebuyers will likely demand that these issues are fixed before any sale takes place and many will simply look at other options or make a low offer.
Electrical upgrades are another issue; this will depend greatly on your local market. In high demand markets like Austin and San Antonio, there is a great deal of competition for homebuyers. In these types of markets, homeowners should focus on electrical updates that are the most cost-effective, obvious and aren’t as much of a long term investment. Electrical upgrades like cabinet lighting and smart video doorbells don’t cost as much, provide an immediate benefit and will help your home stand out for prospective homebuyers.
What are some electrical upgrades that aren’t cost effective when selling my home?
Solar panels are a hotly debated topic on if and when they add value to your home. While solar panels may help your home stand out compared to your competitors, the investment is long term and generally won’t be cost-effective if you plan on selling your home in the short-term.
Upgrading your home with LED lightbulbs is a similar problem. LED lightbulbs will eventually pay for themselves, however, it takes years for them to be cost-effective and pay for themselves. Alternatively, in housing markets that have high competition between home sellers, these updates can be quite viable because they will make your home stand out and attract a larger audience. Identify what kind of market you are in and then plan your home update strategy accordingly.
Will Security Cameras Increase My Home’s Value?
Security cameras can be a solid investment, especially when they are smart home integrated. Homebuyers that are looking for property in high population density areas are more likely to value built-in security systems to prevent crime and safeguard against lawsuits. For areas where crime is low and homebuyer competition is high, security cameras can become a less prudent investment. Integrated security systems can also be beneficial when selling your home, especially if you aren’t currently living there. Smart home camera systems will allow you to keep an eye on your property from the convenience of your smartphone or computer.
Should I Invest In My Home to Increase Property Value?
While almost any professional electrical upgrade or repair is going to increase the value of your home, it is important to understand which ones are beneficial in the long term and which can pay off right away. If you are looking to sell your home, be sure to consider the local housing market and the needs of potential homebuyers. Focus on electrical upgrades that are short term cost-effective or address safety concerns.
Whether you are considering selling your home or simply investing in your property, it’s always best to consult an expert electrician that can walk you through the pros and cons of electrical repairs and upgrades. If you would like to learn more about what electrical services are ideal for your home and area, please get in touch with our team to get started on strategically increasing the value of your home!