Electrical Updates and Upgrades: Can They Increase Your Home’s Value?
Determining the value of your home’s electrical perks and utilities can be complicated. The answer to this complex equation varies based on your local housing marketing, along with an array of other factors.
While this is true, there are several upgrades and updates that are considered beneficial regardless of the state of the real estate market in your local area. Keep reading to learn more.
Will Electrical Work Increase Your Property Value?
There is no easy answer to this question; however, there are some electrical updates and repairs that are important when you are ready to sell your home. If there is a dangerous electrical issue in your home, it’s something you need to handle right away. If your home is unable to pass inspection due to electrical issues, you are in trouble before you even start showing your home. Homebuyers and real estate agents are going to request you have these problems fixed before attempting to sell the property or you will likely receive very low or no offers.
Another issue is electrical upgrades. These depend on your local market. In a high demand market, there’s a lot of competition for homebuyers. In these areas, you need to focus on cost-effective electric updates. Thinks like smart video doorbells and cabinet lighting don’t cost too much and offer immediate benefits, helping your home stand out to potential buyers.
More Expensive Electrical Updates to Consider
If you are searching for updates to make that require more of an investment, solar panels are a topic that’s still hotly debated. Even though the solar panels may help your home stand out compared to the other homes for sale, this is a long-term investment and if you are planning to sell, one that may not make sense.
Upgrading your home with LED bulbs is a problem like this. Eventually, LED bulbs will cover their cost; however, this will take several years to happen. However, in a market where things are extremely competitive, this type of update is a good idea because it will help the home stand out and attract a bigger pool of potential buyers. Figure out the type of market you are trying to sell in and then plan the electrical upgrade strategy based on this.
Security Cameras and Your Home Value
Investing in security cameras is a smart move, especially if they are smart home integrated. If your property is in an area with a high population density, buyers are going to put value on a built-in security system to help prevent crime and to safeguard against possible lawsuits. However, if the population density is lower, then security cameras won’t be as much of an upsell feature.
As you can see, there are important things to consider when making electrical updates to sell your home. If you need more help or information, work with the professionals by contacting Tann Electric now. We can help provide advice and guidance regarding the best electrical upgrades you can make for your home.