If you are planning to sell your house, one of the best moves that you should do is to go into a renovation project. The key is to know what specific projects or aspects of your home you should look at and focus on that will best increase your home value and with optimal ROI. Your budget should also be taken into consideration, so knowing what to prioritize is also essential. If your home is more than 20 years old, a home upgrade is most likely overdue (even if you are not selling). In addition, potential buyers now have way different requirements from what they have from years before, which also evolve based on their needs. For example, smart home technology and home offices are rising home features with the modernization of technology and with people working at home becoming a trend. Of course, the usual upgrades to increase a home’s values are still in, like home changes to increase curb appeal (e.g., a good landscape, adding of stone veneer in front of the house, touch up of exterior paints, etc.), kitchen remodeling, bathroom updates, and repairs on issues that your home may have.
According to Harvard researchers, the total spending of Americans on home remodeling can potentially reach up to $430B by the second half of 2022 due to the rising cost of materials, labor rates, and more. But of course, these home upgrades are important and are guaranteed to yield positive ROI. There are also other points of upgrades to focus on, one of which is electrical upgrades that are a sure win in terms of increasing home value. Examples of these electrical upgrades are installation of energy-efficient lighting, upgrade of the electrical panel, replacement of outlets and switches, update on electrical wiring, installation of security cameras, adding of ceiling fans and backup generators.
Why do electrical upgrades increase your home value?
The main appeal of electrical upgrades to potential buyers is the efficiency, safety, and convenience it brings for them. Other electrical upgrades can help reduce energy bills, plus homeowners find a house that could accommodate their electrical needs more appealing, especially with multiple uses of gadgets nowadays aside from the usual heavy-duty appliances.
Some electrical upgrades are for the convenience of the homeowners, like ceiling fans for comfort and extra outlets so they won’t need to use extension cords or have outlets installed once they move in. Back-up generators as add-ons are also surely attractive, especially in areas that are prone to storms and the like.
Efficiency and aesthetics are also part of electrical upgrades, especially in terms of lighting.
An important key point to consider: before closing any property deals, a home inspection will most likely be done. This will cover different aspects of your home that will include your electrical system. A poor electrical system will surely leave a red mark on your home assessment. This will then affect your home value unless you are willing to shoulder all repair expenses before handing in your home. This could entirely set potential buyers away and back out with your deal.
Click here and read more on why you should fix your electrical system before selling
Remember that each electrical upgrade means less work for buyers moving in. It also means that your home is compliant with current electrical codes and has followed the safety guideline – a definite appealing sales feature for your home.
If you are looking for ways to increase your home value, read on. Here are electrical upgrades that you can start working on with your trusted electrician:
- Upgrade your electrical panelIf your house is fairly new, then this will not be an issue. But for older houses, this is a definite call for a red alert. It should be the first thing that you should look into, as it could bring serious safety issues.Your electrical panel is the heart of your electrical system, which stresses the importance that it should work optimally. Without the electrical panel, the rest of your electrical equipment will not work, as the power in your house runs through it. If you have an outdated panel, yes, it will work, but it will not be able to meet all the electrical needs of homeowners.Have you experienced multiple circuit breaker trips? If yes, then take it as a sign that something is wrong with your panel. Other tell-tale signs to watch out for are:
- Buzzing or weird sound from your breaker box
- Burning smell coming from your panel
- Signs of wear and tear like rust and corrosion
- Signs of water damage
- Warm/hot electrical panel
- Flickering or dimming lights
- Appliances overheating frequently
- You still have a fuse box
- Scorch marks on your breaker box
- Frequent power surges
Aside from the safety of homeowners, an electrical panel upgrade will also:
- Increase your home’s energy output
- Accommodate the possibility of potential buyers adding extensions, additional rooms, bathtubs, etc. (if your electrical panel is outdated, it won’t be able to handle the extra loads)
- Indicates that the house is well-maintained, adding confidence to buyers that they are purchasing a highly-valued home
- It could lower insurance premium (a house that is safe from electrical fires is equal to lower insurance premium)
- Contribute to energy efficiency
Note that an electrical panel upgrade needs a professional electrician. Do not attempt to do the upgrades by yourself for safety and to make sure that the job is done right.
Looking for an electrician near you? Click here.
- Install new switches and outletsDamaged and worn-out outlets and switches not only are eye-sores but also affect the functionality and efficiency of your home. Just like with anything that is constantly being used, the usual wear and tear will appear. For example, outlets will eventually lose their grips on the plugs, which could lead to wiring damage due to the heat that it produces. More importantly, if you do not replace this, it becomes a fire risk for future owners, causing electrical arcing (this is when electrical current jumps from one connection to another).Also, note that homes nowadays are “power-hungry” so an upgrade on your switches and outlets is needed to keep up with modern society’s demands.Tip: Consider adding in dimmer switches. The variety of home lighting options is for aesthetic appeal.Read our Quick Guide to Light Switches and Dimmers
- Update on electrical wiringIf you are planning to put your property in the market with outdated wiring, it will simply not pass the inspection and you might lose potential buyers.Did you know that the National Electric Code or NEC updates electrical codes and standards for wirings and outlets every 3 years? Why? This is to ensure that your household is at par with the technology, ensuring the safety of the household. If you haven’t had an electrical inspection for quite some time now, chances are your electrical wiring is not updated. Some signs that you need to update your electrical wirings are:
- Tripped breakers
- Flickering and dimming lights
- Buzzing and crackling sounds
- Visible damages caused by rodents
- Not old but has signs of damage, wear and tear, corrosions, cracked wire insulation
- Your house has aluminum wiring or knob and tube wirings
- Overheated wires
- Burning smell
- Loose connection
- Damage to electrical appliances or tingling sensation when touching appliances
- Two-prong outlets instead of three
Installing the proper wiring is not only due to safety reasons but it will help enhance the reliability and functionality of the house, which will enable it to keep up with the market’s needs.
- Upgrade to energy-efficient lightingIt’s about time to make the switch to efficient lighting. The proper locations of lights are important, but so is choosing the right type of lighting. This will help your home achieve not only energy efficiency but will boost the curb appeal of your property with your house having better quality lights. Energy efficiency also means lower electricity bills.Fact: LED lights can help save up to 80% of your lighting cost compared to when using incandescent bulbs, halogens, and CFLs. It also lasts about 5x longer than halogen bulbs plus they are also eco-friendly.
- Adding of ceiling fansCeiling fans are a great addition to any home. It looks nice in any room and comes in different styles, shapes, colors, and sizes, which allows it to accentuate the room that its in. It simply makes any space more attractive than just having a blank space in the ceiling.Adding to its aesthetic appeal to buyers is its function. With the propelling energy cost, people are keen on looking for alternative ways to cool the house, one of which is through ceiling fans.Having a ceiling fan in your home is form and function in one place, and more and more buyers are willing to spend more with homes that have ceiling fans installed.
- Backup generatorWith a backup generator, what you are selling to potential buyers is the peace of mind that comes with it. It is one of those things that you don’t necessarily want to use but would be great if you have one. Comfort and convenience during emergency outages will be an added feature to your home with having a backup generator.
- Installation of security camsMany real estate experts believe that a home security system could increase a home’s value. It’s not enough that homes are efficient and beautifully designed, people nowadays are looking for additional safety features as well, and your home being ready is definitely a plus.For all electrical upgrades, it is best to leave it to professional and licensed electricians, and we can help you find reliable electricians to do the job for you here.