Our homes are where we live, raise our children, entertain our loved ones, and enjoy a perfect Maine lifestyle. At some point in time, for most of us, our homes also became our largest financial investment.
In our business, making decisions about what to repair, replace or upgrade in your home is called “maximizing the highest and best use for your property,” so that when we’re ready to sell, you get the maximum ROI.
Right now, there are two major forces taking the edge off this sellers’ market: rising energy costs and rising interest rates. By overcoming these objections, you will create long-lasting value for your home. So, here are three suggestions to maximize your investment potential.
Reduce energy costs as much as possible. Run an air exchange test to find envelope leaks, then do what it takes to seal them: new insulation, new windows, new caulking, or new liners on doors. Take advantage of Efficiency Maine rebates and look at installing a hybrid hot water heater or heat pumps with mini split A/C. Last, look for high-quality shades for large windows and skylights to insulate during summer and winter.
Plan for a future free of fossil fuels. Pew Research found that 77% of U.S. adults want to see more renewable energy investments. Installing rooftop solar panels is a fail-safe investment for the future. In the garage, or on the side of your home, add an electric car charging station, for your own future purchase, guests, or the next occupant.
Add an attached or separate ADU on your property. A new Maine law, signed just this week, will allow more accessory dwelling units to be built on certain single-family lots. Even without all the competition, a high list price will hold if a potential homebuyer is able to use income from an accessory dwelling unit to qualify for a larger home loan.
Tom and Julia Ranello say, “We love where we live.” Give them a call or send an email to explore your home’s potential value: 207-838-1651 or ranellogroup@gmail.com.
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