Do you own your property where you reside, or as an investment? Whether it’s with a mortgage or owned outright, owning a property puts you in a position of relative privilege and wealth compared to those who rent. As such, you’ll probably pay attention to the value of your property or properties. But did you know that there is a strong connection between future-proofing your home or homes and their value? This helpful article will discuss this topic in much more detail, so if you’re interested, continue reading to learn more. We’ll share about what future proofing is, why it matters for property value, and some key future proofing tips and strategies that will boost the value of your home. Let’s get stuck into it!
What is Future Proofing in Homes?
A simple definition is that future proofing is any design or upgrade features installed or renovated to adapt to future needs. The idea is that you “proof” or protect your home for the future. Some key examples of this include energy efficiency upgrades such as switching to induction cooktops, installing solar panels, double-glazed windows and insulation and smart technology for the home. Also, accessibility features such as residential lifts, handrails, stair lifts and more can be considered future proofing. Material choice also matters, such as choosing durable materials for renovations or upgrades instead of cheaper, flimsy materials that won’t truly stand the test of time.
Why Future Proofing Matters for Property Value
The next section of this article will share in more detail why future proofing matters for property value, whether it’s for your principal place of residence or an investment property. Also, in case you didn’t know, property value is the total cost or value of your property if it were placed on the market and sold today. As a rule of thumb, property tends to appreciate, which means that its value increases over time. Interestingly, it is the land value that appreciates. In contrast, the home itself tends to depreciate, or lose value over time – all the more reason why future proofing is incredibly important to sustain your property value as it ages.
One major benefit of future-proofing your home or homes is that it will attract modern buyers, who are usually affluent and with cash to spare and who also expect sustainable and adaptable features for homes they are interested in. These sorts of buyers will expect solar panels, double glazing, electrical features, and smart home tech at a minimum. If you’re chasing a modern buyer, then you can’t go wrong with future-proofing your property.
Another huge benefit of future-proofing your home, especially for investors, is that it significantly reduces long-term maintenance and running costs for the property, making it cheaper to maintain in the long run. As investors are looking to get the most profit out of their nest eggs, investing in future-proofing makes sense to save money in the long run. Features such as energy-efficient features like solar panels and insulation, and renovations with durable features for longevity make your home more durable and last longer.
Furthermore, future-proofing ensures that the home remains competitive in future real estate markets, allowing you to demand a premium price for your property. When it comes time to finally sell, you can rest assured that you will get market rates or even higher for your home once it hits the market and sells at a private sale or auction.
Future Proofing Strategies That Boost Value
Now, we’ll discuss some future-proofing strategies that are bound to add value to your home.
One upgrade you can make is energy efficiency tweaks. Solar panels installed on your roof provide constant renewable power for your home, reducing the amount of coal and gas-powered energy your home uses, thereby reducing your property’s carbon footprint and helping the environment. At the height of summer, when the days are long, sunny and hot, you may even be able to completely power your home from your solar, ensuring fully sustainable energy and lowering your household’s dependence on fossil fuels. This is an excellent way to future-proof your home. In addition, installing adequate insulation in your home will help your property retain heat during winter and keep it cool during summer. Double glazing will also achieve this, as well as reducing noise levels from outside.
In addition, installing energy-efficient appliances such as dishwashers, split systems, and plumbed-in fridges will help to future-proof your home and reduce your power bills.
When it comes to technology, smart home systems, security systems, and automated lighting and heating are excellent methods of future-proofing your home.
There are some simple home upgrades that you can install for accessibility, to both future-proof your home as you age and also entice older buyers when it comes time to sell. You can widen doorways, provide step-free access and consider other accessibility features such as home lifts and stair lifts as well.
Using sustainable and long-lasting building products for any home upgrades or renovations will ensure that your home survives the test of time. If you live in areas prone to bushfires and floods, you may also want to consider designing for bushfire and flood resistance, as well as weather-proofing your home from the harsh Australian climate. All of these future-proofing initiatives will boost your property’s value.
A Future Proof Summary
This informative article has covered future-proofing your home and the connection between this and your home’s value. We’ve covered what future proofing is, why it matters for property value, and some proven strategies to future-proof your home. By now, you’re an expert on the topic.
