Ancestral homes are usually passed down from generation to generation. It is a place where every corner is filled with memories everyone who had been a part of the household might have left. Although ancestral homes are rich in familial history, there can be a point in time when the transfer will be unto an outsider. Some indifferent buyers might not consider such rich history as a factor that could increase the house’s value. Hence, you might want to add in other types to make your ancestral house rise in value.
Here’s what you can do to increase the value of your ancestral home:
Sell It When the Time Is Right
You have to consider the timing before making this big decision that would affect your entire family. Aside from the location, the time to sell real property, be it a condo unit or an ancestral house, is also an essential factor. If you sell it in the wrong season, you might lose a huge deal. Thus, you have to consider the season, inflation, current events, and even the neighborhood. Because years have already passed since the foundation of your ancestral house, many changes have also occurred within the community.
You also have to take into account the events that have happened within your area. Assess whether it is wise to sell it now, or you can wait for five more years or a decade until all the situation is already siding in your favor. When you sell it at the right time, it will surely be worth more than it was when you were at odds with time.
Ancestral houses differ from modern ones simply because they do not follow the architectural blueprint of row houses and today’s subdivision homes. It is unique due to the time it was built, so restoration, especially when parts of the house that aren’t as good as they were ten or so years ago, will make its aesthetic appeal shine once again.
You also have to do some inspection since termites might have been residents while your family was away. You would also have to come up with estimates since you have to expend some funds, but a restored ancestral house is way more valuable than a damaged one.
Preserve the Trees or Add More
There is no doubt that trees increase property value. However, the increase of about 7% accounts for property sales with trees as part of the house. You might want to hire a tree service to take care of the trees surrounding your ancestral home. Though you might have to shell out money initially, the returns would be relatively worth the trouble. You may also plant more trees if your backyard allows, and your arborist advises you to do so. Aside from trees, you should also look at your garden or backyard if they require new plants since an incredible landscape also contributes a good amount to the equation.
Incorporate Contemporary Features
Just because it is an old house doesn’t mean it would do just well with the old furniture, old furnace, ventilation, and all the things that aged with it. You can style your old home with some modern fixtures to render a more classic appeal to your space. You can display some mirrors with different shapes and sizes to make the house classy and more spacious. Placing the right painting or tapestry is also a worthy display. Don’t forget to include a few classic black-and-white retrofits, such as flower vases and picture frames.
It is an ancestral house we are talking about here, rich in history and retro architectural style. Think of adaptive reuse where you can redesign it to be a museum, a restaurant, or a vacation house. Once it becomes profitable, it will undoubtedly increase in value. You might even rethink the idea of selling it once it does.
Ancestral homes are more than just structures that provided shelter to families of several generations. They have housed hundreds of stories, memories, and experiences worth telling the generations to come. But since not all families are inclined to continue living in the same place they were born in, using the value derived from proceeds of its sale can also establish a new home which can also be another ancestral home.
So before handing over its title, make sure you waited for the right time, did the deserved restoration, took care of the trees, and combined the old and the new for an increased value.