One of the reasons you invest in a property is the increased value in the long run. The end goal is for your investment is to be worth more than when it was first bought. If selling your home has ever crossed your mind, how much your property is worth would most likely be the top question.
There are low-cost ways to add value, and there are more expensive and in-depth renovations that can be done. By improving property value, you’ll not only get a greater return on investment, but you’ll attract a larger pool of buyers.
Looking to improve your property’s value? Well, below are five simple ways to do so:
1. External Wall Repair and Painting: The exterior of your home is one of the most important parts of your home as it is the first thing potential buyers see. Owing to this, it is essential to ensure that the exterior of your home looks the best. If your property appears dilapidated and run down, you are most likely not getting the property’s utmost value.
There’s nothing like a fresh coat of paint to make your home look fresh, modern, and more universally appealing; however, ensure to stay away from extremely loud paints, so you do not stand out for the wrong reasons. These small improvements will make a property look new without the need for a major renovation.
2. Install an outdoor entertainment space: Investors are not just looking for a property; they want to invest in a lifestyle. For this reason, installing something as an outdoor entertainment area in your home could make a lot of difference. A new deck, a paved seating area, or even an outdoor kitchen are great ideas. These areas create interest and ‘soul,’ particularly if well decorated in character with the home.
3. Improve the floor plan: People love space and enough room to store their possessions; hence if your home has several small separate rooms, there is a high chance that it would be worth even more. In addition, a separate kitchen and lounge space would be of great value as modern buyers usually prefer these to be combined to enable open-plan living. While this type of renovation is usually expensive, it can best improve the property and its value in some cases.
4. Bathroom and Toilet Repairs: Kitchen upgrades are great; however, bigger bathroom spaces are even better. A good bathroom space will be both functional and aesthetically appealing. Small repairs like painting the walls and replacing tile grout can work wonders. Also, clean out your exhaust fan and repair chips in the bathtub or sink to make fixtures look new. It’s also worthwhile in some cases to replace old light fixtures with more user-friendly or energy-efficient models.
5. Change/Add Windows or Doors: This is a valuable addition. Not only does it improve the aesthetics of the home, but it also can reduce embarrassment, especially if the door or window had been faulty.
Although this list may seem overwhelming, if you attack one task at a time and enlist the help of professionals (if needed), you’ll soon achieve your sales goal. First, however, before you renovate, do some research on your area to find out how much the property will be worth after the renovations.