The ultimate goal of any property investment is to increase its value. All you would want is that it be worth more than what you bought it for. While the location and size of your house will influence how much your property is worth, as bigger homes and bigger space will give you more options to work on however, there are ways to increase value of a house irrespective of its size.
There are simple things any property owner can do which can boost the appeal of their property. These fixes can not only make beautiful homes but also make a huge difference in the way your property looks. Let us explore some ideas & tips to increase the value of your home.
You will be amazed by the difference a fresh coat of paint can make. It can revive and brighten a tired space. A new coat of paint is the easiest and most cost-effective way to refresh the look of your home while boosting value. However, you may take a call whether you want to redo the whole house or focus a couple of rooms, or perhaps a feature wall.
Storage space is very critical and is a massive shortfall for potential buyers. You may get open shelves done in the kitchen, bathroom and laundry. Additionally, installing hooks on the back of doors is another simple convenience that’s often overlooked.
A perfect outdoor area for entertaining will increase the desirability of your home. A well kept lawn with decorative plants, an aesthetically done sitting area outside will change a person’s perception completely in the first look itself.
Small renovations, wherever possible may be done. For instance it’s possible to create a whole new bathroom look without any major renovation. Small, but modern updates, such as replacing handles and taps are a simple way to elevate the appearance of this room. If your tiles look old and shabby, you might replace them. If your vanity is outdated, replacing it will make a remarkable difference to the feel of the room.
Change out a doorknob, light switch cover, cabinet handle or even a light fixture. It’s a simple method to breathe new life into a space.
How your home looks from the street increases your home value no end. For a stand-alone unit, you may add a fence or paint any existing fences around the property. For an apartment, you may replace or paint your front door in a different colour; this will boost the aesthetics for little cost.
Adding a few things here and there like cushions, rugs, etc can make a big difference to the look and feel of your home. You may get new lampshades and artwork. In case you are selling your home, the potential buyers must be able to see the space as somewhere they could potentially live.
A few strategically placed plants, a new mailbox, outdoor lights or shutters can make your property more inviting. Higher cost and potentially higher return projects include new siding, new walkways or driveways, and adding a deck.
You may consider changing windows or doors. This is a valuable addition. Not only does it improve the aesthetics of the home, but it can also increase natural light inside the home. French doors give a feeling of more open space and allow more light to enter the property. Skylights can also help brighten up spaces that may be lacking windows or natural light.
Additionally you can also change worn-out flooring. Replacing a carpet will also do the trick.
You could create a more functional floor plan. For instance, you could take down a wall between a kitchen and living room. You could rearrange a kitchen to create more usable space. It could also mean finishing an unfinished attic or a basement to add more living space to the property. It could also mean transforming an attached garage into additional living space.
Suggested Read: Simple Ways to go ‘Greener’ at Home
Kitchen renovation would mean a complete overhaul of the kitchen. It can involve adding new cabinets, countertops, new lighting fixtures, new appliances, new sinks, new faucets, new cabinet handles, etc.
Completely redoing a property by ripping it down to its studs and building it back up with a more modern design and materials can increase the value of a property, as long as you can sell the property for more than you owe on the property along with renovation and holding costs.
But before you renovate, you must carry out some research in your area to find out how much the property will be worth after the renovations. Once you accurately gauge this new value, you can deduct the price you paid for the home and what you are left with is the maximum price you should spend for the renovation and any soft costs such as financing charges, closing costs, and holding costs if the property will sit vacant while the renovations occur.
A standard home insurance will protect the structure of your house and its contents from perils such as fire, flood and earthquake. If there is a loss due to risks listed in the document, the insurer will pay the house owner the reconstruction cost. A house which is insured will surely have more resale value and or otherwise intrinsic value.
So if the house is on your own land, you just have to estimate the cost of rebuilding ‘ which should be the sum insured’ and the insurance company will pay accordingly in case of loss. However, if you own an apartment, the housing society gets the structure of the building insured. This means you have to insure only the contents of the house such as jewellery, electronics and furniture. If the society hasn’t insured the building, you can buy a cover individually as well.
There is a word of caution though. While you would want to increase the value of your property, do not over-improve it too. You would not want to spend an amount of money on a renovation where you will not see a return on your investment.
This ready reckoner will help you increase the value for your property; whether you stay there, rent or sell you get better returns nonetheless!