Ways of Enhancing Your Property’s Value

Ways of Enhancing Your Property’s Value Property Investing: How to Buy a Second Home and Rent the First Property Management

Ways of Enhancing Your Property’s Value | The aim of any property investment is to enhance your property’s value. When you’re thinking of selling, you want your home to be worth more than when you purchased it. Home improvement projects can be challenging if you don’t have a clear plan of those that will add value to your home.

There are lots of ways you can go about this, from low-cost ways that add value to more expensive and in-depth improvements, but it all comes down to what fits within your budget and your vision.

Low-Cost Upgrades

If you’re working with a limited budget, you can still do a lot of simple things that will boost the appeal of your property. These simple updates may not add huge amounts to your property’s value, but they can contribute substantially to the final potential value of your home and most of them can be done without hiring any outside help.

The first thing to do is to ensure your property is clean, both on the outside and inside. Any kind of garbage, dirt and peculiar odours have to be eliminated as they are major put-offs. Adding a new coat of paint can do wonders to a place – it revives and brightens a dull space and sticking to a neutral palette will give it a universal appeal.

Great curb appeal plays an important role in the image of your property. A shiny new mailbox, several strategically placed plants, new outdoor lights and stylish shutters will make your property more welcoming and inviting. Potentially higher return projects that do require bigger investment would include adding a deck, new siding and new driveways.

When it comes to the indoors, little updates such as changing out doorknobs, light switch covers, cabinet hardware and light fixtures will surely breathe new life into a space. Also, staging your home plays a key role. This includes proper de-cluttering first then defining the function of each room and choosing suitable furniture and accessories.

Moderate to High-Cost Upgrades

With a larger budget at your disposal, you can opt for higher cost renovation that can potentially add significant value to your property.

For most homebuyers, home security ranks very high on the wish list. Installing smart tech upgrades such as door locks, smartphone-controlled carbon monoxide detectors, thermostats and home security systems is expensive, but these are the features that will be a wow factor that will make your home stand out. On the cheaper side, you can also consider a variety of high-quality fencing products that you can install around your backyard or your pool. For families with young children, this is always a major plus.

Another valuable addition is changing and adding windows and doors. This adds to the aesthetics of your home but it also reduces the noise inside, allows more natural light to come in, improves insulation and thus helps lower heating and cooling bills.

Among more costly renovation projects are kitchen and bathroom renovations. These two rooms are major selling points of every home, so if you’re aiming to get the biggest buck, consider changing the flooring or countertops in the kitchen and adding new appliances, and in the bathroom, switch out a toilet, sink or bathtub. If you feel this wouldn’t be enough, then a complete gut renovation and room overhaul are in order.

Creating a more functional floor plan can also add great value to your home. This might mean tearing down a wall between a kitchen and living room or rearranging a kitchen to add more usable space. It might mean adding an en suite bathroom to the master bedroom, or a designated home office, or even increasing the overall square footage by building an addition to your property.

While you want to improve your property and increase its value, you should also be careful not to over-improve your property. Overspending on a renovation might lead to an overwhelming project where you won’t see a return on your investment. Therefore, research your neighbourhood, see what typical improvements are, consider the tips listed here and put it all on paper to see what will work best for you.

worldexecutivesdigest.com | Enhancing Your Property’s Value