If you plan to sell your property someday, increasing its value now can help you get a better return on your investment.
Most people believe that increasing the value of a home requires substantial (and usually costly) renovation. The good news is that there are numerous ways to enhance property value without the need to spend a fortune.
Here’s how to increase property value with these 5 simple tips:
1. Get a home inspection done.
Before you purchased your house, you presumably had it inspected by a professional. A home inspection allows you to ensure there is nothing substantially wrong with the house, such as significant water or termite damage.
If it’s been a while since your last home inspection, now might be a good time to book one. Inspections done on a regular basis can help you discover problems before they become serious, more costly concerns. If the home inspector finds a flaw, you may address it now rather than waiting for a possible buyer to notice it later and derail the sale process.
2. Take care of your landscape.
Does landscaping increase property value?
The short answer here is: Yes, landscaping can impact property value.
Thus, it makes perfect sense to ensure your property attracts the right kind of attention from not only passers-by but also prospective buyers.
A few simple ways you can boost kerb appeal include repainting the exterior of your home, improving or adding light fixtures, laying fresh mulch and installing a new garage door. You can also add more plants to enhance privacy, make your place more inviting and reduce noise and pollution.
3. Declutter and deep clean.
Time to put on your gloves and clean your home.
Get rid of clutter in every room, give away what’s still useful (or donate to charity) or sell it in a garage sale.
Rent a carpet cleaner to remove all the stains and grime on the floors after you’re done cleaning and decluttering. Enlist the help of other family members in giving your kitchen and bathrooms a thoroughly good clean.
4. Invest in smart home features or tech upgrades.
Does solar increase property value? How about a programmable thermostat and a CCTV security system?
A lot of homebuyers today prefer homes with modern features or high-tech devices — such as video doorbells, smart appliances, motion detectors, solar power sources, smart thermostats, etc. However, certain features such as real-time security alerts or operator support may require a monthly subscription cost.
5. Add a bedroom or a bathroom.
Choosing to create another bedroom or bathroom depends largely on your budget.
To add a new bedroom, you may opt for a minor drywall buildout. If you already have an extra room without a closet, all you need to do is buy a decently sized one and install it in your instant bedroom. Another way to do this is by using simple framing and installing a drywall.
If you have a bigger budget and more space, you might want to consider adding a bathroom — even just a half bath. Rerouting plumbing to a pipe-free area of the house might be costly when building a bathroom. Find out where the plumbing travels throughout the house and if you can construct a new bathroom utilising the current plumbing lines.
Smart investments pay off
Increasing the value of your property and making it more attractive to prospective buyers don’t necessarily entail substantial expenses.
By applying the above tips, you can accomplish both goals without the need to invest in expensive upgrades.
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.