Unlike in the past, when buyers believed that any property on sale was a good deal, today’s real estate buyers are only interested in the best features. And one of the easiest ways to ensure that your property stands out is to increase its value. This way, if there is any drop in property prices in your area, you can still sell it at a profit.
But how do you increase the value of your property without spending a lot of money? Well, here are our seven favorite tips that you leverage:
1. Kitchen and Bathroom Upgrades
Most buyers prefer functional kitchens that include good taps, bench-tops, and cupboards. So, ensuring that your kitchen is in its top shape can boost the value of your property. However, avoiding overdoing kitchen upgrades with fancy materials like all-new stainless steel appliances, marble-bench tops, or elegant granite. Although your kitchen will look sleek and modern, some buyers might assume that the house is expensive because of the additions. The most important thing is to ensure that your kitchen looks tidy and all the appliances are working optimally.
Besides your kitchen, upgrading your bathroom will boost your property value. In the old days, most properties came with one bathroom. Today, however, buyers favor properties with multiple bathrooms. So, if you find that the house you just purchased has one bathroom, take note of where the plumbing is located as well as any free space around, below or above it. Where possible, you can add small baths for thousands or tens of thousands in property value in the process.
Don’t forget to consider the demographics of your target buyers when upgrading your bathroom and kitchen. If you are targeting young couples, for instance, you don’t need to include a big kitchen island or a space for a large fridge. Instead, invest in modern kitchen fixtures that they are likely to find attractive.
2. Repair Roof and Foundation Flaws
Compared to other physical factors, the structural integrity of your home may not be apparent to buyers at first glance. However, a poor inspection report due to flaws in your foundation or roof could jeopardize your property sale at the last minute and cost you more. Ask a professional to come and inspect your property so that you can have enough time to repair structural flaws before putting the house on sale.
Besides your foundations, consider upgrading or repairing your windows, flooring, cracks on your walls, internal and external paintwork, and other broken fixtures. Remember to keep all receipts for the repairs and upgrades so that you can include them in your home appraisal. The appraisal is key to finding a higher price for your home.
3. Increase the Curb Appeal
Did you know that there are hundreds of investors who spend thousands of dollars remodeling their homes but neglect to tweak their property’s exteriors beyond a quick paint job? According to David Lindahl, a real estate guru and mentor, while adding a fresh paint is a great way to add value to your property, sprucing up your curb appeal can help you get a quicker sale or higher rent—both of which can make the value of your property to increase.
4. Invest In Attractive Internal Lighting Fixtures
Depending on your location, the cost of lighting fixtures can vary greatly. However, if you have old school hanging lights, you should consider doing an upgrade. The type of lighting fixtures in a home is essential when putting a home on sale as no buyer wants to live in a dark space. Adding energy-efficient lights to your property can boost its appeal and value. You can also use lighting to spruce up other pieces of décor in your home. Smart use of utility, ambient, and accent lighting within your rooms, for instance, can dramatically boost your ability to market your home and ultimately get a higher price for it.
It would help if you also consider maximizing the amount of natural light that enters your rooms. Invest in natural light fixtures like skylights and new windows to accentuate certain structural aspects of your places. If your home faces south, for instance, adding more windows and strategic skylights can transform its architectural form and subsequently increase its value on the property market.
5. Incorporate Off-Grip Power Options
Affordability of a home isn’t just about your monthly rent or mortgage payment. Power can also be a stealth budget buster. If you are looking to sell your home, therefore, it can be an excellent opportunity to incorporate sustainable ways of producing power within the home. This can range from installing solar panels to investing in green energy production, including the use of onsite battery storage, greywater recycling units, to solar window technologies. Nonetheless, some of these technologies require vast amounts of capital. So, it is essential to find the best option that provides a balance between affordability and marketability, especially when it comes to boosting the value of your home.
6. Insulate The Property
Insulating your property has an impact on its sales value. You can do roof insulation, floor insulation, cavity wall insulation, or install insulating glass and right frames. There is a wide range of frames that not only look beautiful, but that can also ensure excellent insulation of your home. Installing the right glass also increases your home’s appeal and boosts its insulation at the same time. As an added advantage, as long as you still live in the house, insulation will help you save on your energy bills.
7. Invest in Amenities
Adding a few extra amenities to your property can also make it more inviting to prospective buyers, increasing its value. Value enhancing amenities you should consider adding include free wireless internet for your tenants, creating a children’s park in a multifamily property, adding a courtyard in a hotel property, or adding a daycare in a commercial property.
That’s it: 7 tips that you can use to boost the value of your property quickly. Don’t wait for property value in your area to increase if you need to sell your house. You can still get excellent deals—even in the current market—if you can spare some time and resources to add immediate value.