WHAT TYPES OF HOME RENOVATIONS INCREASE PROPERTY VALUE?
We all know that the location of a home plays a key role in determining the value that home will have but purchasing a home in a highbrow area is not the only thing that would make your home to be highly valued. There are a few things you could do in forms of renovations that would drastically upscale the value of your home.
The first step to increasing the property of your home is to make sure you do not make a bad purchase. Making a bad purchase here does not mean buying a property that is in a very bad condition, it only means you should make sure you get a very good deal. For example, if you purchase a house at a value that is $10,000 more than what it truly worth, then you have incurred a deficit of you would have to account for whenever you’re trying to appreciate the value of your home.
The second step is to find out the price of the most expensive house in your neighborhood, then make a budget that would make your property sale price not more than say 20% of that value. This is to guide you on how much you should spend on renovation because the environment also affects the value of your home. For example, if the most expensive property in your neighborhood is valued at $200,000, and yours is already worth $180,000, spending above $50,000 on renovation might not be so profitable as you would be pegging your property at a value above $240,000 in order to make a profit.
Invest in Your Landscaping and Curb Appeal
It’s surprising how most real estate investors would spend a lot on interior renovations and even exterior paintings and then leave behind one key factor that can change a whole lot, and that is the environment. Having neatly trimmed lawns and planting healthy trees, beautiful flowers and shrubs would surely spruce up your home and give you a huge return on investment. While trying to work on your landscape, you should avoid practices that are not environmentally friendly, such as introducing synthetic turfs.
Upgrade Your Kitchen
A kitchen upgrade is another sure way of increasing the value of your property. You can begin by making simple fixes such as changing the old-fashioned cabinets, then you can move over to brace up the flooring by introducing newer tiles. Changing the old appliances into newer and more modern ones would also make a big difference.
Install Newer Windows or Add More
This would not only improve the overall ventilation within the house, it would also increase the aesthetic value. Changing old windows into newer ones like the double-glazed units and adding more in strategic positions can help point out beautiful areas within the home.
Improve Your Bathroom
This does not require a lot of renovation. You can decide to swap out the toilet, sink or bathtub. If there is extra space and the plumbing location is favourable, installing an extra bath would also increase your property value.
With these tips I believe you can get to work and start improving your property value with the right renovation, you don’t need to keep waiting for the price of homes to go up.