With time, your acquired property value will depreciate not only due to natural wear and tear but also for other reasons. Location value, level of upkeep, and foreclosure rates among nearby properties also play a role in the deterioration of the value of your residential investment.
Renovation, remodeling, repainting, or installing new fixtures and replacement of old ones (roofing, plumbing, sewage system, etc) can increase your property value. If you’re in the business of selling homes for profit, this is one of the best methods to increase the value of the property.
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Invest in indoor systems
Having good indoor systems will give your customers reassurance that they will not need to make their own repairs or pay for one. Especially with old homes, try to check the plumbing and electricals, repair leaks and fix clogs. You can also update the whole system; the investment will be worth the comfort of the home and will increase your property’s price tag.
Create more space
Maximizing your space makes your home even better and looks more appealing. It doesn’t even have to be expensive. Clear some clutter littering the unused space. You can then use the available space for other things. Convert it into a home gym or office or play area to increase its usefulness and become attractive to a wider range of buyers.
The attic can be used for other things too and not just for storage, you can even put another bedroom there or a library or a reading nook.
Hidden spaces like the bare wall or under the stairs can be converted into creative space or hidden storage for your cleaning tools, shoes, bedding, and extra pillows. Your pantry can be a creatively done shelving unit utilizing nooks and crannies of the kitchen. Then you can store your grains and your dry seasonings there.
Add more bathrooms
The new trend now is on bathrooms. Adding an extra bathroom is an upgrade worthy investment however if you don’t have the capability to do so, you can have the option of remodeling and upgrading your current one instead.
Buyers now are more into the comfort and ambiance of bathrooms rather than a modern and shiny or rustic and homey kitchen. A bathroom is a big boost on your numbers and even a half-bath can give much influence on your property value.
Improve your existing bathrooms by giving them a facelift, renew the flooring and fixtures, repaint, and add in a good hot shower system. These simple upgrades will also add significant value to your property.
Replacing the front doors, sliding doors, garage doors, and even your windows can go a long way to improve the curb appeal of your home. Makeover to the exterior of your home by cleaning, repairing, and/or repainting these fixtures to make them look new. Investing in good landscaping by adding walkway lights, trees, and mini ponds to your garden can make your property twice as desirable to your potential buyers. Don’t limit your landscaping in the backyard but also in the front yard.
Upgrade your kitchen
Just because bathrooms give higher appeal doesn’t mean you should neglect the kitchens. Repainting or re-varnishing your kitchen cabinets is the least you can do to give them a fresh look. You also need to replace dripping faucets and stained kitchen sinks to make the whole kitchen look and feel new.
The simple updates will give your house a new flair and will give it an air of newness. It also serves when you sell the house. You have a lot of good reasons to tell your prospective buyers why you’re pricing your property a lot more.
Remember that these are all investments and worthy investments at that. The costs will always be a small fraction of the increase of value that you can put on your property.