Every homeowner desires their home to have more value especially if they intend to sell it. There are various ways in which you can use to add value to your home, some low cost and others expensive. The method you use should be based on your needs and budget.
Here are tips you can use to guide you in improving the value of your property.
- Do your calculations
Figures play a great role when you want to improve the value of your property. Do you want to improve the value of your property so that you can sell it? Don’t spend more money than your property can fetch.
Before you do any improvements, find out what the property will be valued after it is renovated. Deduct the amount you paid for it. The difference is what you should spend on improvements. Also remember to include costs such as holding costs, financing charges and closing costs.
By analyzing the figures, you will ensure to spend less and fetch more after the improvements.
- Consider the low-cost methods of improving your property
Based on your cost analysis and/or your budget, you can opt for low-cost ways of improving the value of your property. While these may not add the value of your property by much, they can help to get its full potential value.
Some of these can be as simple as cleaning the property, getting rid of garbage, removing weeds, odors and dirt.
Fresh paint can brighten your property. You can paint the inside and the outside walls of your property to give it a facelift.
You can also do a few minor repairs such as changing handles, door knobs, light fixtures, and loose sink pipes.
You can improve the appearance of your property and make it inviting by adding curb appeal. A new driveway, siding or a deck can do the magic and so can simple things such adding new outdoor lights and placing plants strategically.
If your property is up for sale, you can stage it to give it a better look and ask for more money than you would if it was cluttered.
- High-cost improvement can mean more value
If you are looking to add more value to your property, then you will have to spend more. Mostly, this will involve renovating your property. For instance, you can change the doors and windows and position them to face a beautiful view.
Bathroom and kitchen renovations are also common ways of adding value to your property. You can change the countertop and flooring of your kitchen and also add new appliances. For your bathroom, you can change the bathtub, sink or toilet.
Others more daring changes could be changing the floor plan, adding more space or redoing the property. While these may cost more, they are likely to add more value to your property. For instance, you can rearrange the kitchen to get more space, take down a wall, or take space from one room to another.
You can increase the square footage to the property by finishing the basement, adding an extension or transforming the garage. In a more extreme case, you can bring down the whole property and redo it.
Whichever way you decide to improve the value of your property, ensure you get the services of credible builders who have the skills to refurbish or renovate your property.