5 Improvements to Increase Property Value
It's still possible to have real estate investing ambitions in this down market. But before you invest in your next home improvement project, consider the return for your efforts. Chosen wisely, property improvements not only beautify your home and improve its functionality, but increase your property value. Improvements that pack a punch include:
Indoor Systems: New moldings are nice, but buyers want a guarantee that the core basics are in working condition. These basics, which will be assessed during home inspection, include wiring and plumbing, heating and air-conditioning units, as well as roofing. Secure these and you go a long way to making prospective buyers feel secure.
Attic Bedroom: According to Remodeling Magazine, the number one home improvement project is the addition of an attic bedroom. Take this project on and you could recoup as much as 72.5 percent of your initial investment at the time of sale.
Kitchen Improvements: As the center of family gatherings, the kitchen is a place where updates always give back. Paint first and then focus on new cabinetry, lighting, and sink fixtures. Replacing old flooring with laminate or tile provides an instant facelift.
Landscaping: The appeal of your home’s grounds reflects greatly on the value of the interior. In order for your yard to represent you well, make sure to:
Line walkways with solar-powered lights: These functional, inexpensive additions light your way as you walk and add a charming decorative touch.
Keep your lawn mowed, edged, and re-seeded.
Maintain plants appropriate to the style of your home. Modern or classic, make sure the flowers in your beds accent your home’s image.
Plant a tree to shade part of your home. Any strategic, shade-bearing planting decreases energy costs in the summer and adds to the overall yard aesthetic.
Add-ons: Whether you choose to refurbish your basement or build another closet, you are adding value to your home. Refurbished basements with potential to be family rooms or in-home theaters increase usable square footage, while adding extra storage that many old home lack will go a long way to increasing your home’s appeal.
Other Additions: Install luxury items such as a dishwasher or whirlpool bathtub. Implement an alarm or water filtration system. Each of these updates will increase prospective buyer’s interest.
When adding updates to your home, be sure to consider what those updates will do for you beyond their immediate function. Additions like those above increase your quality of life as well as the overall value of your home, and completing them well in advance of a sale makes putting your home on the market easier.