If you’ve been thinking of making more interest from selling or renting your house at some point, then you should start thinking of how to increase the value to attract more potential buyers and make sales on your investment property.
You can add value to your property without having to spend so much. The best way to keep the value of your investment property at a premium is by having a fully functional, aesthetically attractive home and regularly maintaining it.
Offering the lowest price isn’t enough to make a lasting impression. When interested buyers are viewing several homes and they come across yours, you’ll want yours to be preferred for the right reasons.
Note that, there’s a thin line between making renovations that add immediate resale value and investing in choices with no ROI down the road.
Are you wondering how to increase the value of your property? Here are a few methods that’ll help the value of your property.
1. External and Interior Repairs and Painting: The exterior of your home is the first thing a potential buyer will see. Fix all repairs and select the right paint that would give your home a clean look, a wide range of buyers, and help increase its value. A good painting will excite any potential buyer, go with the trend of the season with the interior design of your property or consult an interior designer if you are in doubt.
2. Make Maximum Use of All The Rooms: One way to easily improve the value of your property is to make the most use of your spare rooms if you have any. So, your property is a two-bedroom apartment and you want to increase its value, ensure you have a flexible floor plan, to enable you to add a couple of walls or you could carve out another room from spare rooms like the gym room, the library or the balcony area, that way you transform to a three-bedroom apartment. This will give you the leverage to increase your price.
3. Repairs: Another way to add value to your home before selling or renting out is to put in proper working order or repair every part of the home that requires repair. From the exterior to the interior.The sitting room, kitchen, bathroom, and toilet if in good condition can help to convince the renter or buyer that your property is worth it.
Small repairs like the doors, electricals, plumbing, lighting system can go a long way and help boost your property’s appeal.
4. Identify the Work that Makes the Most Difference: On a final note, you don’t have to renovate the entire property in one go; this method will overwhelm you, and cost you a fortune. Instead, maximize your financial rewards at minimum cost. This strategy will increase your property’s value without spending too much out of your own pocket. So, prioritize and identify the renovations that will make the most difference in your house and drastically enhance the value of your investment property for prospective buyers.
These renovation tips will help you as an investor or homeowner to increase the value of your investments down the line and double your financial rewards. As an investor, you have the ability to affect the profit quota of your real estate investment, by keeping your costs at a minimum and prioritizing maintenance of your property. Without effective planning and costs management, real estate investors won’t reap the full benefits of real estate investing.