Buying property is a huge investment- most owners have put half of their life savings into their properties. Along with all the thought and hard work into owning a property, it is only fair to anticipate strong returns. Ideally, the goal behind any investment is a consequent increase in value, and properties are no different. However, over years of ownership and use, your property value is bound to dwindle as its structures wear out and features grow outdated.
5 ways to upscale your property value
The market’s appeal for the a la mode coupled with real estate agents’ gratifying picket fence developments leaves uneven footing for property sellers. Below are some surefire fixes to fetch you an increased value for your property while guaranteeing you an even break in the market.
- Renovate, renovate, renovate
Revamping your property gives a whole new face to the space- real estate agents and interior décor gurus swear by remodeled bathrooms and kitchens to make a lasting impression. Ordinarily, bathrooms and kitchen appliances get quickly outdated, especially with the latest trends and technology. Before listing your property, you might want to shake a few things up; trading in the spotlight in the bathroom for downlights or giving up those marble floors for polished wooden flooring. The idea behind the renovation is to handpick features that will most likely match your target market needs and preference.
- An exterior facelift
Street appeal is what will charm your potential buyer, more like a first impression. When your exterior looks as good as a home magazine cutout, you pique your buyer’s interest. Contrary to what you think, creating an impressionable street appeal will not need you to flip your entire yard inside out for buyers before they even set foot inside. Give your exterior a face lift with a cost-effective DIY paint job, a deck addition or a landscaping project; your options are endless! A minimalistic approach like clearing your lawn to create square footage visually is another sure yet effortless way to earn those extra dollars!
- Freshen up with paint
A fresh coat of paint always does the trick; think of it as car wrapping or a new dye job- color changes the whole outlook. While bold is beautiful, not many people envision themselves living in a big lolly house. If you’re looking to enlist your property on the market, you will want to steer away from bright colored hues like fuchsia, yellow and baby blue and conform to the neutrals. Neutral colors like cream, mocha and nude appeal to a significant percentage of the market; besides, it is easier to paint over them- this way, the potential buyer can envision themselves living in the space. Additionally, rather than tear out your ceiling beams and wardrobes over a bit of chip or rough spot, a clean paint job will make them easy on the eyes.
- Think green
Most buyers are now big on energy efficiency; going green gives you an edge over the market. Everyone loves a good cutback- helping your buyer reduce their utility bills is one way to have them falling in love with the property. Installing solar panels and investing in a thermostat is one way to reel your clients in and create energy efficiency. The latest technology now allows you to capitalize on energy-efficient appliances like ovens, heaters and microwaves, which subsequently saves the buyer some coins on their gas and electric bill. Make the switch to go green and make some extra bucks off your space.
- Functional finishes
While many sources offer advice on how to increase your property value, not all features mentioned will work for you. In most cases, the tips provided are tailored to work for a specific market. You might have undeniably good taste, or that chandelier might be missing from the dining area; however, it might not be what the market is out for. Therefore, high-demand finishes are the safest way to go- stainless steel appliances, although cliché, are more functional. If your target clientele is a young family, you will want to invest in child-proof finishes like anti skid floors and ample outdoor space. Functionality is key!
Conclusion
Admittedly, listing your property for sale is a gamble. The property market is a shifty trade; just like the stock market, your commodity may be undervalued or overvalued. With some of the strings mentioned above fastened, property investors can bag up to 50% more than their estimated property worth.
