For homeowners and/or sellers, increasing a property’s resale value can result in wholesale renovation. What you need to keep in mind is that there are modification to a property which are more practical than others. So what are the most cost-effective renovation methods to help you property increase in value?
1. Kitchen and bathroom renovation
Many renovation experts note that upgrading these two rooms will raise the value of your property significantly. Cosmetic alterations such as replacing cupboard doors and repainting the kitchen can improve the aesthetic of the house. If you embed appliances for better accessibility and re-tile the floor, your ROI can result in as much as 150%. Interior designers suggest that bathrooms should be redone to achieve a very clean aesthetic. While whites and neutrals should be balanced with colored tiles to provide warmth.
2. Add an extra bedroom
A new bedroom increases your property’s market price by 10-15% of its current value. It’s also considered the safest and easiest way to upgrade. Make sure to review the structural integrity of your property when selecting where to add the room. You need to know if the house and the ground can handle the extra weight. If you have a garage that is seldom used, you can consider converting it into a new bedroom. Other fixtures may be required for the new room to blend in with existing surroundings, such as an extra bathroom, staircase, windows, skylights and so on.
3. Invest in the property’s garden
Spending more on your garden is a brilliant way of expanding your home. You can make it an outdoor dining and/or living room. You can fill it with different decorative pieces to add a bit of life to it, such as a bench or small fountain. Tend to your plants with more care to make them look vibrant and healthy. The goal is to have a garden that looks nice and feels great so that anyone that lives there wants to spend time in it.
4. Rejuvenate property curb appeal
This is another relatively easy fix that goes a long way in raising your market price. Even if your interiors and household fixtures are in great shape, a potential buyer may be put off if they don’t see ‘curb appeal’. It’s best to wash the front of the house including the front door and windows. Afterwards, turn your attention to the roof, rain gutters and your front lawn. See if you need to repair some areas, retouch old paint jobs and/or re-varnish wooden sections of the property. It may take a lot of your time but it’s a low cost upgrade that can yield a lot of returns.
5. Add technological features
Buyers appreciate computerized and automated functions that make home living even more comfortable. You can start by considering what you can install around the perimeter of the house. Simple electronic innovations go a long way and electric swing gates that allow you to remotely open the gate when in your car or standing a few meters away can impress potential buyers.
You can also look into adding smart home features that can be operated through the homeowner’s smartphone. The Nest Thermostat allows you to set your desired room temperature through Wi-Fi. There’s also the August Smart Lock, which can be coded to open doors. It can also be configured to permit guests to come and go without a key.
While some of these upgrades may require a considerable amount of capital, the value they can add to your property makes them worth it. It’s advisable to start with the basics, such as cleaning both the interior and exterior of the house, before going into some of the major renovations. Take the time to research how to handle these projects so you can supervise them yourself. It requires time and effort, but it’s a lot cheaper than hiring a contractor.