Ways To Increase Property Value – To increase the value of your investment property, the plan begins before the purchase is made. Great care must be taken in selecting the right property, along with an intention to improve it to gain added value. Instead of getting worried and making a quick decision, you should wait for the right time, the right property and only then start increasing the value.
Choosing wisely means more than just finding the right property. Timing is everything and the real estate market can change overnight.
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If prices have skyrocketed and there seems to be no end in sight, it may not be the right time, especially for a house flipper. Still, if an investor is not in a rush to make a quick profit and prices are insanely low, a purchase may still be wise as long as there is an understanding that the property can sit around for a while.
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Property investment with a view to renting, however, must be viewed differently. What is a reasonable rent that can be charged? Is the market ripe for renters? In that case, the rent may be enough to cover the mortgage and then some. If so, it’s never a bad time to buy.
Regardless of how the investment is used, either flipping or renting, an extra bedroom directly increases the property’s value.
Check the basement and the rooms are considered offices in the description. More often than not, these areas can become a bedroom. An extra bedroom increases the value of the property and is good news when selling as a flipper or maintaining as a rental.
Curb appeal refers to the first impression everyone gets of your home. It’s what they see before they even enter. If peremptory appeal is not
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, many potential buyers will never set foot inside and potential tenants will move on to the next lease.
Investment properties can take a toll on an investor’s wallet. Any way that can save money is worth investigating.
Sometimes it’s the little things. Inefficient washing machines and dishwashers that use more water than necessary in a rental property increase the water bill that the property owner is likely to pay for. Replacing these appliances can save you a decent amount of money every month. The same can be said for plumbing systems that waste energy.
Who pays the power plant? Can garbage collection be left to tenants? It’s important to be a good landlord and you don’t want to be too greedy. But make sure as a landlord that you don’t pay for every delivery.
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Let’s face it, when prices are high we assume something is good. This is a tough game in real estate. Higher prices may scare off some tenants, but they also increase the value of a rental property.
It may take some crunching the numbers to find the right place for something that renters can afford while property values can increase; in short, it’s worth a closer look.
As we mentioned, the goal is not only profit, it is also to be a good businessman and an excellent landlord. Increased fees can sometimes be overlooked. A property owner may forget that there are reasonable fees to ask for altogether.
Paperwork for rentals is time consuming and a fee should be required. When it comes to parking, there is a cost to maintain it, so tenants charge a parking fee. What happens when the rent is late? A fee for it encourages tenants to pay on time and bails out the property owner when they don’t.
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Just like a bedroom, an extra bathroom adds value to the home when selling and is valued by tenants when they rent.
A master bedroom could have added a bathroom and it now becomes a suite. Again, basements sometimes serve as an additional bathroom space. Families are looking for these features and they are worth improving.
We’re not suggesting you pick up a sledgehammer and randomly start knocking down walls. However, if a non-load-bearing wall can be removed without causing damage, certain areas open up a home that looks larger, brighter and attracts potential buyers and tenants.
Read house descriptions and you often see “open concept”. Opening the living room to the kitchen gives a sense of togetherness. Similarly, a basement that is divided into separate areas can work better as one giant living space.
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No matter how beautiful your property is, both inside and out, it won’t do well if it’s right next to a landfill.
A property owner may need to roll up their sleeves and see how they can help with trim that needs painting and gardens that need mowing. This idea needs to be executed gracefully and quite carefully – you don’t want to offend any neighbors.
Suggest neighbors you want to help because you’re new to the area and want everyone to feel comfortable in their home. Let them know it’s just something you enjoy. It can also become a side job for you as a neighborhood craftsman.
In summary, there are several ways to increase the value of a property – not just its resale value, but also the value it adds to your life and investment portfolio.
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Our job is to keep our customers’ rental properties running smoothly and efficiently. Not only do we make your life easier and your properties more profitable – we also work hard to make your tenants happy by being available 24 hours a day. Buying an unusual house isn’t just about saving on upfront costs anymore; lots of people rush out and buy project housing at a cheap price because it’s a great way to get equity and it allows you to fully customize the space. Projects ranging from updating baseboards and paint to completely renovating a kitchen and adding a room can all add value, but when it comes to renovation, which upgrades really matter?
According to HGTV, “Home improvement projects cost about 20 to 25 cents on the dollar. The other 75 to 80 cents spent goes right back into the home through increased value.”
However, these figures do not apply to all projects. here are the six renovations that actually add value to the home.
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Since the kitchen is still considered the heart of the home, it is the primary area where people look for value in a remodel. When a buyer walks through a prospective home, the kitchen is generally the first destination on their agenda because families still spend a lot of their time there. A variety of renovation options can increase home value, with projects that work for all budgets.
The easiest and most obvious upgrades in kitchens are to countertops and appliances; buyers almost always expect granite countertops in today’s housing market, and there are a number of alternatives to granite countertops, such as granite slabs or soapstone, if countertops simply aren’t an option. Likewise, stainless steel appliances provide instant value as they will never go out of style due to the neutral nature of their finished look.
A larger project to consider is custom solid wood cabinets. If the current cabinets in your kitchen are outdated and made of materials like melamine, buyers will likely see a project they will have to tackle in the future. Determine your budget and decide if extra features, such as glass cutouts and soft-close hinges, are necessary for your renovation.
Also, if you have a half or full wall that breaks the continuity of the floor plan, consider removing it to open up the living space. Open floor plans are always in style, and they can make a room seem larger.
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Pro Tip: If the half wall makes sense, or you don’t want to do that kind of demolition, consider turning it into a usable bar area instead.
The second most important area for buyers is the bathrooms. Bathrooms are often an obvious target for renovations because they easily add value without requiring large costs. Simply cleaning the room or updating it with a fresh coat of semi-gloss paint and some new sealant can make all the difference, so there’s really no reason not to consider customizing it.
For more involved renovations, buyers want to see updated vanities, tile or stone features and flooring, and floating glass or showers if the space can accommodate them. Make sure you have at least one bathtub in the house; families with children require them at bath time. If a shower combination is the only thing that fits, accentuate it with unique shower curtains that match the style of the home.
Pro tip: If you can’t find a shower curtain that matches your style or color scheme, consider looking for a company that makes custom curtains and choose something from their selection. Just make sure you get a liner big enough to keep the water out