Unlike many forms of investing, real estate investment allows you a certain privilege: you can physically increase the value of your property. It allows you a certain amount of control and leverage over your investment that other methods of investment do not. It puts you, as the investor, in a proactive position, where the profit you earn when you finally sell is directly related to the amount of effort you put into sprucing up your property. Don’t let the opportunity to make more money pass you by; take advantage of your leverage and plan for your future with a few simple steps. To boost the value of your property and increase your profit margins when you decide to sell, consider making some of these adjustments
Give it a fresh coat of paint.
- Curb appeal is a huge influencer of the worth of any property. It can be the nicest property in the world on the inside, but if it looks like a dump on the exterior, you’re going to lose value. First things first, your house could probably use a good wash before anyone takes a look at it. Then, once it’s clean, one of the simplest, easiest, and most cost-effective ways to boost that curb appeal is to give the whole thing a once-over with a new coat of paint in a trendy, soft color. Houses in earthy tones, especially ones that help them blend into the natural surroundings, are always a good idea.
Landscaping, landscaping, landscaping
- Once you’ve boosted the property itself with a nice bath and some new paint, look for other areas and other ways to boost the curb appeal of the entire area. This means it’s time to take a look at the yard and trees and see what improvements can be made to that area. Landscaping is one of the 3 best investments you can make in your property in terms of greatest returns, so really look for ways that you can make your house look like something out of Better Homes & Gardens. Are there shrubs around the house? Have them trimmed and pruned so they look neat and well-managed. Is there a lot of unused space around the property? Consider adding more landscaping with mulch and flowers and bushes to give the curb appeal a polished, professional look.
Don’t overlook the little details.
- Along the same lines as giving it a fresh coat of paint, the little details in and around a house are what really gives it a look of either being polished or in need of a makeover. Replacing the light fixtures, door knobs, and faucets can leave your place looking shiny and new without much cost to you. You should also consider repainting or refinishing the wooden fixtures like doorways and windows throughout the house. Even little, seemingly insignificant repairs like replacing old outlet and lightswitch covers can give your property that extra touch. While they won’t be replacements and refurbishments that garner a lot of attention or even that anyone will really notice, they’ll help contribute to the overall look of the place.
Bring your kitchen up-to-date.
- The number one renovation that you can make for the highest return is redoing the kitchen, and you don’t have to spend a fortune to do so. Even little fixes can go a long way in enhancing the look of the space. Repaint the kitchen with colors that are proven to help resale value. Consider adding a pretty tile backsplash to your countertops to give the room a pop of color. You can also consider replacing appliances; while some experts don’t recommend replacing these amenities as many homeowners like to redo these spaces themselves, replacing kitchen appliances with new, stainless steel models can give the space a modern look that can be very attractive to potential buyers.
Shed some light on it.
- Homebuyers love natural lighting, but adding windows and skylights can be a very expensive investment. One way to work around this is by adding what’s called a “sun tube.” These tubes are installed via a hole cut in the roof and are then inserted in through the ceiling. They provide rooms with a surprising amount of natural light, capturing the light with a small, glass dome on the roof and using reflective material to bring the light down into the room. In the same vein of natural light, you also want to make sure that any and all windows are able to open, and make sure to clean them as well to increase the amount of sunlight that can filter into the house.
Look for ways to increase the square footage.
- This part is tricky, as there are certain rules and exceptions that must be followed when it comes to increasing the square footage of your property. The American National Standards Institute (ANSI) has laid down some rules for what you are and aren’t allowed to include in the space; the area must include basic necessities like floors, walls, and ceilings in a finished space with air conditioning or heating capabilities as dictated by the region. But there are still some caveats to these rules. For instance, basements do not count towards the total square footage of a property. Even if you finish the space and renovate it into an extra room, you can list as an additional feature when listing the property, but you can’t count the area towards increased square footage. The same goes for garages. However, if you have a screened in porch — as many homes do — with some money and effort you can finish the space, install proper HVAC systems, and voilà! You have successfully increased the square footage of your property. How does that translate into increased profit? The national median list price of a home in the U.S. is $132. If you increase the area of your home by 100 sq.ft., you’ve added $13,200 to the value of your property through this renovation alone.
Some of these renovations are certainly easier said than done, but if you knock out even a few of them you can dramatically increase the value of your property. They also don’t need to be completed overnight; if you love the house you’re living in and have no immediate plans to sell soon but think you someday might want to move, start working on some of these changes. Over the span of several years, you can really improve the value of your home all while making the place you love a little more beautiful.