Last updated on July 17th, 2019 at 05:35 am
Increasing your property value seems like a no brainer at first. Then, when you start adding numbers and calculating the time needed it turns out that it either did not or will not pay off. These are the basic musts for property value increase because you can implement them in your space in one week or less.
Furthermore, it can be done on a modest budget.
In this post, I am going to be covering some myths that homeowners do or consider doing to add value to their property before selling it. Not only these tips will help you save some dollar but also provide the luxury of comfort while you are using it.
Prepare to be surprised and have a different perspective on how to not increase your property value.
It starts with homeowners building for themselves and without any regard for a resale. There is a big difference to the intent of the renovation. The purpose of any renovation is what sets the budget, expectations, and time frame.
7 Common myths about house renovations:
1. It is not a pool. Building a pool is a bad investment because it occupies an otherwise free space to run, exercise, have a get-together, and it is a health hazard to families with young children or disabled parents. By building a pool, you are limiting the number of potential buyers for the place. The buyer “pool” is shrinking because it is no longer available for couples with young kids or elderly. Moreover, a pool requires constant maintenance and is costly to remove.
So if you do it, do it for yourself, not for the resale.
2. It is not the granite countertops.
Granite countertops need to be resealed every two years to keep the bacteria out and maintain the clean look. Granites are heavy and not easy to remove as well. Picking one is also a gamble. If you might like something, it might not be what the new owner might want. There is so much choice in other materials that are hustle free like quartz, Ceaser stone, and even laminates that offer a much better look vs maintenance vs cost option.
3. Selecting cheap materials for the reno like carpet everywhere, laminate flooring, cheap light fixtures, and hardware are a mistake. Buyers will not only see the difference but also will feel it when they will walk in through the front door. If a high-end option is not in the budget then select a mid-range or the best one you can afford.
4. Going overboard with the reno.
Consider the location you are in and the house itself. Does your 800 sq ft apartment need an all-marble bathroom? Does the builder basic house need a silk carpet or a gold sink? Or high-end appliances in a condo in a blue-collar condo complex. That won’t add any value, and you will not see the return on this investment.
5. Trend chasing.
Keep calm and pick it clean and fresh rather than anything too fancy. Trends work against homeowners because not everyone might agree with them or want them. When selecting finishes and paint, think if it will look dated ten years down the road.
6. Poor space planning.
If the space planning is poor even having a high-quality finish will not help you sell it. It is better to have a nice size closet than an awkward office room with no windows or a decent size bedroom then a dinky small bathroom and a bedroom.
Increasing your property value can be done even on a smaller budget.
7 Renovating adjustments that increase value to your house:
– Renovate a kitchen. Many families view the kitchen as the center of the home. So, minor kitchen renovations can drastically increase your property’s value. The Remodeling report
showed a 65 percent national recoup on average. This renovation can also increase home enjoyment for the entire family. Consider adding a pot filer if that option is available.
– Bathroom upgrade. Making smaller changes can also bring big rewards. Usually, the biggest impact comes from the smallest details: the light. From dated to new and modern just by switching the light fixture is a very simple step and can be achieved quickly. I find upgrading light fixtures in bathrooms and kitchens, or any other room, to be worth every penny.
– Consider exterior updates. Most of the buyers will make up their mind about not buying the house before they even stepped in. Building an outdoor deck is a good investment idea as you can enjoy one for yourself and reap the benefits when you are ready to sell. No one likes to take care of messy trees and high maintenance garden, so keep your gardens beautiful and simple and easy to maintain. Make sure any decorative additions can be easily removed.
– Upgrade lighting to Energy-Efficient fixtures. (not to be confused with point number 2) There is a big trend toward energy-efficient appliances, LED lights and tankless water heaters that are here to stay. You do not have to wait to move to reap the financial benefits. Energy-efficient upgrades might not be the most exciting of home improvement projects, but they can have an almost immediate impact on a home’s overall bottom line. They save money, and some of them pay themselves off with benefits at the end of the year.
– Replace the Entry Door. This is one of the budget ways to transform the front of your house and improve overall curb appeal. Buy one in a neutral color and then paint it any “serious” color you think will look good. Glossy black, red and teal are always a good option. Please consider paint color of the inside of the house when selecting a color.
– Paint everything one color to achieve flow and cohesiveness within the house or apartment. Choose neutral colors to present buyers with a blank canvas, which can help them envision the home in their own style.
– Closets! Build easy-adjustable, well-lit, and well-organized closet instead of that poor poll you call a closet! People will need closets and storage even if they are moving to a bigger house. Closets are one of the overlooked value increases that skews a potential buyer’s opinion almost instantly. No one thinks about it and then one house that does it wins!
If I had to narrow it down to the best tips of all time, the most return for the buck, it would be a renovation or an upgrade of kitchens, bathrooms, and closets. Closets would be the easiest out of the three.
Do you want to start your reno but feeling confused? Book your consultation today to jumpstart your dream home today!
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