What to Do to Increase Property Values
Nowadays almost every homeowner and property owner make plans to remodel, repair, or renovate their homes and real estate. Whether it is a homeowner wanting to improve their home or it is a real estate investor wanting to renovate a fixer upper, no one can debate the fact that property improvements usually help increase a property's value. But how many homeowners and investors realize which improvements help increase the property value the most? Or what improvements are not worth it? This article provides answers to those questions.
In all the property improvement ideas in this article some can be done right before or during the sale process and some are meant to be done as major projects. Some of these suggestions were discovered online but most of these suggestions have been provided by trusted appraiser and Realtors in our network of real estate professionals. The projects have been categorized by degree of difficult: Easy for small projects, Medium for medium-sized projects, and Difficult for large scale projects. To learn about some last-minute upgrades and touches to improve the chances of selling faster and selling for more, refer to the Real Estate section of our Library.
Easy Property Improvements
Slap on a fresh coat of paint. It is very surprising how much a fresh coat of paint on the interior and exterior of a property can improve its curb appeal. For interior walls try to keep the paint color on a neutral level. Although it is the interior color that helps turn a house into a home, other prospective buyers would probably better appreciate a neutral color to let their imagination run free. Lighter, more neutral paint colors also help make a room appear larger and more expansive. For exterior walls a fresh coat of paint helps renew and refinish the property's look. If you have extra time consider painting older looking fixtures in the household to give it a newer, fresher look. For example: Consider painting chipping cabinets and peeling doors to refresh its appeal.
Clean the house, rid it of stains and smells. When a home or property has been lived in, no matter how clean the family or renters live they always leave something behind. Whether it is a wine stain in the living room or the penetrating smell of a dog or cat, spend some extra time on the smaller details and you could make a huge difference.
Clean the yard. A clean, manicured yard makes a tremendous difference in the curb appeal and attractiveness of a home. Remember, the smallest things make the biggest impression: a manicured lawn, an absence of fallen leaves, clean walkways, new flowerpots, and beautiful flowerbeds. A well-maintaned yard gives the home a more polished and finished feel.
Finish minor household repairs. Minor household repairs can generally be done within a couple hours and really help improve the feel and value of the property. For beginners focus on minor cosmetic and functional repairs. Prospective buyers always see minor repairs as another reason to negotiate. And if it only takes you a couple hours to fix it, spending an hour and $10 is probably worth much more than a negotiated discount of $15,000 off the asking price. So make time for small repairs; everything from fixing a running toilet and greasing a creaky hinge to patching up holes in the wall and painting over old stains.
Medium Sized Property Improvements
Install newer and better lighting. Brightening up space in a home using environmentally friendly light bulbs, fixtures, and recesses, not only gives the property a more elegant and cozy feel but it also saves you and future homeowners money through less energy consumption.
Install hardwood or laminate floors. There was a time when carpet was the "in" material for home floorings, especially berber carpeting which is actually still quite fashionable. But in recent times hardwood and its budget-conscious sister, laminate flooring, have regained its previous popularity and climbed the charts back to become a leading floor material. Prospective buyers and objective appraisers have in recent times viewed hardwood and laminate to be more valuable in a home than carpet. It increases property values due to its clean, simple lines and it helps that it is currently in fashion.
Rid the house of clutter. Although this is not a difficult job it is most likely very time-consuming. The more clutter that is in the house, the less floor space there is; the less floor space showing, the smaller the house appears. The easiest solution is to move the clutter elsewhere -- rent a storage room, find some closet space. The more difficult route is the more thorough and more cost-efficient method. Go through the clutter, donate what you do not want, sell what you do not need, and organize what you want to keep. Also consider building an additional storage area which always helps increase property values.
Difficult Property Improvements
Redesign the landscaping. As previously mentioned a beautiful, manicured yard makes a huge difference when it comes to te appeal of the house. When you have a large lot, organizing, beautifying, and improving the yard can cost a pretty penny but once it's been done and maintained you will notice a huge improvement in the look of the house. Take it from the appraisers, it definitely makes a difference. So take some extra time every week or two to mow the lawn, set the sprinkler to water the flowerbeds, and plant some more green bushes. More green gives the house a cozier, homier feel.
Remodel the bathroom. Remodeling the bathroom can include redesigning and moving around fixtures or it can be a complete remodel. Here are some things to consider doing when remodeling:
1. Replace cabinets
2. Replace countertops
3. Replace toilet
4. Upgrade showerheads, knobs
5. Install a higher grade flooring
6. Install better towel and toilet paper bars and shelves
7. Add more storage space
8. If space and budget allow, install a jacuzzi and separate shower
Remodel the kitchen. Now no one says that this job is for the faint of heart. This job is a huge project to take on, but if the budget allows and the will of the homeowner or investor persists, this improvement is well worth the effort and investment. Here are just some suggestions and ideas when taking on this massive project:
1. Replace cabinets
2. Replace countertops
3. Update appliances
4. Install new, higher grade flooring
5. Add more storage space
6. If space allows, build an island
7. If budget allows, hire a designer to help maximize space
Every project suggested in this article can be as unique as you make it. If you need to hire contractors for certain projects, make sure to do extensive research on their past projects and past referrals. You can find some good reliable resources on such referral and review websites like: Angie's List and Yelp.
