The housing market today is better than it’s been in years, which makes now the perfect time to invest in real estate. It’s an excellent time to capitalize on property value in order to see quick and abundant returns. However, the best profits will only come after you’ve put a little work into the establishment. If you want to see property values increase on your real estate investment, you’ll want to consider these tips for selling or renting a property both now and in the future.
1. Give It Some Space
Wide open spaces are all the rage these days. If you can take a cramped home with lots of walls and turn it into an open concept main floor with abundant walking space and functionality, you’ll be in the green. It’s a much simpler fix than adding square footage, and can significantly increase the appeal for home buyers.
2. Tackle the Kitchen
Since the kitchen is the heart of the home, you can’t go wrong making a few improvements here and there. Start the process with new wood, laminate, or tile flooring. Then focus on updating the cabinetry. There are plenty of ways to renovate your kitchen to increase home value, either by making budget-friendly changes, or giving things an expensive, chic makeover.
3. Improve the Home’s Major Systems
Taking a closer look at the property’s overall functionality can save a lot of money in the long run, as well as improve your returns. Plumbing, heating, electrical, sewer and air conditioning are all extremely important items to consider if you’re looking to heighten value and increase buyer confidence in a property.
4. Find Natural Lighting
Whether you make your windows larger or add a few skylights here and there, natural light makes a big difference in the appeal and value of a home. Dimmer switches are also a great way to get the amount of light just right, and an attractive option for home buyers, as well.
5. Take on Landscaping
Curb appeal is everything when it comes to drawing the attention of buyers. If the yard looks great, you’ll attract more interest than if things are an unorganized mess. In some instances, the money you put into your landscaping can bring approximately four times that much in added home value.
6. Keep the Property Well-Maintained
Avoid nasty accidents and preventable fixes down the road by keeping the property well maintained. Fix leaks in your plumbing before things burst, prune trees before a wind storm knocks a hole in your roof, and replace loose and missing shingles before it causes a leak that threatens the structure of your roof. Each of these are little fixes that will help to keep you in the green with your investment, rather than losing substantial money due to preventable issues.
7. Add Green Improvements
Green is the new black, at least where home improvements are concerned. Taking the environment into consideration is a very popular trend among home buyers, and it can also help you save money on a property’s living expenses. Newer, more efficient HVAC systems, appliances, and other major home accessories can reduce your bills significantly. You might also consider solar panels or solar-powered water heating if you live in a particularly sunny state. There are hundreds of eco-friendly renovations you can do to increase the functionality and value of your home.
8. Replace the Flooring
The money spent on the flooring can have a huge return on investment. Vinyl and low-pile carpet are out, and hardwood floors, laminate and even tile are in. Medium-pile carpet in bedrooms is also a highly sought-after amenity that can increase buyer interest.
If you’re going to invest in real estate, it’s best to do it properly with the intent to improve the property for a better financial return. Take these home renovation ideas into consideration as you determine what needs to be done to increase the value of your home.