Whether you are looking to sell your house in the near future or you simply want to raise the value of your real estate investment, renovations are a necessary part of home ownership. Often times, when people hear the term “renovations,” they think of major changes that will require a lot of money upfront. Thankfully, this is not always the case. In fact, there are various ways to improve the value of your property without breaking the bank. That said, if you are in a position to invest a larger sum for renovations, this opens the door for even greater financial opportunities. In either case, let’s take a look at the top 5 ways to improve your property value:
Invest in Quality Landscaping
Real estate agents often refer to the “curb appeal” of a home, and this quality should not be underestimated. The first impression that your house gives to prospective home buyers is very important, and this starts with the yard. Taking care of your lawn, garden, shrubbery, and trees can help make your property standout from the rest. If you feel that your house is lacking in visual appeal, consider planting native trees and/or perennial flowers around your home. If you don’t have a green thumb, it may be best to turn to professional landscapers.
Add a Fresh Coat of Paint
Weather and regular wear and tear can cause paint to fade over time. So, if you are renovating on a budget, repainting the interior and exterior of your house is one of the best ways to amp up the selling price. However, it is important to wait until you are prepared to sell your house before you start painting. If you paint your house too early, and do not plan on selling it for many years, you may need to paint it a second time before finding a buyer.
Change the Door Knobs
This one is extremely easy and relatively cheap, but it makes all the difference in the world. Old, dingy door knobs on doors and cabinets draw the eye, and may scare off potential buyers. However, if the door knobs shine and have a modern, appealing design, you can set a higher selling price and make a much better first impression during an open house.
Focus on the Kitchen and Bathrooms
While other parts of the house are important, the real estate world puts a lot of importance on kitchens and bathrooms. Both of these rooms have a tendency to age quickly, partly because they require materials and appliances that wear with regular use. Replacing countertops, appliances, cabinets, and light fixtures can transform your rooms, making them more aesthetically pleasing. While budgeting your renovations is important, it is also important that you don’t buy cheap materials just to save a buck. Spending a little bit more for the good stuff now could make you a lot more money when you are ready to sell.
Increase the Square Footage
The square footage is one of the most important factors when calculating property value; the bigger the property, the more it is worth. Obviously, increasing the square footage of your home is no easy task. It will take time and a pretty large investment. However, there are some relatively inexpensive ways to add space and value to your home. For example, adding a garage is generally cheaper than adding an additional room to your home, as it does not necessarily require the same insulation or materials as a normal room.