If you have a summer house or even your own residence that you wish to sell in the future, you should start looking into how to increase its value. Maintaining your home in good condition is great, but it won’t necessarily increase its price.
Certain renovations might add space or improve the curb appeal, but the development costs are likely to be steep. Therefore, if your end goal is to increase your investment return, you should finance renovations that will make your property worth more compared to other listings in your area.
Before you start planning anything, learn what the ceiling price for your property is. This is an indicator of the maximum price buyers are willing to pay for a property in your neighborhood. Going over the limit may force you to settle for a lower price after costly repairs have been completed.
We have compiled a list of the lucrative renovations you can do to increase your property price significantly. Most of them are cosmetic changes, while others will require planning and a bigger investment for you.
Upgrade your garage
A garage door is the face of your property and can significantly impact your house’s final price. If your garage door needs maintenance, or replacement, or lacks some parts, don’t let it devalue your property.
A garage door isn’t just the place where you park your car, but it also functions as huge storage. Homeowners tend to store seasonal decorations or clothes in their garages. Having the possibility to leave piles of inessential things out of sight is an undeniable advantage.
Even when meeting with a potential buyer who doesn’t have a car can be easy. You can emphasize how versatile a garage is: a garage can be converted into an extra room (e.g., a man cave) or become an extension of the house.
What is also important is the interior of the garage, along with the outside look. If you want to learn how to maintain the garage door and prolong its lifespan, check out a1garage.com. It is an American-based company that leads an interesting blog to help homeowners choose and maintain their garage doors.
Remodel your kitchen and bathroom
What’s more appealing than cooking your favorite meals in a spacious kitchen? Probably only a remodeled bathroom! Both rooms are your strong selling points. You want them to look clean and neat. If your kitchen and bathroom aren’t in great shape, you can consider cosmetic changes.
You don’t have to refurbish your kitchen and bathroom. Consider replacing sinks and cabinets to make your rooms modern and spacious. If your budget allows, add underfloor heating and better ventilation in the kitchen. Think of a design in advance so that the space doesn’t feel clustered.
You may need to take out a HELOC loan from SoFi to finance your project, but it’ll be worth it in the end. Additionally, you can do some of the work yourself to save on costs.
Changing the layout of your rooms would probably be unnecessary, but as a part of the renovation, you may need to change the flooring or apply waterproof tiles.
If you have a small kitchen, remodeling might not work so well. What would do the trick is removing the wall between your kitchen and the dining room. It is a smart way to add value without drowning yourself in debt.
Landscape your garden or lawn
A lawn or garden landscaping can have the biggest impact on the price. Future homeowners will be free to change the garden or a lawn however they want, but, for now, your goal is to sell the property quickly.
You can design the lawn or garden in a way that provides homeowners with privacy. Adding good lighting will make the house look more attractive, too.
When giving a tour to potential buyers, tell them how this space can be converted to a patio or be used for morning picnics or gatherings with close friends at night.
Convert your loft into a fully-functioning room
If you have a small house with a loft, consider increasing its value by adding another room. Lofts are usually used for storage; however, it offers enough space for an extra room (which equals a bigger asking price.)
Using a loft as storage may sound convenient, but converting it to a room will certainly be a better idea to increase the house value. An additional bedroom will add about 20 percent to the final price of your property and let you advertise the house to a bigger family.
And if your house has enough bedrooms, simply convert it to another bathroom, a living room or an office/study room. If your loft is in good condition, cleaning and adding furniture should be sufficient.
Invest in smart home technology
Smart home technology allows homeowners to have control over their lighting, security, and heating. While it can be an optional addition to your house, it is still worth pondering. To enjoy the features smart home tech offers, you will need to spend a fortune purchasing the equipment and covering the installation costs.
Although it is quite a luxury upgrade for a family house, it can significantly raise the price of your property by $15,000+.
Conclusion
Some renovations are pretty expensive, while others require minimum work and investment. Whatever you plan to do with your house, ensure the final estimated price of the property doesn’t exceed the ceiling price.
Remember that other factors may affect your house’s value, including location, crime rate, and amenities.
That is why your goal is to spend a minimum amount of money and increase the value of your property as much as possible. Cosmetic changes and minor renovations of the kitchen, bathroom, garage, and loft should be enough to distinguish your house from others in the market.
