Before we begin, there is one crucial thing that you need to know; it is never too late to buy real estate. You could be 90 and it would still be okay to invest in real estate, especially if you have a family that can inherit the property. There’s a lot of security when assets are tied up or in the form of real estate. The solid state of the property ensures that the value does not depreciate, and in some places, you might have the value skyrocketing in years to come.
Today, the story is a bit different to what we’re used to. In times gone by, buying property was always a good deal for the buyers. Nowadays, the demand for property means that the seller is often in control, and the better quality the home, the better your chances of getting a good deal when it comes time to sell. The best way to get a good deal on a home you can see a financial return on is to buy something that has potential and then figure out how to increase its value with changes and improvements.
Many investors choose to rent out their property to gain supplementary income from tenants. This is a great way to get the very most out of your property, but it’s important to have the right kind of landlord insurance in place to ensure your investment is protected.
There are a lot of techniques that can be used when you want to increase the value of your property. Here are some of them you can try for yourself:
Be A Smart Buyer
Always be smart when you go out to buy a property. Do not rush into it. There are defined areas to look at when purchasing a property. When you boil them down to the essentials, you get:
- Price comparison
- Potential for value increase
These are just the core things that you will need to investigate before you can buy. This step is the first one and it is very important that you don’t sign the dotted line without knowing exactly what you are buying. At this stage, knowledge of what you are buying is power. This first part doesn’t require you to make any changes to the property, other than appraising it for its potential value increase in comparison to what you will pay for it.
There are a great number of property developers who will invest a lot of time and money to refurbish the inside of a house, turn it into a dream home, and then ignore the outside. The curb appeal is what draws people into the house from the street. It is an obvious thing, but you will be surprised by how many people miss this important part of property renovation. With some simple changes, you can make a home look great from the street, completing the overall look of your home.
Set the Rent Reasonably
You can start by raising the rent too. This is done after you have completely overhauled what needs overhauling your home is ready for use. A high rate of rent will attract serious tenants and lets them know that they are getting a quality home for what they are paying. If you do your refurbishing well and advertise it properly, you will be surprised by how many people will want to rent your house.
When you start remodeling the property into your own personal vision, make sure that you do not go over a reasonable budget. You should also invest in high-quality, long-lasting fixtures and fittings from the beginning of your refurbishment. This way, you won’t have to go to the effort of replacing things every few years. You will thank yourself later when you spend less in the long term.
Add a Bathroom
Traditionally, one bathroom was enough for most homes and tenants were okay with that. If the layout of your property allows, make provisions for a second bathroom. This is done successfully by finding space that you can convert into a bathroom. An extra washroom or ensuite counts when it comes to selling the house. Always make sure to know where the plumbing is located so that the location of the bathroom can be as optimal as possible.
Add Square Footage
If there is space in the house that can be redone and made usable, it should not be ignored. This can be the attic or basement, if you are able to convert them into proper rooms. Add a porch if necessary or an extension to the backyard if you can. Maximizing living space is something that will increase how much you get from the house, should you come to sell. Utilize all the space you have and increase some if you can.
Stage the House
This is performance value. It can enhance the way that the house will appear to anyone that wants to come to see it. You should get ideas about staging a house from numerous places so that it looks great. Do not forget to stage the outside too. It should look appealing and draw people in as effortlessly as possible.
Tear Down Some Walls
Of course, before we cover this point, you should not touch the walls that are ‘load bearing’. These are vital to the structural integrity of the home and cannot be removed under any circumstances. With other internal walls, you can remove them to expand the size of some rooms and make the house more spacious. Open plan living areas are popular and attractive to buyers.
Paint should be selected carefully to either stand in stark contrast of the surrounding, give the minimal feel or just blend the house into the background. This will increase the value by giving it that new feeling. It is always a great choice to be creative, rather than leaving the house as it is. There are great ideas all over Pinterest about what you can try.
These are just nine of the many ideas that can increase the value of your property. Find out more about how to do this and apply as many as you can then watch the property rent itself out or sell itself off.