For the smart homeowner, a house is more than a place of residence. It is also one of the most significant investments that many of us are likely to have and an effective way to generate wealth through home equity. And it is for this reason that many invest a considerable amount of time, effort, and financial resources into their respective properties.
However, the road to improving a home’s value can be a long and arduous one. To ensure that you get the returns that you want, we’ve listed down a few essential tips that will help you achieve your goals without spending more than you need in the process.
1. Find smart ways to increase space
Square footage is a factor that can determine the market value of a property. The bigger the area, the more likely it is to cost more. However, because major renovations can often require a considerable financial commitment that is beyond the budget of most homeowners, it isn’t always possible to go this route. Fortunately, there are other ways to improve space.
For starters, you can add and hide storage compartments within your furniture to do away with the need of purchasing additional cabinets and similar items. Keeping your belongings organised and your living area clutter-free can also win you back some more room. And if you need expert assistance, there are specialist services that can provide you with a bespoke fitted wardrobe, bedroom, kitchens, and other areas and make the most out of the limited spaces.
2. Research before committing to a project
Not every home makeover project will improve a home’s value – some may have the opposite of the intended effect. If you don’t want to spend on changes or upgrades that will end up lowering the selling price of your home, you must do your homework first before committing to a project. It may appear like a lot of extra work. But investing a little time in research now can potentially save you a lot of money later on.
3. Kerb appeal can go a long way
We’re taught never to judge a book by its cover. However, this principle doesn’t apply in real estate. If your property looks bad from the outside, not only will you give prospective buyers a good talking point to drive the price down. But you may not even get them to the front door too. So add a little kerb appeal if possible. Some basic landscaping, attractive flowers, and even a fresh coat of paint might seem like insignificant features and characteristics. But as the saying goes, the devil is in the details and elevating the aesthetic appeal of your home will make a difference.
It isn’t easy to improve property value. With so many factors that can affect it’s worth being out of our direct control, it can be more than a little difficult to elevate the market price of a home. But with the above-mentioned tips, not only will you be able to make it worth more. But you’ll avoid committing to projects that can lower its value too.