Several property merchants argue that you don’t have to break the bank to improve your home. In fact, they caution people from overspending on a certain property.
In some jurisdictions, there are property value caps. So even if you spend a fortune, your value cannot improve beyond a certain point. Here are simple investments that can add a significant value to your home.
1. Upgrade appliances and broadband signal
The new markets for homes and properties, in general, is increasingly millennials. To appeal to them, you have to be cool. For a start, add energy efficient models on your house. Your HVAC is top on the priority list. Remember, millennials tend to use unconventional methods of saving; not using something is not one of them. They want to use air conditioning, but it should better be energy saving.
Again, top of the list of most youthful families is a good Wi-Fi. If your home has poor broadband reception, you are likely to get a poor valuation. Remember, the internet is now a basic need.
2. Outlook and first impression
If from a distance your property looks glum, you’ll have to price it lower to appeal to anyone. Work on the exterior of your house. Maintain your fences, keep it trim and kept. Fix your roof, windows and gates. Leaky garages, screeching doors and leaking roofs are characteristics of a derelict.
Who will buy a ruin? No one. General maintenance of your property is a responsibility. Even you, can you really stay in a rundown place where even opening a door requires a crowbar? Zillow predicts that a well-maintained property sells twice faster and fetches 5 percent more on its valuation, unlike unkempt houses that fetch less than their market value.
3. Modernize the bathroom
Even for personal gratification, the bathroom requires efficient models. Add water-efficient models and add a few more value to the bathroom. People are emotional about their bathroom and are likely to be convinced to up their bid for just installing a frameless shower or pendant lighting.
The investment in the bathroom must be reflective of your home value though. You don’t have to add a $20,000 upgrade in a $200,000 home. Most bathroom upgrades should take less than 5 percent of your property value.
4. Improve your kitchen
Not just you who is ecstatic about a modern kitchen, most of us are. Ensure all essentials are there in your kitchen. Ensure the shelves are standard. Modernize your sinks and taps. When it comes to kitchen appliances, use energy efficient models.
5. Add a garden
Don’t just have it, maintain the garden. Keep it trimmed and make sure that overgrown bushes do not obstruct light. A garden may not necessarily be used, but it features prominently in home valuations. First, it gives the impression that the place is pet-friendly.
6. Double-glazed windows
It is now almost becoming a requirement in the property market. Valuations for properties with window frames and double-glazed windows is impressive lately. You don’t want to see your property value go down because of such a small investment. Zillow observed a 5 percent addition to your value when you install these windows. If your property value is $100,000, you are likely to sell it for $105,000 after installing the windows.
7. What to remember in the end
Sometimes, you don’t need to do a one-time upgrade because it is expensive. Instead, you can replace every old item with a newer and efficient model. If the water heater develops a problem, sell it and get a new one.
Before you make an upgrade, it is good to visualize how the output will look like. Sometimes, you don’t have an idea of what exactly you need to upgrade in your house or even how to go about it. Several solutions exist nowadays. For example, Render 3D is offering a 3D simulation of property upgrade. The virtual 3D rendering helps you to approximate costs and engage more fruitfully.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
The crowdfunding equity platform ClubDealOnline launches ‘Round as a Service’
Thanks to the new service "RaaS", the ClubDealOnline portal will allow to launch capital raising rounds reserved to companies that...
XRApplied helps David take on Goliath: Walmart-style supply chains for SMEs
Retailing giants like Walmart and Amazon have an unfair advantage over their smaller competitors—their supply chains. With centralized databases and...
SparingVision closes a €44.5 million round and gives entry to Ysios Capital
SparingVision has recently closed a financing round during which it managed to raise $52.7 million (€44.5 million). The resources will...
How can HRD pave its way in the evolving world of FinTech?
Indian FinTech companies have consistently shown that the companies are either on Merchant Payment, Consumer Payment, Lending and finance, or...
What types of licenses for the production of cannabis will be granted in Ecuador
Ecuador is committed to be a part of the billion dollars cannabis market and has recently put in place a...
Featured7 days ago
Which fintech company raised the most funds in Q3 2020?
Africa5 days ago
Fruitbox Africa: Frankfurt investor and Siemens to create jobs in Ethiopia
Cannabis7 days ago
Medical cannabis to be reimbursed in France from March 2021
Featured6 days ago
HSBC survey shows investors’ interest in ESG is increasing