Increasing the property value of your home or a home that you are renting out to others requires strategy. You have to know what is worth adding to the property and what you shouldn’t bother with. There are 7 additions to your property that you can use to add a substantial amount of charm and value to the home at the same time.
1. Knock Down Some Walls To Allow The Natural Flow Of Light
Believe it or not, knocking down some walls and getting the sunlight into the areas that were cut off from light before may be a good idea. This includes installing load bearing beams in place of walls. This increases the welcoming nature of the home and increases the value by allowing you to do more with one wide open space than you could with the rooms closed off. The cost of performing this project may be substantially more than you’re used to, so be prepared for the extra expenditure by noting that this is one of the best things you can do for your home to add value.
2. Add A Home Office
Every home needs an office complete with a computer and monitor, a desk, a comfortable chair, great carpeting or hardwood flooring, and a great ceiling fan. There are literally millions of Americans who work from their home offices, so it just makes sense to include this as an option for anyone interested in the property. Install phone lines, data ports, and make sure the outlets are replaced with grounded ones so they may work with three pronged plugs. After all is said and done, you can take tax deductions off every year for the cost of maintaining your home office.
3. Add Outside Curb Appeal
The appeal of your home from the outside is one of the most important parts of your residential property value. Curb appeal is responsible for nearly 10 percent of the overall value of your home. If it doesn’t look good from the outside, most of the perspective buyers will never make it to the inside. Things to take into consideration would be the color of the house, the shutters, and landscaping of the front yard of the property. Perennial plants are great for people who don’t have a natural green thumb to themselves. Don’t say goodbye to that ten percent in property value, improve upon it!
4. Pave The Driveway Of The Property
Paving the driveway of an investment property can add a substantial boost in property value. Make this an easier thing for your buyer by having this done before they look at the property. For people looking for an advantage over other houses in the area, this might just be what you need to get the property sold. It will only cost you about $3,000 to get it done, so this inexpensive way to improve value can bring you a lot more return than you think.
5. Don’t Neglect The Bathrooms
Bathrooms are very important to real estate investing. The more bathrooms you have, the more the property will be worth. The importance of these rooms within a residential home is never overlooked and you can be sure this is one of the first things a potential property buyer will look for. A master bathroom is even more attractive. You can add a jacuzzi, a bathtub, a shower, tile flooring, pretty much anything you want that will increase the value of the home. Some people even include towel warmers. It’s all up to you.
6. Add Value And Usability To The Kitchen
The kitchen is another one of the critical rooms in any rental property. You can be sure that potential buyers will be looking to get their moneys worth in this area especially. Having the kitchen furnished with a dishwasher, a garbage disposal, easy to access cabinets made of quality materials, a great stove and refrigerator, and nice flooring would be a great start. Everything should be convenient to access and make life a breeze for cooking and activities.
7. Use Insulated Windows
Insulated windows can save you a lot on heating and cooling costs within a residential property. Hundreds and even thousands of dollars per year can be lost on improperly insulated windows. Energy saving windows are especially attractive, keeping warm and cool air in and any affect of the elements out. Expect to pay 10-20 percent more for these windows, but you can expect the cost to be canceled out by the savings it produces. Energy savings range from 11-24 percent per year.
