How To Increase Your Property’s Market Value
Are you into flipping homes and selling them for a profit? Or do you want to increase the market value of your property for future selling? Whichever your motivation, you can improve the marketability of a home or property with a few quick changes. Here’s how! (Image Credit: Ralph Kayden/Unsplash)
Have the Property Inspected by a Professional
Find a real estate agent or interior designer who is willing to give your property a check. Many agents do it for free, but a designer may charge a fee. Doing this important first step gives you a better idea of the property’s potential to attract a buyer. Real estate agents and interior designers can suggest improvements they deem appropriate for your market. Their knowledge of which homes for sale will fetch the best prices allows them to advise you of the latest hot features in the home buying industry.
If you’re looking to make a quick buck on a seemingly inexpensive property, never assume just by looking that it will be a simple fixer-upper. ; Most of the time, homes that have cosmetic damage may reveal more fundamental issues after close inspection. Get an inspector to assess the condition of the property before agreeing to a purchase. Defer to the opinion of an expert, and get some home buying tips before you flip.
Give the Home a New Coat of Paint
As cliché as it sounds, giving your home or a home you want to flip a new coat of paint isn’t a bad idea. Freshly-painted exteriors and interiors will make the house look clean and updated, and that easily translates to increased value. In fact, a report done by Zillow revealed the specific increases in home market value just by painting certain parts of a home a certain color. The biggest increase in value was $6,271 by simply painting the front door a darker color.
Make the Home More Energy-Efficient
Most local power companies will give you a free energy audit if you ask for it. Do this to find out how energy-efficient your home is, and see how you can improve its rating. Check the insulation of each room, inspect it for leaks or cracks, and check your heating systems. A simple way to increase your home’s value is to replace your old appliances with more efficient models. An inverter AC unit or refrigerator can greatly cut down power consumption while increasing your home’s energy efficiency.
Improve the Landscaping
You don’t necessarily need a manicured lawn. Planting a shade tree a safe distance from your home can add value since it not only increases curb appeal but also reduces your cooling costs by as much as 40% in the summer. You may also fill your garden with native, water-conserving plants or hire a company providing xeriscaping—a landscaping style that uses drought-resistant plants and requires less water.
Update the Bathroom and Kitchen
You don’t need to implement a full-scale remodel of your bathrooms. Small updates, such as a new shower head, lighting system or wallpaper, can add significant value to your home.
As with the bathroom, you don’t have to do a full remodel of the kitchen. By getting a new microwave, toaster, sink, or updating the backsplash and wallpaper, you can significantly raise the amount of your home when you’re ready to sell.
Increasing the market value of your home can be quick and relatively inexpensive if your home doesn’t have any serious issues or damage. Little changes in the interior décor, new or refurbished appliances and furniture, a fresh coat of paint, and even just a thorough house clean can bring up the property’s market value. Don’t forget the big jobs for major damage, but don’t ignore the small tweaks you can do either.