Investing in property always pays, especially if it is well planned.
It is not necessary that everything will be according to your taste when you move into a new house, and buyers would feel the same way when you go out to sell your house. However, there are certain facets of a house that appeal to everyone and investing in these strategic improvements will not only make your house more comfortable but also make it more lucrative for future buyers.
While major overhauls can cost few thousand bucks, it is possible to spend much lesser and increase a property’s market value. Experts say that planned property improvements give at least 20 percent ROI with many returning much more than that.
How much does a house cost finally depends on how well you plan and execute the improvements.
So whether you have decided to sell or stay, if you have some time and/or money on hand, here are some simple home improvement ideas to effectively improve your property’s worth:
1. The first look – The exterior of your property is very important and keeping it neat, clean and attractive can add much to your property’s value without significant expenditure. Adding a fresh coat of paint to the exteriors and fixing any signs of damage that can be potential eyesores for onlookers will make your property stand out for all the good reasons.
2. The lawn – Simply spending a weekend mowing the grass, cleaning the lawn and planting some greens (you can buy seeds or borrow cuttings from a neighbour to save more) can increase your property’s value without spending anything. In case you can spare some cash, throw in a small seating area, get some professional landscaping done and create a little water body to significantly increase your property’s price.
3. Create space – While it is not possible to increase the actual area of your house, you can make the place look more spacious by cleverly using lighter colours and drapes in the house. Avoid bulky furniture and install a floor to ceiling mirror strategically to create an illusion of space.
4. Floor, ceiling, and walls – Buyers are often turned off by patchy, greasy or worn down floors, bringing down the value of the house significantly. Switch to hardwood floor or replace the carpets in the home for a modern look. If not for all, consider getting chic inexpensive rugs for the room that is most worn out. It will also be a good idea to get the roof inspected for any structural defects, and have them fixed asap. Clean and bright walls will add warmth and appeal to the house.
5. Lighting – Replacing the old fittings will have two advantages – a chic look for the house and major electricity savings. Go for energy-efficient appliances to save much on the electricity costs and do your karma for nature.
6. The kitchen and the bathroom – Any expert will tell you that improving the kitchen, followed by the bathroom, adds the maximum value to any property. For the kitchen as well as the bathroom, even small home improvements bring big returns. However, don’t spend huge money on equipment if one for less would do. Read here for more home renovation tips.
7. Granny flat – Building a granny flat in your backyard will not only add value to your property but also provide an extra source of regular income.
8. Clean up – The most basic, inexpensive and effective tip is to keep your house exceptionally clean and tidy. Grab that duster and wipe out the tiniest of corners to make your house fresh, clean and immensely attractive for prospective buyers.
Some tips for home improvement:
1.Get the property inspection done to find any major flaws that may require attention before a buyer receives a negative inspection report on the property.
2. Hire an expert to visit your home and give you ideas on redecorating and rearranging the house. Simply moving the furniture around can create a lot of space and add to the aesthetic appeal of the house.
3. Seasoned renovators can tell you which improvements will add max value to your home. It makes sense to consult one and spend money on the right modifications. Alternatively, get hooked to one of the home renovation shows on the television or visit some home improvement stores for great ideas.
4. Take a look around to know what’s in demand in your locality. A free property report from HashChing can give you invaluable insights on housing rates in your locality, new house prices, land prices, property growth stats, house sales (Sydney or any chosen suburb) and what buyers dig in a property.
5. You can also use the equity in your home to fund the improvements in your property.
If you plan to apply for a home loan, looking for an investment home loan or want to refinance your existing home loan, save more by comparing weekly home loan deals and get in touch with expert brokers at HashChing to understand your home loan requirement better.
By Vidhu Bajaj