What are The Top 7 ways to increase the value of your property?

By Investoxpert | 05 Feb 2024 | Real Estate

What are The Top 7 ways to increase the value of your property?

Numerous elements, including a property's attributes, location, demand, etc., affect its value. Increasing the value of your home is one of the first things you should do if you want to sell or rent it out since it will guarantee significant returns. Redesigning a home may be costly. Nonetheless, there are several things you can do to increase the value of your home, including low-cost improvements.

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Simple fixes like sealing up leaks and seepages, repainting your house, and changing the doorknobs may all add to the value of your home. But one must be aware of the limit. The items you should invest in to raise the asking price for the house you plan to sell are explained in the blog.

Given the present overabundance of residential properties on the market, you should keep in mind that there are some things you can do to increase the value of your house and counteract frequent objections raised by buyers during the negotiating process.

Let’s Have Look At Those Factors:

Inspection And Repairs

Examine the parts of your home that you may have neglected for a lengthy period first. A thorough examination might assist in locating hidden issues. Start repairs if there are termite infestations, old electrical systems, leaking roofs, or disintegrating roofs. Additionally, this will assist you in averting future costly issues.

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Clean and declutter

A well-maintained home will leave a positive impression on prospective tenants and purchasers. Get rid of unneeded furniture and clutter. A deep cleaning service may also be something you want to look into, since it might cost anywhere from Rs 5,000 to Rs 8,000.

Add Usable Square Footage

A property's useable size can help you get a better return on investment (RoI) , so think about expanding it. This is particularly effective in areas with a restricted amount of land. Any property that gives more usable square feet is worth more money. You can include a tiny room or an extra bathroom.

You do not, however, have to invest a lot of money. Significant effect is also had by visual space. Selecting vertical blinds or shutters over heavy drapes can give the impression that your home is larger.

Upgrade kitchen and bathrooms

When seeing a house, prospective tenants and purchasers focus especially on the kitchen and bathroom. A little makeover might add value to your home if your kitchen has ancient cabinets and soiled tiles. You can construct a modular kitchen if money is not an obstacle.

Make sure your bathroom's fixtures are all in working order. Give the area a thorough cleaning to get rid of any mold, stains, or discolored grout.

Add a fresh coat of paint

Consider hiring a professional house painter to give your home a makeover. To give your house a fresh look, you might even only paint the entrance door. Choose a basic white color to make your home appear more spacious.

Install new lighting and energy-efficient fixtures

Install a new ceiling fan in lieu of an old one. Upgrade your home's lighting setup that are energy efficient . For instance, instead of exposed tube lights, you might go with more contemporary choices like pendant LED lights, which would appear more elegant and raise the value of your home.

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Upgrade landscaping

Adding new plants and clean mulch to your home's landscape may improve its appearance from the outside. Clear your garden of overgrown weeds and debris. A new pathway, plants, and other little improvements are some easy ways to improve your outside areas.

Conclusion

On the other hand, there are certain uncontrollable elements that can also add to the value of your home. These include the current supply and demand dynamics as well as the health of the infrastructure in your community's real estate market. There may occasionally be far more demand than supply for homes in a certain location. It is a sellers' market in this situation. It is a buyers' market on the other hand.

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You may think of infrastructure in terms of transportation (such as having access to major highways, trains, and metro service), social amenities (like being close to hospitals, malls, and schools), and civic amenities (such having access to water, electricity, drainage, and sewerage). Since there are several components to them, spend some time studying each one separately.

After examining the variables that might raise a property's value, some variables have the reverse effect and lower its value. Once more, you have some control over some of these and not over others.

What are The Top 7 ways to increase the value of your property?