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Want to improve the market value of your property? Here are a few ways you can up that price, without remortgaging to pay for it.
We all want an idyllic lifestyle. We want to work as little as possible and spend as much time as we can enjoying the fruits of that labor. For some, this means a big house with a pleasant garden. For others, this means making a series of home improvements until they up the value of their home. Why? So that you can sell for a profit and move somewhere better.
There has been a Home Buying Boom.
As much as we’d like to think so, not all of us are in our dream home. However, if we start with small steps, we can soon be on our way to better houses. This is shown by the substantial number of people who renovated their homes last year, using the money they saved from staying at home. According to Statista, the baby boomers were the main culprits, with 52% spending on renovations of boomer age.
If they weren’t renovating, they were moving out. Data suggests home sales rivaling those of the 2003-4 boom[1], with property values far higher than the previous boom. If you want to join them by upgrading your property, here are some of the best ways to do it.
How to Increase Your Property’s Value
Try the following things to boost the property value of your home.
1 – Add a Room
Adding a room can be exceptionally wise. If you add a bedroom, you can expect the cost of your home to increase between $30,000 and $50,000. It doesn’t have to be a bedroom, either. Add a bathroom, a communal area, a conservatory, or an outbuilding. You can read more about home additions projects should you be interested in this.
2 – Landscape your Garden
Another project that can boost the profit of your house is landscaping. Improving the surroundings of your home will entice more buyers. This is an excellent tip for those auctioning a property. Realtors estimate that landscaping increases your property value anywhere from 5.5% – 12.7%. On a £100,000 property, this translates from between $5.5k and $12.7k. Not bad, just for some curb appeal.
3 – Paint the Interior and Exterior
Painting the outside of your house adds appeal in the same way that landscaping does. Sources estimate that painting your home’s interior and exterior walls can bump your value by $4,000 or more. Interior painting has an ROI of 107%. If all you can do before you sell is slap paint on the walls to make it prettier, then do it. You can even do the painting yourself if you are neat.
4 – Renovate One Room
A single room renovation can help to increase your property value. For example, if your kitchen or bathroom looks untouched and perfect when a potential buyer walks in the door, they will be more likely to buy. On the other hand, a grubby bathroom is off-putting, so this might be a great selling point. Mid-range renovations will make back most of their cash, but if you do a DIY job and hire only vital contractors, it could generate some profit when you sell.
