Looking to increase the value of your home while staying within a strict budget? Re-modelling…
A value increase is one of the goals of any property investment, or in other words simply making it worth more than it did when you purchased it. Before you start anything, you should make an investment plan. The upgrades in your home have to be considered carefully, not done on impulse.
Start slowly, get to know your house (in case you just bought it), and create a list of potential improvements. Just write them all down at first, and then categorize them according to their cost. Take a look at the categorized list and see which improvements are necessary and attainable, and which of them belong in a dream world. After you’ve done your research, talk to a professional about the return on investment as well as the value that those particular improvements may add to your home. Here we present you with tips, both high and low cost, on how to increase the value of your home.
#1 Modernize the floor plan
This can be done in various ways. For example, you could create more space by rearranging your kitchen, or by taking down a wall that separates the kitchen from the living room. Perhaps you could create a suite by adding a bathroom to the master bedroom, or even swap the location of two spaces, such as a dining room and an office, because it would create a better flow in the residence. You can also add space to one room by taking it away from another – if your living room is oversized, you can take some space from it to create a pantry for your kitchen. If you don’t own a car and most likely won’t in near future, you can turn your garage into a room.
#2 Paint the exterior
Whether you’re planning to live in that house or sell it, you should improve its exterior. It will cost you about $200-$1,000, but could add up to $5,000 of value. Paint the house, clear your front yard and driveway by hiring a junk removal service, clean the windows, unblock the gutters, and make the property look more beautiful, warm and welcoming.
#3 Change the doors and windows
By doing this, not only will you add value, but you will increase the amount of natural light inside the home, help lower your cooling and heating bills, reduce the amount of noise, and improve its aesthetics. For example, you can brighten up spaces that lack windows by adding skylights, or open up the space and add elegance by installing french doors that lead out to your backyard. If you don’t like the fact that your windows are facing your neighbor’s room or a brick wall, you can choose your view by properly positioning your windows.
#4 Add energy-efficient fixtures
If a loud, outdated, wobbly ceiling fan is hanging in your living-room, it should definitely be replaced. A decorative and functional ceiling fan can create a soft breeze during the summer and reduce the need for air conditioning, while providing necessary light. Old fixtures should be replaced with new, energy-efficient lighting, to make your home more enjoyable while reducing your energy bill.
#5 Renovate the kitchen
If you only have enough money to improve one room, improve your kitchen. We do everything in the kitchen – hold dinner parties, watch TV, do homework, and cook – which makes it a central area of the entire residence. There should be enough space to move around between the 3 main points of the kitchen triangle (the cooker, refrigerator and sink), and your work surface should be clean, roomy and functional. Replace all kitchen appliances that are more than 10 years old with their modern counterparts, but make sure that you don’t overspend on your kitchen (why put a $50,000 kitchen into a $300,000 house).
In the end, you should make sure that you don’t over-improve either. Don’t spend money on renovation if it won’t bring you any return on your investment. Check out your ARV (after-repair value) by doing some research on prices in your area to see how much the house will be worth after it’s been renovated.
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