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One of the most significant financial commitments you will ever make is to invest in a house. As a homeowner, one of your primary goals should be to see the value of your investment rise steadily.
When it comes to improving the value of your home, there are a number of tactics you can adopt, both major and minor, to raise the property’s attractiveness and make it more desirable to prospective buyers or tenants. To help you maximise your investment in your home, this post outlines tips for getting your house ready to sell or tenancy at an elevated value.
Make a few cosmetic enhancements.
Making superficial upgrades like fresh paint jobs, lighting upgrades, and flooring replacements may have a significant impact on a home’s resale value. Modifying your house in these ways may have a significant effect on its visual attractiveness and, in turn, its market value. Repainting the front door and granting the walls a new coat of paint, according to data by Property Price Advice, may enhance a property’s worth by as much as £5,000.
Improve the kitchen and bathroom.
In evaluating a home, prospective buyers and tenants place a high priority on the condition of the kitchen and bathrooms. Remodeling your home’s kitchen and bathroom may have a major impact on the property’s market value. Making improvements like these may increase your home’s value and appeal.
An additional bedroom, as per studies by Nationwide Building Society, may raise a home’s value up to 11%. In the meantime, an additional bathroom may increase a home’s value by as much as 6%.
Add more room for storage.
Storage is a major selling point for purchasers and tenants. Your home’s resale price may benefit from the addition of more storage space, so consider adding a closet, a storage box, or built-in shelving. According to findings reported by Anglian Home Improvements, a rise of up to 8% in property value may be achieved by simply constructing more storage space inside a home.
Improve the outside of your home.
The curb appeal of a home is one of the most important factors in determining whether or not it will be rented or purchased. Zillow showed that homes with well-kept gardens and outside areas sold for an average of 5% more than similar homes without such features.
Improving your home’s curb appeal is a great way to boost its value and appeal to potential buyers. Increasing the visual attractiveness of your home may be as simple as growing flowers, sprucing up the yard, repainting the front entrance, and updating the fittings.
Adopt more energy-saving measures.
A UK Green Building Council study revealed that a home’s value may increase by as much as 10% if it had an energy efficiency grade of A or B. Improvements that make your home more energy efficient may increase its value and save your monthly electricity costs. Improvements to your home’s energy efficiency, such as new windows, better insulation, or solar panels, may have a significant influence on its market value.
Redesign your home or construct an extension.
Renovations and new additions of livable space, if within your financial means, may greatly raise your home’s resale value. The addition of a home office, a guest suite, or even just another bedroom may increase your property’s marketability and desirability. GoCompare found that a home’s value might increase by as much as 20% after undergoing renovations. On the other hand, extensive renovations may be time-consuming and costly.
Improve the heating, ventilation, and air conditioning.
Improvements to the heating, ventilation, and air conditioning system are also very likely to boost the home’s resale value. In addition to increasing the property’s value, updating the HVAC system makes living there more pleasant and may attract more prospective tenants or purchasers.
Endnotes
To conclude, it is safe to say that it’s a no-brainer that spending money to raise your home’s worth is a wise financial move. Large and little, these measures can help make your home more valuable and appealing to prospective buyers or tenants.
If you take the time to make these changes, you can be certain that your home will be in excellent shape and ready to rent or sell for premium prices.