Are you planning to cash in on a property you’ve been holding out to sell? Want to get the best possible return on it? If this is the case, it’s time to explore home updates and renovations you can apply for maximum profit. From low-cost tasks to significant improvements, any renovation project can go a long way in increasing the value of your property.
Even if you aren’t selling immediately, having a beautiful and well-maintained property gives you confidence that investing can be recouped by the time you sell. We present to you some of the ways to add more value to your property across all budgets.
Clean and Clear
It may seem obvious, but keeping your property clean is a recipe for success. A clean house gives the impression that it’s well maintained and brand new. Getting rid of stains, mold, and everything in between can prove valuable. The result? A brighter, more inviting house that buyers will pay more for with confidence.
Think of it as a “small-risk, high-reward” investment of either your time or money. Whether you hire professional cleaners or do it yourself, a clean house both inside and out is an attractive investment for potential buyers.
A Fresh Coat of Paint
Depending on how big the house on your property is, repainting it can either be cheap or a costly development. However, it won’t be anywhere as expensive as a renovation. The strategy will be ideal for property owners trying to make a profit on a budget. You will feel surprised at the impact a fresh coat of paint has on your property’s value.
Leaning towards more neutral colors can make it more palatable to a wide range of buyers. Paints that are too vibrant or too dark can be a deal-breaker for some, so it’s best to avoid them.
Increase Square Footage
Increasing your property’s square footage might not mean what you think it is. It’s not about buying more land or encroaching on other’s properties. There are several ways to increase the square footage of your property without buying more. One effective way to achieve this is getting rid of bulky clutter and updating furniture.
Start by getting rid of things that consume too much space or anything that gets in the way. By doing this, you make the room look more spacious and less cramped. Additionally, you’d want to choose furniture with smaller sizes. These types of furniture allow people to move around spaces easier since they consume less vertical and horizontal space.
Another great way to increase the value of your property is through landscaping. About 94% of top realtors in the country agree that buyers will pay more for a property with well-maintained lawns. After all, it is the first thing potential buyers see. First impressions last, and landscaping helps you make that good first impression. In turn, it can land you more buyers, inevitably leading to a sale.
The incredible thing about landscaping and lawn care is that they will recover almost 267 percent of its upkeep’s cost by the time you sell. That alone should be enough reason to invest in good landscaping and lawn care. Call up the nearest landscaping service provider and find the best possible package that will bring your lawn to tip-top shape.
If you’re the type of investor that invests big to recoup bigger, then consider remodeling the whole property. Having a house that is aesthetically relevant in the modern world generates more appeal. Most homebuyers purchase properties to live in long-term, so it makes sense that they would prefer a house that won’t look old in five to ten years.
You can also remodel only the key rooms of the property that reap the most rewards, like the kitchen or the bathrooms. These two rooms alone can see up to an incredible 10% increase in the overall value of your property after costs. It’s the perfect project for your property if remodeling the whole place is less economical for you.
Tempting as it may be, adding every bell and whistle to a property you want to sell isn’t always a good idea. Everybody is different, and some buyers might not need all the added updates you put into your property. Buyers can potentially see these features as an unnecessary added cost, preventing them from buying.
No matter how much you want to spend on property updates now for a significant return later, it’s best to keep them simple. Adding too much and doing too much to a property can hurt your profit. Producing a cost-benefit analysis beforehand on the renovations you want is the best way to identify whether they’re worth doing.