Are you looking for ways to increase the property value of your home or rental property? No matter if it’s a stand-alone home, condo, or townhouse, there are several steps you can take to achieve this goal. 5 Areas that can help increase any residential property include painting, updating the kitchen and bathroom, landscaping, and adding new furnishings.
Keep reading as we’re going to present some ideas on this below, to help anyone looking for effective ways to boost property value. The tips can help you get more money from buyers at the time your property is sold or tenants when they rent out the newly refurbished space.
First of the Five Steps is to Paint
Painting is a cost-effective way to give your property an immediate facelift. If you don’t have the time or the budget to do every room, pick the worst-looking rooms or those that have outdated wallpaper. The idea is to infuse energy and make the space look new.
When selecting paint, it’s more about the color than the brand. Choose neutral colors that won’t become outdated quickly and consider adding a few accent walls for added interest. Not only will this make the property look more appealing, it can also help buyers visualize their own unique style in the space. Of all the suggestions in our list, this can be done with very little money out of pocket, so make sure not to skip this step.
Second of the Five Steps is Updating The Kitchen
Updating the kitchen and bathroom are essential if you want to increase property value. Consider replacing outdated appliances with new energy-efficient models to save on utility costs. Installing quartz countertops or other high-end materials can really spruce up the space while making it more attractive to potential buyers.
The kitchen is the nucleus of any home, forming the basis for countless memories – both happy and educational. It’s no wonder that renovations to kitchens are such a sought-after addition when it comes time to increase rental value or resale price. Though you don’t need an entire overhaul in order to bring renewed energy; even subtle changes like updated cabinets, a new tile backsplash, and swapping out the sink can breathe life into practically any kitchen space!
For a bit more you can tackle the floor, update the lighting and look at either enclosing a wall or busting out a wall depending on the existing style of the home and the feel you’re looking to create with renovations.
Third of the Five Steps is Renovating the Bathroom
As we said in the section above, the bathroom can have a large impact on the property value. There’s a difference between modern chik and stepping back into the past here. You don’t want any bathroom to feel yucky, scary or like a time capsule. Open, bright, inviting, clean and modern from the floor to the ceiling with clean fixtures and furnishings.
How old is that toilet? Does the sink look like it has seen better days? Is there are there enough power outlets? What about the flooring? Bathrooms don’t take up a lot of square footage, so don’t be afraid to gut it and nail this part of your property to create value here.
Fourth of the Five Steps is Freshening Up the Landscaping
Landscaping is another important factor when it comes to property value. Investing in quality landscaping can give the property an attractive outdoor space and help it stand out from other properties in the area. Planting trees, shrubs, and flowers will also add to the property’s curb appeal.
One thing many people forget about is the sidewalks, patios and driveway. To spruce it up on a dime budget, power wash the surfaces. You might be amazed how much better the clean cement makes the property look from the curb to the door. You do only get one chance to make a first impression and that starts outside.
The Fifth of the Five Steps is Replacing Furnishings
They say the devil is in the details. With the fifth and final step, we suggest you look at replacing the furnishings. What does that include? Light fixtures, handles, doorknobs, moldings, the little things that make a big impact. If the property is being sold, consider hiring a staging company to fill the space with furniture and all the goodies to match the style of the home. A blank canvas sometimes leaves a buyer unsure whether or not to take that final step as not all can see “potential” and they need to see something tangible.
For Rental Properties, adding new furniture like tables, chairs and more is a great way to make the property more appealing to potential tenants. Just as we suggested for those needing to stage furniture, for rentals we suggest investors choose furniture that fits with the style of your property. Don’t forget to keep it updated over time between rental agreements. This will create a warm atmosphere that renters are sure to appreciate and help you keep that occupancy rate higher.
Don’t Leave Money on the Table
By taking these steps you can greatly increase property value while making your property more attractive to potential buyers. You won’t be leaving money on the table, in fact this should help you move the property for more and do so faster than if you just let it ride. With some strategic planning and investment, you’ll be able to maximize your property value and get top dollar when it comes time to sell.