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Whether you’re flipping properties as an investor or simply want to get your money’s worth from your home, there are a bunch of different ways in which you can increase your home value before you sell.
Generally, people shy away from massive home improvement projects because of the costs, and if they’re going to sell anyway, why should they do it? Unfortunately, this mindset is often why they get a subpar value for their home, whereas, if they got a bit creative, they could have made a few small home improvements that would have made a significant difference. So, how can you increase the value of your investment property before selling it or renting it out?
Firstly, get advice from a professional
When it comes to investing in property, you’ll want to run your plans past two individuals: your financial advisor and a real estate agent. The reason we’re referring you to your financial advisor is because it’s their job to ensure your financial health is moving towards the goals you set. So, if you want to buy a house that needs a ton of work, they might help you decide whether it's worth it or not.
Next, chat to a real estate agent. If this is one of your first investment properties, you might not know exactly what sells or increases the value of a property. But, real estate agents do. Invite one into your property and ask them for their opinion on what with improve the homes value. From their, you can compare their suggestions to what you budget will allow with your financial advisor and make your adjustments from their.
Give the property a fresh coat of paint
Let’s compare two homes. One, is newly built with a fresh coat of paint and a well kept yard, while the other is much larger, but is old, has mould and dirt on the walls, with paint peeling from them too. Which property would you lean more towards? Now, this is a pretty subjective question, but, because most people lean to the more convenient option, they’ll probably go for the newer house.
However, as an investor, you need to be able to see a diamond in the rough. The other property is larger and just needs some tender loving care (TLC) to get into shape. By giving it a fresh coat of paint, you’ll rejuvenate its ability to catch the attention of potential buyers or renters. Don’t underestimate the power of painting your property.
Update the interior of your house
Nowadays, you need to remember that you’re marketing to a new generation of renters and homeowners. With that in mind, consider remodelling your property if you have the funds to do so. Older houses often have dark coloured interior walls, carpets, and solid wood counters with bulky furniture. These attributes are no longer trending with modern renters or buyers. They want natural light, minimalist colours with beautifully tiled floors because they’re more convenient.
It might help to get an interior designer to advise you on how to remodel your home so it catches the eye of buyers from the younger generation. After all, they are the upcoming target audience for homes.
Consider going green
By going green, we don’t mean painting your house green. Rather, we’re referring to kitting your house out with energy-efficient and water-saving features like Gas stoves, solar or gas geysers, LED lights, or even a full solar system. Solar systems are a relatively big investment, but when it comes to selling your property, this investment might work well in your favour by increasing your property's value and making it more appealing to potential buyers.
A good garden goes a long way
People are often visual buyers, so the first appearances matter. Sprucing up your home's garden is another great way to make it look attractive to renters or buyers and increase its value. Consider creating a lovely pathway with a nice lawn and a garden. Adding an entertainment area with a fire pit can also add to the home's functionality, giving it another badge on the list that can improve its value.
Final Thoughts
When you’re investing in property, don’t overlook the homes that need a little work. With a little advice and input, you can turn it around to be a pretty profitable investment. Consider giving your property a fresh coat of paint, remodelling it to make it look more modern, or adding some energy-saving features to make the house more appealing to the audience you’re targeting. This will help you get the most value out of your property, whether you plan to rent it out or flip it.
To learn more visit https://solacefinancial.com.au/
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