As the real estate market keep fluctuating, many homeowners have started investing in their properties hoping to one day get a good deal out of it. What they don’t realize is that investing a certain amount of money in their dream home doesn’t mean that its value is raised by that particular amount. It’s difficult to see the return of your investment as people buying the house expect it to be in top condition. That said, here are 5 sure-proof ways you can use to climb up the property hierarchy by adding additional value to your home.
Touch up on the superficial flaws
Although small imperfections don’t influence the value of your property directly, they can quickly add up and prevent you from selling the property at an optimal price. These include any cracks in the ceiling, door latches that stopped working, dripping taps, smell coming from the sewers, broken doors and windows, lifted or squeaky floors and moldy sealants. Fortunately, these are all small repairs which can easily be finished in a day or two without having to spend additional money on hiring a professional. Just remember that structural issues can’t be fixed or mended as easily as superficial flaws.
Remodel the kitchen
Remodeling the kitchen to make it both appealing and functional at the same time is important not only for potential buyers but also for valuation surveyors. Before you completely replace your old kitchen, make sure you’ve considered the layout and position of kitchen elements and appliances. Sometimes a structural change is more than enough to liven up space and make it more buyer-friendly. That said, make sure that all the kitchen elements are in top shape. It doesn’t matter how good the design is if the cupboard doors are hanging or the worktops are peeling off. Lastly, a kitchen, unlike a living room, is made to be used and worked in, so investing into adequate lighting will certainly raise its value in the eyes of potential buyers.
Fix any structural problems
Cosmetic repairs are important when it comes to increasing the value of your home. But having your home look good stops being a factor if the house is literally falling apart. Cosmetic repairs might trick a potential buyer, but a property agent cannot be fooled that easily. Before you focus on aesthetic repairs, make sure to fix up any structural problems you might encounter, such as:
- Bowing and structurally impaired walls
- Broken or unstable chimney
- Leaking and sagging roof
- Missing tiles and shingles
- Insect infestations
- Increased dampness
- Damaged floor
Structural problems are the most expensive ones to deal with, but they are absolutely essential when it comes to adding value to your home.
Remodel the roof
Small imperfections around the house aren’t easily found without a proper inspection, but a damaged roof can be seen from a mile away. As we already said, structural damage is dangerous and as such needs to be fixed right away or else you’re waiting for an accident to happen. Other than structural issues, any loose or missing tiles need to be replaced, leaks must be clogged and any moss and mold growth needs to be removed. Roof Restoration Sydney experts recommend that any roof older than 15 or 20 years needs to be checked out by a professional service and completely replaced if necessary. Read our story about how we are working through the replacement of our roof this year as it's still ongoing.
Work on raising the curb appeal
No matter how much time and resources you’ve invested in the house, potential buyers will likely disregard it if it doesn’t look appealing on the outside. First impressions are everything and this is especially true when it comes to buying or selling a house. Exterior color details need to match the specific period the house was built in or at least match the front yard in one way or another. Driveways and walkways need to be paved and if the front yard isn’t as appealing as you’d like, you might want to invest in perennials and plants that are tolerant to drought and easy to take care of.
If you’re uncertain on how exactly you can add additional value to your home, then you might want to consider talking to or hiring a realtor. They are a home owner’s best friend, as they are the ones bringing in the potential buyers. Not to mention, they're most likely to be in touch with the latest home renovation trends, which can help you avoid certain projects which sound good on paper but ultimately fail to attract a potential customer.
There’s a number of different options when it comes to home improvement ventures that could add more value to a house. Some could easily be done by hand, while others require you to call in the professionals. Keep in mind that home improvements stopped paying off the same way they did when the housing market was at its peak. If you’re planning on remodeling the house, it may be best to focus on smaller upgrades that would make your house more appealing towards budget-oriented buyers.
Ian,
Thanks for this. These are excellent tips. We purchased our first home in 2011 and sold it in 2016. In that time, we put on a new roof, remodeled the kitchen, put up chair rail and molding, gave it fresh paint and put in hardwood floors in many rooms. Most of this was done ourselves with the help of my in-laws. We sold the house for $50k more than we bought it for.
In our new place, and actually a cheaper home, we had it built. So, not much we do here in terms of fixing cosmetics. But, we will (and have in some rooms) added paint and will add chair rail / molding. We are also undertaking a big DIY project and finishing our basement. We’re doing everything but electrical work. And my wife and I are novices at hanging dry wall and framing, so it’s been a slow process. Again, my father-in-law is helping, so it’s good he lives 45 min. away not instead of 3 hours at the first place! Based on my wife’s calculations per square foot. We got an estimate from a local real estate agent. We could be looking at us upping our value north of $50k! We will be spending a small fraction of that.
Great article. Thanks for contributing.
Dave
David Domzalski recently posted…Take the America Saves Pledge!
Hi David, my pleasure.
Thank you for sharing your experience, good to hear the actual story of good ideas and effort being rewarded.
Curb appeal is huge. It’s the very first thing I notice about a house and we all know how important first impressions are. That said, we have a lot of work to do on increasing our home’s curb appeal. Lucky for us, we’re not planning on selling for a few years, but curb appeal will be the main focus when we do.
Go Finance Yourself! recently posted…Warren Buffett’s $1 Million Bet
You will surely be thinking about it when the time comes. After all, like you said: First impressions do count.
Of course you don’t want to ask a house with underlying problems, but the looks are what really sell it!
Yeah definitely, it’s not instrumental for an ultimate decision, but it sure does have a huge impact, doesn’t it?
Great post Lan! I totally agreed that home improvement definitely helps us to add more value to a house. The tips you had shared really amazing and helpful .Thanks a lot for sharing such wonderful blog.
I have said it a few times before and I am saying it again:
Love the style you write, the info you provide and how down to earth
and simple your figures and calculations are, Lan.
Hi Lan, Wow! You are absolutely right. These tips are really awesome. Now I can increase my home value easily. I am going to share these tips with my friends also. Thanks for sharing this blog.
Glad you found these tips helpful Kate!
I feel like there are 3 things any home owner wants: a nice kitchen, a great master bathroom, and a roof that works. Everything else can wait :b
Thanks for the post!
I would agree that those seem to be the first places most renovators head to when fixing up the house!
Another way to add value to your home is installing fancy light fixtures that enhance the natural sunlight. It does wonder to adding appeal to the inside of the home without doing much. Thanks for writing.
There are many ways by which you can add value to your home. Such as by creating a wonderful outdoor area, you can hire a contractor for this purpose. At the same time you can follow these five sure proof ways. But never forget your roof that is the most important part of your house.
Roofs are definitely vital! We had ours done last year. No sense in trying to do other work until you have a solid roof overhead! Thanks for reading and commenting!