When you invest in a property, your primary goal should be to find ways to improve it. The property should be worth more than what you bought it for. There are many ways to add value to the property, some easy and inexpensive, some requiring a little more money and elbow grease. As a real estate developer myself, I’ve gathered a few tips on how to keep the value of your properties up. Below I’ve split them into two parts, low-cost and moderate- to high-cost.
These simple tasks are the least costly when trying to add more value to your property but can make all the difference in its appeal.
First and foremost, clean up your property. No one will find value in a home if odd odors are circling around or you can see piles of dirt shoved in the corners. Cleanliness goes for both indoor and outdoor as well. Add some curb appeal to make it more attractive to those passing by. A property will look more inviting with healthy, living plants, clutter-free porches, and clear walkways/driveway.
Another low-cost task is to do a few do-it-yourself fixing up. These DIY projects could mean adding fresh coats of paint in a tired space or changing out broken light bulbs. If you see small items that are easy to fix (i.e., door handles, cabinet handles, electrical outlet covers, light switch covers) spend an afternoon running to the hardware store to take care of all these items. Your future self will thank you when you don’t have to scramble to do these things last minute after a showing.
Moderate- to High-Cost
These next few tips will cost a bit more than previously stated; however, they have the potential to add substantial value to your properties. Contract some of these tasks out to ensure you’re getting quality work.
Adding just a few architectural details can liven up a room. This can mean replacing old flooring such as carpet to hardwood or simply adding crown molding to a room. If the property is older than 40 years, it may be time to replace the windows. Depending on your location, they may need to be replaced sooner than that if the heat or harsh winters have affected them at all.
For most people, the kitchen and the bathrooms are some of the most important rooms in the home. If you have the funds and the time, consider gutting these rooms for a complete overhaul. Update the flooring, the countertops, the cabinets, the appliances (big and small), the plumbing, and the lighting fixtures. You’ll be pleasantly surprised by how much value these small rooms will add to the overall property.
Lastly, evaluate the outside of the home. Do the walkways need to be updated? Maybe the siding needs replacing? Or the stone driveway could be blacktopped? Would it be beneficial to build a patio? By doing all of these types of updates, your home will gain more value and become more attractive in the eyes of future tenants.