- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
Choose Your Home Improvements Wisely For A Good Resale Price
Now that you have made the wise decision to invest in residential property, you need to look at what improvements can be made. Your decisions will be based on whether or not; you have any intention of selling. For our purposes, we will look at perhaps selling the property five years from the time of purchase. Although you might not be an investor with any objective of reselling for profit, a time might come in future where you have to relocate of upgrade to a bigger home. In view of such a scenario (which is very common for maturing families), putting some thought into your home’ resale value when you choose home improvements make logical sense.
The average person on the street would probably consider looking at a bare basement and re-finishing it. They would assume that a finished basement is a major selling factor. In most cases, that is not true. The reason being, is that everyone has a completely different idea of what is value and what they want in a finished basement, and for the most part, would prefer to start from scratch. So this is a costly idea, that in the long run, you may not get back the investment that you make. If your basement does not serve a specific purpose for a meticulous buyer, the buyer will think about the huge costs of building it for his needs. For example, a buyer might want to use it for storing goods or setting up a gym.
Instead of finishing the basement, look at adding another washroom. Washrooms are a center point of home sales. And it is one of the key areas that are frequently scrutinized by female buyers. Some major turn offs include exposed water piping, ugly water heater fixed up at an awkward position, layout that does not favour a shower screen, not enough space for a bath tub, etc. A well constructed washroom with the newest amenities will be a huge selling point. Chrome or stainless steel fixtures can add a huge touch of class to a washroom. Now if your house already has enough washrooms, then look at upgrades. For many people, the second most important room after the master bedroom is the toilet. New taps, furnishings and fixtures would be great. You do not want any leaky taps with green algae when people come to view your home. Toilets tend to stop working properly with time. Making sure that you have modern low flush toilets, will save you money in water bills and give you an extra boost should you decide to sell. The half-flush is one of the greatest innovations in modern times. Showers really need to have doors that work well and are not laden with mold and mildew. If that is the case, you need to upgrade the shower and also the tiles if they are spongy or they need new grout. A shrewd move will be to fix up a modern shower head which can create a posh look.
The kitchen is another spot that you can upgrade with relative ease. Take a look at the cupboards first of all. Are there enough? If not, do you have space to install more cupboards? With all the new types of kitchen gadgets and appliances…space to store them is a huge selling point. The good thing is that interior design has kept up with the times by conceptualizing innovating designs that make storage of kitchen items a breeze. You want to make sure that the cupboards are well fitting and not in danger of falling down. The gaps between the doors of fixtures can be a big point of focus for those who are afraid of bugs. The logic is that these gaps are opening inviting insects to crawl into cabinets making it their home or transit hotel. Even simply replacing the worn handles with new ones, can bring a fresh look to the kitchen. Planning on including the appliances in the sale down the road? Make sure that they are not too old. Most people will accept appliances that are a couple of years old with minor scratches and such. Anything beyond that and it is a downgrade in your selling points. It will be a pain in the neck to move your kitchen appliances to your new home as when you sell. A common item that home buyers don’t mind retaining is the stove. So take note of that.
If we are talking about a landed home, a good majority of people are looking for a house with great landscaping. Gardening is a pleasurable hobby for many folks. For many people a nice tranquil garden is a conducive place to relax after a rigorous day in the hectic world. This is an area that you can improve for very little outlay. While there is no need to go overboard on trees and shrubs, blooming flowers are a big plus. The seasonal factor regarding the blooming of flowers is of course, out of your control. The more color the better. Even doing your walkway in a nice stone pattern will add a lot of initial appeal to the sale. The upgrades discussed, will make your house nicer to live in and you will recoup more money than if you did a basement renovation.
While many home owners feel that built-in fixtures make a home look neat with practicality. It is not something that can help you get a better price if you put your home on the market. Buyers often do not focus on built in fixtures as they have their own ideas on how to fix up the home to their personal liking. In this aspect, the layout is the main element that affects resale value. So if it is within your power to amend the layout of your property, remember that the most popular layouts are those that are squarish. There is a reason for that. A squarish home layout allows a buyer to more easily blend furniture and fittings into the home interior. Angled corners just makes it more difficult to fit something useful in. These corners often become spaces that are wasted livable space.