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5 Things You Can Do to Increase the Value of a Residential Property
posted at 2020-05-19
Much has been said about the earning potential in residential real estate. It might seem one of the most obvious choices that beginners in real estate consider getting involved with. After all, we've all lived somewhere, right? What most of us don't understand, however, is that it is actually a very complex business that requires a lot of strategy and creativity.
If you're new to residential real estate yourself, then you're probably looking for the best ways to increase the value of your property beyond just the regular paint job. Don't worry, we've got you. The tips that we are going to share with you below are not only well researched, we have tried and tested them ourselves.
Know the right rooms to pour money in
You can remodel the entire property, but if you have to choose one just room to remodel, your bets should be on the kitchen. It's the heart of any residential property (and it reaps the greatest rewards later on). Getting all the appliances replaced to matching stainless steel is quite an investment, so if you're lacking the funds right now, you can always look into applying for personal loans online.
A rolling island, or better yet giving your kitchen double islands (a big trend this 2020 in luxury kitchens) is also a good upgrade. Level up your game as well with the smaller details such as a pot rack with new pots and pans, and a stylish wine-bottle holder. Put the icing on top of the cake with a new backsplash.
Make the property more energy efficient
Here's the fact: home buyers are not just looking for a beautiful home to live in anymore. Consumers now are already more informed, and honestly, more practical. Hence, an energy-efficient home will never lose its value. In fact, its value will even improve over time.
The first thing that you want to do is to get your property an energy audit from an energy efficiency inspector. This will give you much insight into the things that you can improve on, from small details such as replacing your light bulbs with CFLs to bigger ticket items such as replacing your home's windows.
With that, here are three effective ways to make a property more energy-efficient:
- Improve your home's insulation. Since we are already talking about windows, did you know that, according to Energy Star, consumers can save up to $200 on annual electricity bills with a properly insulated home?
- Level up your home's heating and cooling equipment. Still according to Energy Star, homeowners can save up to $200 more annually if they were to replace old water heating and air cooling systems. In total with the previous tip, that's up to $400 of savings per year.
- Install solar panels. Finally, you can further cut down on the property's electricity bill by installing solar panels. More than that, more buyers are now looking into properties that promote renewable energy and sustainability, so you also get plus selling points for it.
Just don't forget to highlight your home's energy efficiency (and that energy rating you get from that inspector) in your listing.
Get rid of asbestos and lead
Are you attempting to sell an older property? That's great. Older homes have a lot of charm and interest. It's like owning a piece of history. However, what's not good about them is that homes that were built before 1978most likely have asbestos and lead in them.
Asbestos was a material used for insulation, and it was very popular for homes that were built during the 40s to use lead-based paint. Both are equally unsafe and deadly when their particles are disturbed and inhaled (usually due to a renovation) or even ingested by children and animals.
If you suspect that your property has asbestos and/or lead, the United States Environmental Protection Agency suggests hiring a certified asbestos professional and a lead-safe certified contractor to have them removed.
Improve your home's indoor air quality
While we are talking about lead and asbestos already, why don't we make further changes to improve the indoor air quality of your property? While asbestos and lead are still safe if left untouched and undisturbed (granted that they are not damaged or flaking), there are still other air contaminants that might be present in your property. The safest route to take is to have your home's air tested and cleaned, and of course, improve its ventilation.
Give your home personality
Finally, think about what sets your property apart from all the others out there. What's your property's selling point? Is it the custom-made furniture and fixtures? The charming outdoor container garden with a premade compost bin? Is it the architectural minimalist details? Don't just settle to make your property livable. Turn it into a property that is pleasurable to live in. With that in mind, we're sure you can never go wrong. Good luck!
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