Over the past couple of years or so, value of real estate has gone down considerably. Even though the market is known to have its ups and downs, this last down seems to be hanging around for a little while. However, there are still ways to add value to your investment properties without emptying your bank account.
1. Add to the outside of the property with some new siding. Individuals who are browsing the market these days are looking for properties with the more practical options as opposed to high-priced flashy details. Brand new siding will enhance the aesthetics of property and attract buyers with low maintenance costs. In addition, most homebuyers know that siding provides additional insulation that will save money on utility costs.
2. Modestly remodeling the bathroom or kitchen is an easy and cost efficient way to add value to any home. Simply upgrade the appliances, replace knobs and refinish or paint cabinets to give these rooms an entirely fresh new appeal.
3. With more and more people staying home to eat and entertain, adding a back deck will attract many more interested homebuyers. A back deck not only adds to the overall value of the home, but is rather useful to the homeowner as well.
4. If your home has an attic or a finished basement, you have the opportunity to add an additional bedroom to the description. No need to tear down walls to add a new room when you already have the space available, just hang a little drywall, add a floor and paint to add a new room to your home.
5. If the property has out-of-date single pane windows, you can add value to the home inexpensively by replacing the windows. Going green is very popular these days, so advertising low energy is a great way to get people knocking on your door.
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Tags: investment properties, Property, Real Estate
{ 2 comments… read them below or add one }
Hi Sean,
Thanks for the great tips on adding value to your investment properties. In a lot of cases, I think making a few cosmetic changes makes a huge difference. A fresh coat of paint and some new carpets etc will give a property a totally different feel.
I think it’s about being smart and finding that balance between making enough improvements to generate a profit and wasting your money needlessly on major upgrades.
Definetly agree with updating the windows and front yard, first impressions count! On the inside, especially with family homes, you need to appeal to the “stay home parent’ ie cool kitchen, bathroom and toilet…did I say toilet…yes the wc.