The significant factors that help determine the worth of your home are its size, condition, property type, location, and the current state of the real estate market. While some of these factors may be out of your control, there are things you can do to improve the condition of your home and boost its appraised value. But before spending money on improvements, it’s essential to get advice from experts.
The following are home improvement tips that will help increase the value of your property.
A finished basement will allow you to add more money to the asking price. This project may involve painting, installing flooring and drywall. When you finish the basement, you can convert it into a family room or another bedroom. The more versatile this room becomes, the more appealing it will be to potential buyers.
This can cost a lot of money but can be done more cheaply if you do a “facelift” instead of a full remove and replace type renovation. People are spending most of their time in the kitchen and it is what most buyers/appraisers look at first when they walk into a home. A nice kitchen will show a buyer you care for your home and take good care of it.
If you cannot add square footage to your home, you can make it appear more spacious with an open or partially open floor plan. Note, however, that even with an open floor plan, there still needs to be defined between spaces. Also, removing load-bearing walls could compromise structural integrity. So ensure you consult a contractor before knocking walls down.
Repainting your house will give it a fresh look and make it feel new. For the interior, remove wall stickers and cover scratches, outdated colours, and dirty spots with a fresh coat of paint. Choose neutral colours that will make your space look bigger, unify the whole house, and appeal to a larger pool of potential buyers.
If you’re on a budget, instead of repainting the entire exterior, you can powerwash the walls to remove dirt and touch up areas with chipped paint.
Update your curtain rods, outlet covers, doorknobs, switch plates, and light fixtures to more attractive and elegant versions. Choose items in finishes and colours that will appeal to a larger audience.
A damaged roof will be flagged during a house appraisal. So if your roof is damaged, repair or replace it. Even if your roof is in good condition, you will still need to ensure it is free of moss or debris.
Also, fix or replace cracked windows, damaged fencing, leaky faucets, holes in the walls and anything else around your home that needs repair.
Keep your grass trim and green and patch any bald spots. Plants and flowers are also a great way to enhance your home’s exterior. Weed your garden, trim trees and bushes to give your yard a new refreshing look.
In summary, real estate can be a home or an investment. In either case, it is important to take good care of it to maintain its value and marketability. Typically, the money you spend on renovations will have a positive return on investment. Things that do not add value to an appraisal include: replacing the roof, hot water tank, furnace, ostentatious landscaping and fixtures. The former items are considered necessities and all homes should have working roofs, mechanical and electrical and the latter or more designed around personal tastes and not translate well into increased market value.
Are you thinking of selling your home and want a house appraisal?
At Adlaw Appraisals, our professional home appraisers have the experience and education to give you an in-depth analysis of the value of your residential or commercial real estate.
Call us today to learn more about our services or order an appraisal online.
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