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People purchase houses for many different reasons. Some people buy houses to improve on the property, and get a good return on investment from it. Other people buy property to sell on. For whatever reason they buy a house or property, they would like to see their home improvement value.
Estimating your home improvement value is fairly easy. Raising that value is just as easy if you know what to do, and how to do it. The basic rule of thumb is that the more money you put into your house, the more you can expect to get out of it. It doesn’t matter how big the house is, where it is located, or what condition it is in, there are always ways to increase your home improvement value.
It doesn’t have to be grueling work to increase your home improvement value. All that is needed is a little bit of planning, time, and money. To figure out where your house can improve you can sit down with a pen and a piece of paper. On one side of the piece of paper you can write what your house has, and then on the other side you can write down what your house doesn’t have. For example, on the “house has” side of the paper, you can write: Two Bedrooms, One Bath, and Basement. You can fill in what your house doesn’t have, and what you would like your house to have in the “house doesn’t have” side. Realistically, you will not be able to complete all of the things on your list.
In today’s society people expect a certain level of living. Some people won’t even consider looking at a house if it didn’t meet their standards. Things you can add that will increase your home improvement value are things like en suite bathrooms and extra bathrooms, or half baths. Making an en suite bathroom can be as simple as adding a door between the bathroom and the room. Just adding a door can increase your property value by a lot.
Adding another bathroom can be just as easy, and you don’t have to take a mortgage to get it done. If you have a cupboard or pantry that is big enough to hold a toilet and sink, then you can continue from there. This is just another simple way to increase your property value.
Adding an extra bed room, or garage can also increase your home value unbelievably. But if this all seems a little out of price range, a new coat of paint, new flooring, or new cabinets can also increase your home improvement value. If you stick to white with your bathrooms and kitchen it will keep things feeling fresh and bigger. Also, white is a contemporary color and will appeal to most buyers.
If you remember the basic rule that investing a small amount into your home now could increase your home improvement value by a considerable amount in the future, you are sure to do just fine. Keep things contemporary and fresh. Remember your dream home and try to achieve it as much as you can, and watch your home improvement value climb!
Bill Manassero is the founder/top dog at the “Old Dawg’s REI Network,” a blog, newsletter and podcast for seniors and retirees that teaches the art of real estate investing.
