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How to increase your Property Value

Whether you buy a home or property to fix it up and resell it or buy a home or property to eventually sell it in the future, the value is an important aspect. But what exactly increases the property value? Are there certain rooms you should be updating to increase your home value? Are there certain projects you should be including? Are there any home improvements that DON’T add value and instead subtract value?

These are the things we will be talking about below.

 

The Kitchen Is Still King

 

Most buyers will focus on a kitchen, but even more so, first time home buyers will want something that is modern and updated even if they are buying first home. A modern or updated kitchen was at the top of the list for the types of home features that millennials were looking for. If you want to sell your home, either now, or in the future, you don’t have to rip the entire kitchen down to the studs though in order to get the look you want. Adding in things like a fresh coat of paint, new appliances, a new floor and new countertops can save YOU money and still have the same beautiful results. If you do these smaller updates, you can spend around $5,000 to $10,000 instead of spending $25,000+ for an entire renovation in your kitchen. Some value added buzzwords for your kitchen:

 

– Stainless Steel: This is nothing new, stainless steel has a very clean and modern look to it. It will fool peoples eyes into thinking the entire kitchen has been redone when all you did was buy some nice new appliances. If you don’t “love” the look of stainless steel, you can find that some companies are creating stainless steel in conjunction with black stainless steel as well. Try LG, Samsung and Kitchen aid.

 

– Quartz Countertops: These types of countertops are at the height of the kitchen trend for the last few years and it won’t change anytime soon. It’s a really great investment, quartz is beautiful looking and incredibly durable. Unlike Formica that can burn, bubble, and stain easily – quartz does not.

 

Make Your Home Energy Efficient

 

Energy efficient homes will have a huge selling point in 2016 and years beyond. Two of the most important aspects of a home for people are that its energy efficient and green and that the home is in a safe neighborhood. Making the home energy efficient can be important to people for different reasons. For some, it is about saving money. For others, it is about saving the planet. Either way, if you make the home energy efficient, you will be adding home value! Value added buzzwords:

 

– Energy Efficient Windows: These can be a little more expensive to buy and install but they can lower a home’s energy bills by 5 to 23%.

 

– LED lights: LED lighting tends to be much more “green” than any other type of lighting and if you include this in your sales ad it could catch a lot of people’s eyes. One of the really nice things about LED lights is that while they can cost $7 to $30 a bulb (yes a bulb!) they can also last for up to 23 years.

 

Paint is Still A Valuable Upgrade

 

Painting Bed Room

Paint costs nearly nothing to buy it and then either do it yourself or hire someone else to do it and yet it can transform a room like nothing else can. Make sure that you DO paint all the walls in the house, but also, take a look at other things like trim, molding, your doors, cabinetry and more, If anything is dirty, grimy, dusty, scratched or dinged – refinish and repaint it just to be sure. It’s important that your home looks its best on opening day/ Added value buzzwords:

 

– Neutral color scheme: When a person is buying a home, they don’t want to see purple walls, red trim or blue accent walls. They want to envision it as if it were their own, and frankly, you do too. Using a neutral color scheme in the home will create a “blank” canvas so that the potential buyer can see their stuff in your house and it’s more appealing!

 

– Depersonalization: When you open your home to let potential buyers see it, remove anything that screams YOUR HOUSE. This means removing knick-knacks, family pictures, throw pillows that your Nana made for you, and anything else. Depersonalizing, again, gives potential buyers the ability to envision the house as it would be if they bought.

 

Some other options to consider; make your home technologically friendly by adding in things like programmable thermostats and programmable lights. Remember to also add some curb appeal to the home; landscaping, adding some fresh new lush grass, add on a deck to the backyard, etc. All these factors will increase your property value, and lastly, you can get a home evaluation done which will help you determine which one of the above mention ideas will yield higher ROI.

Shariq Khan

Shariq is an enthusiast real estate; with his great insight in Toronto's market he has helped clients make and save tons of money.

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