Unlocking Your Investment Potential: Enhance Property Value Through Strategic Improvements
Home improvements and makeovers are some of the most popular housing trends in the market right now. These range from painted walls to trendy feature tiles, lighting and backyard conversions. Most of these are not only great to add value to your life, but your property as well and could make it more attractive to buyers according to the Seeff Property Group.
If it is an older home and you have equity that you can leverage, then giving it a good make-over with a new kitchen and bathrooms could add value, but you could also just do a few cost-effective cosmetic upgrades. You should, however, always weigh the renovation costs against the benefit, and keep it neutral when you want to sell. Green walls and plenty of plants are great, but not everybody’s taste.
It is important to distinguish between what will add value to your lifestyle, and what will add value to your property. Recent sales prices in the area can provide insight into how much more your property could sell for with improvements, and prevent overcapitalising with extravagant additions or finishes which do not add extra value.
Tastes differ, so when the time comes to sell, consult with a local estate agent because you may need to tone down some of the colour, plants and décor to get the property sold. Always keep the upgrades in line with other properties in the area. The property should not stand out like a sore thumb in the neighbourhood.
That said, upgrading a property often starts a trend in the area and neighbours may follow suit, all of which will contribute to making the area more attractive to buyers who will often then be willing to pay more for a trendy home. Upgrades are a great way to turn rather drab areas into trendy neighbourhoods.
Here are some cost-effective improvements which can increase the value and make the property more attractive to buyers.
1. Repainting.
New modern colours such as grey, green and even black are all the rage right now, but it does not have to be as dramatic as that. Even just upgrading the exterior and interior in new paint tones, albeit fairly neutral, can add value and could spark buyer interest.
2. Floors and tiled areas.
Floors can be modernised with wooden or laminate flooring, or feature tiles in the latest trends, or new carpets. Wall tiles can also be replaced to give an instant update to the appearance of the kitchen and bathrooms.
3. Kitchen and bathrooms.
If you are unable to do a complete remodel, consider cosmetic upgrades such as painting the cupboards, fitting new handles, adding open shelves, a new stove and appliances, new bathroom fittings, new mirrors and new towels.
4. Doors and bedroom cupboards.
Another cost-effective way to upgrade is to change the door and cupboard handles given that there is now such a wide choice available. If the cupboards are old, you can repaint and modernise rather than replace.
5. New lighting and window coverings.
You can also consider upgrading exterior and interior lighting to modernise the home. Upgrade your curtains or add American shutters or wooden blinds. You could also change from kirsch rails to rods to give it a modern touch.
6. Convert your patio into a braai room.
If you have a patio, consider enclosing it and adding a built-in braai, and sliding or stacking doors to open it to the garden. This will enable you to enjoy year-round braai get togethers regardless of the weather, and add value.
7. Update the garden.
Aside from general maintenance, you can add outdoor pots, or paint your pots or old garden furniture to give it a new lease on life. Adding pathways and garden décor can add interest to the garden.
