Thursday, October 1, 2020 / by Earl Gaddi
If you want to build equity or raise your home's selling price, often it takes money to make money. Investing in your property by renovating or making design improvements can really pay off, both in the long and short term. As a rule of thumb, if you can upgrade your property so that buyers can see themselves having a cocktail party on the same weekend they're moving in, that's a strong sign that you've maximised your value. If your property is considered to be moving-in ready, you can attract more offers and higher prices.
In that sense, here are five investments you can make that will increase the value of your property this fall.1. Design a Clean and Cohesive Kitchen
When you're trying to add value to your house, don't forget that the kitchen is a big ticket item. If you only have the budget to concentrate on one of these five projects, we will highly recommend investing your time and money in upgrading your kitchen.
There are countless possibilities to renovate your room, but a few main improvements are going a long way. Updating cabinets is a good starting point. If you're building brand-new cabinets or only upgrading their doors and handles, investing here is going a long way to add value to your home. Flooring is another way you can add value, and while it's a highly debated subject, installing hardwood or laminate flooring in your kitchen looks great and won't cause any major issues if you have a moisture solution.The final investment that we would suggest in your kitchen would be countertops and appliances. A good quartz countertop is a perfect choice for counters. Quartz slowly becomes as popular as marble and granite in high-end kitchens as it looks fantastic and is extremely durable. Stainless steel countertops are another great investment, as their sharp finish communicates cleanliness to prospective buyers.2. You Guessed It: PaintThis is a must if you're getting ready to sell, because it can conceal daily wear and tear and really brighten things up. If you can afford it, you can get busy painting the whole house (the outside too), but if you don't, we'd at least recommend you cover the inside. Choose a neutral colour throughout, and be sure to apply a few additional coats of paint if you're using white to finish it properly. If you haven't painted for a long time, you should also consider looking up and seeing how the ceilings look. Adding a fresh coat of white paint to the ceilings can really go a long way to refreshing your room.Painting is a DIY home improvement that almost everyone can do, even if you're always going to have to invest in some supplies if you do the job yourself. One of the best advice you can get when you have your home painted is not to skimp on the paint itself. Using high-quality paint and apply several coats of paint. It's not meant to spill or run and after a few coats, the original colours should be fully hidden. If you're doing the job yourself, note that you're still saving money on the labour market, so spend some extra money in your supplies and do the job right.3. Make Your Layout Standout
Layout improvements are some of the greater investments you may make on your land, and if you're really trying to optimise your value, they shouldn't be ignored.
The basement is the first. If you have an unfinished basement, putting in a rental suite is a great project to tackle this fall if you want to add value to your house. Buyers and developers enjoy rental suites as they tend to cover mortgage expenses with rental income. Work with the contractor and be sure to bear in mind what you need to include in the suite to optimise your investment. Most of the tenants are interested in the laundry units offered, and a separate entrance is a must.Another big layout improvement that can improve the value of your property is investing in an open floor plan. If you've ever turned on HGTV, you've definitely seen this suggestion made, and it's a trend that isn't going anywhere. Most of the unrenovated 30 + -year-old homes have closed in kitchens that cut space in the living room and removing the wall will really open things up-you'll be surprised at how much more space you feel. Check with the contractor to see if the walls are load-bearing and if they are, you can still remove them and add the support beam.4. Improve Your Home’s Energy Efficiency
Energy conservation isn't just saving you money when you're at home, it's also becoming a big selling point. There are a lot of energy-efficient features that consumers enjoy and want to see already built in a home they're considering living in the long term.
Programmable and smart thermostats are a great place to get started. They're also linked to a wifi that makes it easy to monitor or programme directly from your smartphone. Low and high-end systems are available, but even merely connecting to one of the cheaper options is a good idea when it comes to sale.
Another home-efficiency expenditure that you can look into is installing double-pane windows. Heat can escape through thin windows, and buyers want to make sure that every home they live in is air-tight. Tackling this project is a perfect way to add value to your property and ease energy efficiency issues.5. Upgrade Your Flooring
We addressed this earlier when referring to the kitchen, but you also need to look at the flooring in your home if you want to maximise the value of your house. Start by evaluating any carpeted rooms. If you have some stains or old carpet, it's a perfect time to repair it or switch to hardwood or laminate flooring. Ugly carpets are a top project to tackle, since they can automatically put off potential buyers.
On the other hand, one of the styles of flooring most likely to attract customers is the heated floors in your bathroom. Just as sure as old carpets produce negative feedback from prospective customers, heated floors elicit positive feelings.
There are fantastic laminate flooring options if you're looking for brand new floors. Prices vary, but there are a number of models that range from $3 to $6 a square foot. Tackling a project like this isn't going to take that long, and it can radically change the look and feel of your home.
With many homeowners remaining close to home this fall, investment in home improvement will be as common as ever. Try bringing one of these five projects to the value of your land.