Increasing the Value of Your Real Estate Investment
Real estate investing has reached an all-time peak, and this profitable business venture has enticed entrepreneurs from all walks of life to dip their toe into the real estate pool. If you’re one of the many who have recently invested in a property and you’re considering the ways you can increase its value, consider these strategic home improvement upgrades and make the most of your investment.
Open Concept Renovations
Modern homeowners and renters are looking for open concept spaces, and this likely isn’t news to you. Turn on your television and watch any of the many home improvement shows that now grace our channels and you’ll see this trend isn’t going out of style any time soon. If you want to make your real estate investment more desirable, consider renovating any closed off rooms into open concept spaces. The best spaces make the most of available light and capitalize on the available square footage. Spaces that are both open and functional can be an enticing aspect for many renters and buyers, and investing the money on framework renovations like this can pay off in the long run.
Add a Bathroom
If you’re hoping to rent out your real estate investment to families, it’s important to consider your property’s bathroom situation. Large families need more than a single master bathroom, and adding a bathroom, or even a half bathroom to the home can increase your home’s value exponentially. Research current estimates on the costs for a bathroom addition, then compare this cost to the rent rates similar properties are pulling in. In most cases, you’ll find the addition more than covers the investment, and then some.
Incorporate Energy Efficient Features
Modern homes are filled with energy efficient features, and as building focus continues to shift onto sustainable practices, getting ahead of the game could serve you well. There’s truly no limit to the ways you can increase the value of your property with energy efficient upgrades. From solar panels to energy efficient roofing, Energy Star kitchen appliances to window and door replacements, almost every room in any given home can be improved through sustainable home upgrades.
A Fresh Coat of Paint
One of the easiest and most inexpensive ways to improve the value of your property is by painting. Hire a professional painter to give your property a fresh coat, both on the interior and exterior. If budgetary concerns prevent you from hiring a professional, pull on those overalls and get to rolling on the paint yourself. The effects of a fresh coat of paint are truly significant, and can greatly enhance the overall look of the space. Also be sure to keep up with painting maintenance; this will help prevent costly repairs and repaints down the line, and keep your property looking its best.
Curb appeal counts, so take a step back and consider the exterior of your property. Is there obvious signs of damage or weather wear and tear? If you’ve been less than committed to maintenance, it’s likely that your property needs a little tender, loving care. One of the easiest ways to improve your curb appeal is through landscaping additions. If your property’s yard has brown grass and scraggly bushes, it’s time to call in the professionals. Adding the right landscaping features means immediately adding value to your property. Simply adding mature trees to your front yard can increase your home’s value by $10,000, and the addition of earth berms can help keep utility costs low. Why? Earth berms can help your home stay cool during the summer and retain heat during those chilly winter months.
If you’re looking for ways to add value to your property, keep these important upgrades in mind. While there are undoubtedly plenty of upfront costs associated with these property improvements, they’re generally more than worth the investment. Paying the money now can result in massive dividends later, and protect your investment as a supplementary income for decades to come.