When you put your money on a property, it is only natural to look for ways to grow its value in the market. Whether you are buying a property to live in, there could come a point in time when you might resell it.
In this instance, and when you do buy an investment property, it is smart to look for ways to ensure that its market value will increase. Many factors can influence how the property value can go up or down so it pays to know what these factors are.
Before you take on any in-depth renovations, it is important to know the tips from experts like the Brian real estate group in Colorado Springs. Read to learn more to your advantage this 2020.
Tips to Increase Property Value
Ways to increase your home’s value in the market. (Image Source: Unsplash)
When homeowners purchase their homes, they consider it as their biggest asset. Therefore, most homeowners falsely assume that the cost of their property is going to steadily increase over time.
But this isn’t always the case. Location and the popularity of the market are highly volatile. These are two of the biggest factors that can determine market value.
Whether you want to build the equity on your home or earn money from its resale, there are steps you can take to boost home prices. Take note of the following tips to ensure that you can make your investments count.
1. Be smart when buying your home.
While this tip isn’t technically one of the improvements you can make to an existing home, this is a very important step. Most specifically, finding the right property to invest in is one of the secrets to building quick value on that property.
If you were able to buy a property that is $30,000 less than its actual market value, you are already guaranteed $30,000 in appreciation value. This is true as it is projected to increase in value over time.
While flipping homes isn’t as straightforward as that may seem, working with the best real estate agents like Brian's real estate group can help. They can educate you about your choices on which properties are going to be profitable in the long run.
Make sure you leverage your realtor’s knowledge about the real estate market in your city to identify the best investments. The good news is, there are things you can do to help bump up that market value over time.
2. Boost the property’s curb appeal.
By simply enhancing the appearance of your property, you are already setting it up for success. First impressions last. This old saying is true for a reason – because you want to make that good first impression on your potential buyers.
Curb appeal is defined as how your home will look like from the street. A home’s exterior can highly influence a buyer’s impression of the property even before they walk in.
This ranges from making sure that the exterior paint is on-point to keeping the landscaping well-kept. These enhancements can do a lot to improve your property’s value.
3. Increase inefficiency.
Once the initial impression dies down, potential buyers want to look at the function of the home. It is important to update your home interior to incorporate energy-efficient appliances and fixtures.
The impact that energy conservation makes in the overall pricing of the home will differ from one city to another. But one thing is for sure – it will make a difference.
From installing double-pane windows to switching to LED lights, and enhancing your attic insulation, these home improvements can add value to the home. It is also a good way to entice energy-conscious buyers.
4. Keep it low maintenance.
Just as home buyers give a premium on properties that deliver energy-efficiency, they also appreciate it when homes are easy to maintain. Buyers nowadays are more conscious of this particular factor.
No one wants to spend the time or money to maintain a home. Make sure you have done the improvements and repairs beforehand. When renovating your home, choose materials that are more long-lasting and functional.
5. Keep your renovations within budget.
It can be easy to get carried away when planning your renovation. After all, you would want to transform your home into the best it can be. This means that you will be spending lesser on renovating your home.
Thus, it means the more profits you can make when you sell it down the road. Choose efficient renovations. Make sure you look for discounted materials that do not compromise quality or performance.
6. Add more square footage.
Bigger homes are always better. While there is a recent tiny movement in housing, there is no denying that bigger homes are still the preference for many.
When it comes to making your home bigger, it does not mean extending to include more living space. Instead, it is all about maximizing the current living space and turning them into something functional.
A few good examples are your attic, basement, or your outdoor deck. Give these spaces an update to provide more usable space.
Tips to increase your home or investment property’s value. (Image Source: Unsplash)
7. Choose a functional floor plan.
A well-designed floor plan is built on functionality. It will make even small spaces seem bigger than they are. Whether you have a big or small property, the most important thing is to create a better flow among the rooms in your house.
It could even mean taking space away from one room to provide extra space for another. Be smart about your options right from the start so you can put yourself in a good position to earn more when you resell the property.
Why Choose Brian Real Estate Group?
Finding the right realtor in Colorado Springs can spell the difference when it comes to finding the ideal property to live in or invest in. Numerous factors cause home prices to go up that are beyond your control.
This includes the location and the popularity of the specific market (such as the type of neighborhood). This is when the expertise of the Remax real estate group in Colorado Springs comes in. They know the Colorado Springs real estate market inside and out.
They can show you the best properties that will give longevity to your investments. If you are interested to work with Brian's real estate group from Remax, make sure to meet the team here.
Brian Boals is known as one of the best realtors in Colorado Springs and he (along with the team) can help you out. If you have any questions or clarifications, feel free to contact us.
We make sure to bring the search for you. Our efficient service is what you are looking for whether you are looking for investment properties, single-family homes, luxury homes, and lots for sale.