When you buy a new home, it can be a great idea to upgrade it and add value to it. Whether you are buying a new home to rent out, renovate it and sell it, or settle down in it, adding value can be an extremely beneficial activity to do.
When you add value to a property, you allow yourself to personalize the property and make it your own, neutralize it ready to sell or rent, and increase the equity that you hold. When a property is in good condition, the market value will increase. It will also provide you with a nice clean home to live in that feels new and make it more secure for you and your family.
There are only benefits to increasing the value of your property and there are a variety of tasks depending on how much time and budget you have. Here are some top tips to help you get started.
Refresh the Paint
Refreshing the paint of your property is a cost-effective way to add value and change how the interior feels. You can choose to paint it a new, bright color to create a bold look and a statement, or you can use a more neutral palette to create a welcoming space that you can customize with decor. If you are looking to sell or rent the property, neutral colors will benefit you more. If you are looking to make the property your own, you should take your time to choose the right colors and decor. Find a theme for your home that you like and go crazy. The great thing about owning a property is that you can make it your own and do whatever you like with it.
Build an Extension
An extension is a great way to add significant value to your property. You will have to spend more money on hiring contractors, sourcing materials, and building the extension, but you will have a much higher return on your investment as you will be adding more space to the property. An extension can be added anywhere on the property, providing you have gained permission from your local authority. This could mean adding an extra bedroom upstairs, or more living space at the back of the house.
Convert a Room
Many houses have garages, basements, or attics that just sit there and collect dust. It can be extremely productive to invest in converting one of these rooms to add more space to your property. Not only will it increase the value of your home, but it will also make it more attractive to buyers and tenants, or provide your family with more space, especially if you intend to grow it. This way you won’t have to think about moving again if you outgrow your house and instead, maximize the space that you already have. Many people will convert these rooms into a bedroom, a nursery, a gym, or a home office.
Weatherproof Your Home
Weatherproofing your home can significantly increase the value of your property. This is because it will provide you with extra protection, as well as make your home more energy efficient. While living costs continue to rise, making your home more efficient is extremely beneficial to buyers, tenants, and your family if you choose to settle there. Make sure you install hurricane windows, replace any broken doors, install insulation in your basement and attic, and deal with any structural issues in your home.
Adding value to your property can benefit you whether you are looking to settle or sell your home. Follow these top tips to help you get started.