Expert Property Investing Tips: How To Boost Resale Value
If you've bought a house as an investment
, of course you want to do whatever you can to boost the home's value so that you can reap maximum profit when you sell.
Many people look for underpriced, undervalued homes that need work, hoping to make a few repairs and then flip the property. This is a great strategy, but it only works if you can recoup the investment you make in repairs. Setting a budget for renovations will help you figure out what areas to target first and how to spend your repair dollars most effectively.
Making Repairs
Dollar for dollar, the most rewarding home renovations are kitchens and bathrooms. Common wisdom holds that a grubby kitchen will knock $10,000 off your home's asking price, while an updated kitchen adds tremendous value. New paint and new appliances are a must. You can make most cabinets look new by repainting or refinishing them and installing new hardware. Some experts suggest investing in one high-end kitchen appliance that looks expensive and impressive, because it will make the buyers think all the appliances are expensive!
Bathroom renovations typically offer a 100% return on investment. You don't even have to redo the whole bathroom if your budget is limited. A new vanity or even just new paint and new grout will work wonders.
When renovating on the cheap, the most important thing to remember is to remove anything that makes the house look dated and replace it with something neutral and timeless. For example, popcorn ceilings and harvest gold appliances are dead giveaways of an older home. But if you just scrape and repaint the ceilings and invest in new appliances, suddenly your home looks fresh and new. It's a good idea to repaint the whole house before selling, just to make sure every room looks its best. Stick to neutral white, cream, and grey tones, and avoid bright or trendy colours.
When making your updates, be sure to keep your target buyer in mind. For example, if your home is in an excellent school district, you might want to make it even more appealing to young families by installing a swing set in the back yard.
Making the Sale
Furnished houses tend to sell better. If you have some extra cash, you might consider renting furniture to fill one or two rooms in the house. This will give buyers a sense of how the house would look as a home and might make them more willing to bid on the property.
Before putting your investment property on the market, take a quick look at the outside. Does the home have curb appeal? You might want to invest in some updates to the landscaping to make the home look more inviting. If you're looking for a quick fix, you can buy some inexpensive potted plants to brighten up the front entryway.
You might also want to hire a professional cleaning service to spruce up the house before you begin showing it to potential buyers. You want everything to look bright, clean, and new--a blank canvas for new buyers to make their own.
by: MoneyChoice
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