Improving the value of your home doesn’t have to mean spending a lot of money. In fact, some of the most valuable repairs and improvements are those that require the smallest investments of time and money.
If you really want to get the most out of every dollar, the way to get value is by taking a moment to really consider what your home needs, what you want, and why you want it.
The first question you need to ask yourself is: do you want to improve value for yourself, or for resell value?
If you plan on retiring in this home, then all you really need to think about is what you want it to look and feel like. Forget resell value. As long as the home is safe, comfortable and up to code, you can be happy with it.
On the other hand, there are a few key points to remodeling and upgrading a home for resell. To get the absolute best price, cosmetics are everything.
Oddly, a buyer is typically almost more willing to buy a home with bad pipes and a beautiful kitchen than one with perfect pipes and an ugly kitchen. Obviously, you need to build everything on a solid foundation, you need to bring it up to code and make sure that the home is safe and comfortable, but beyond that, cosmetics and luxuries are more important to potential buyers than some other more practical concerns.
In short, a dollar worth of floor tile can earn you ten dollars in the long run. A big bathtub that costs a few hundred might put your final sale price at a few thousand above what it might have been.
If your home looks good, if you have certain luxuries like large tubs, nice tile floors, brass doorknobs and lush carpeting, you’re looking at potentially making many times your investment back on the final sale price.
Think of it as if you were a restaurant owner. Good atmosphere doesn’t make the food better, but it makes the customer believe that the food is better.
The same goes with improving the value of your home. Just one dollar of investment can put ten more onto the final sale price. The idea is to make potential buyers feel as if the home is simply incredible, the best they’ve ever seen. If they only have a half hour or so to look at it, they’re more likely to notice the luxurious stainless steel kitchen sink and the big refrigerator than anything else.
Focus on these aspects, which you can greatly improve for very little money and that are big selling points for when you come to sell the property.
On the other hand, when improving for yourself, just set a budget, prioritize, and make your home look how you want it to look.
Brian Simpson is a successful property investor and developer. He has spent many years improving a wide variety of properties. He also operates a website informing home-owners about how an electric fire suite could be used as part of a transformation project.