Property valuation, real estate appraisal and land valuation are all processes geared towards determining the real value of a property. Every property is thus subject to the appraisal process before it can be put up for sale. Unlike corporate stocks, every property is unique; hence should be valued before the owner can start marketing it. While some properties may depreciate in value, taking on a few improvements on your home can see its value improve significantly. Outlined below are some of the ways to improve your property value.
1. Know Your Target Market
Researching about your target audience/market gives you an idea of what improvements are to be made on your home to not only make it more marketable but also fetch a lot more. You can thus start by researching buyers that would be interested in your home (first-time homeowners or retirees, for example) then figure out what they would wish to have in their homes. You can then use your findings to create just the perfect home for their liking.
2. Include a Floorplan in your Listing
Many potential buyers want to see a floorplan of your house before they’ll even book a viewing. This is because they want to assess the flow, layout and rough room sizes. Listings without floorplans see significantly less viewings booked than those with floorplans. If your estate agent doesn’t include this service as standard you can use a service like floorplansUsketch.
2. Work on the Exteriors
Is the exterior of the house presentable or needs to be worked on? First impressions tend to last longer in our brains and will determine if a potential buyer will be interested in the property or not. That said, you need to make the exterior as presentable and neat as possible. Simply trimming the grass and edges, cleaning the windows, and clearing the gutters will make the home more attractive than if the exterior was unkempt. Take time to see what your neighbours have done to improve their homes, and take a similar or even better approach. A properly kept home is considerably more attractive than another that seems deserted.
3. Update the Hallway
Most people will focus on all other parts of the house, aside from the hallway. A dark, cluttered, and cramped hallway can be a major turnoff for many potential homebuyers, and even affect the value of the home in the long run. Being the first place that visitors and potential buyers see, you need to make it as appealing and neat as possible. Having the hallway painted in bright colours, say white, or adding full-length mirrors to the same, can help improve its curb appeal and create the illusion of a larger space. Be sure to get rid of any visible clutter, including shoes and coats for even better results.
4. Consider a Loft Conversion
A loft conversion can help improve your home’s value by up to 12.8%. This is because loft conversions makes unused spaces usable hence improve functionality and flow. This can be in the form of adding an en-suite bathroom, or a secluded master bedroom for even better value. Be sure to work with a certified architect or surveyor to ensure all building regulations are followed.
5. Make Wasted Assets/Space Useful
Do you have an unused spare room, garage or a wall that doesn’t seem to serve a purpose? Tearing the wall down (to create more room/space), or transforming the unused garage into a study room or “mancave” can go a long way in boosting your home’s value. Such simple conversions shouldn’t take much of your time or money.
6. Update the Bathroom and Kitchen Area
The kitchen is one of the first places many potential homebuyers will look at. That said, updating your kitchen to give it a more modern and cleaner look can help tip the balance in your favour. Even the simplest of updates, such as painting cabinet doors, installing new handles, taps, light fixtures, or a fresh lick of paint, will go a long way in improving its value. Updating the bathroom will have a similar effect too.
A real estate agent can also help identify areas that might require updating/fixing to make the property more marketable and valuable. Phil Spencer and Kirstie Allsopp are good examples of experts you can go to if looking to improve your property value.