The value of your home is determined by a number of factors that you can’t affect, such as the location and the age of the building, however, there is also a number of ways in which you can increase the resale value of the place. Keep in mind that the key to boosting the value of the place lies in cost-efficiency. Technically, you could tear the place down and erect a new structure in its place but is this project going to be worth the initial investment? Well, if you intend to keep living there, most definitely, nonetheless, if your goal is to sell the place for as much money as possible, then no, not really. With that in mind and without further ado, here are several tips for maximizing the value of your home.
1. Plan everything out
In order to prepare yourself for this massive undertaking, you might want to start with the inspection of the place. Ideally, you would have the assistance of a professional contractor or designer to help advise you on the subject matter. Even without them, you need to start making the to-do list, seeing as how you’re likely to forget a number of details once you start with the preparatory stage. Once you’re done with the list, make sure to check it out once again and try organizing these items according to their level of priority.
2. The list of improvements
When it comes to actual projects that you want to engage in, remodelling the kitchen and painting the place are definitely the first two items on the list. Doing some work on the bathroom is also a good idea, however, a major bathroom remodel is a different story. Constructing a backyard deck may also be a great idea, same as the installation of a shade construction. On the other hand, expensive landscaping, adding a new room to the place and replacing a roof are not likely to give you a positive ROI.
3. Make a budget
As soon as you have the list, you need to start making calculations. First, you can check the return on investment that each of these improvements brings. For instance, doing some work on the garage doors (replacing a simple mechanism to make it run more smoothly), you can achieve a disproportionally large increase in the value of an entire property. Keep in mind, nonetheless, that it’s not just the ROI that you have to worry about. It’s also the total cost of the project. Indebting yourself in order to improve the place is usually not worth it. This is why having an assigned priority may help you figure out the optimal course of action.
4. Get everything you need
Finally, you need to get everything you need. Where you get your tools and supplies will determine the amount of money that you’re going to spend on this project and, therefore, the overall cost-effectiveness of the project. For instance, finding a reliable supplier of construction timber can make even some of the more complex backyard construction projects worth your while. As for the tools, remember that their use exceeds your current project.
In the end, you need to understand that the amount of time that it takes you to sell the place may also be converted into a financial gain/loss. What if you need money right away and if you don’t get it, you may miss the window of opportunity. Paying for the upkeep of the place is also an expense that you don’t want to endure longer than absolutely necessary. All in all, by maximizing the value of the place, you’ll not just increase the financial gain but also reduce the amount of time that it takes you to sell it.
SmartReno can help you find the right contractor for your Interior renovation project