Turning Your Home into a Real Investment

Written by on August 13, 2020 in Investing and Insurance with 0 Comments

Whether you’re aiming to flip a property eventually, or you simply want to ensure that you have a valuable asset as part of your overall portfolio, there are plenty of reasons to turn your home into an investment. However, when it comes to investing in it, it’s easy to spend money on improvements that don’t actually translate to much value. Here, we’re going to look at some of the highest value transformations for the home and why they tend to be more valuable than most.

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The complete redecoration

You can score yourself some easy points by taking care of the little DIY projects that might otherwise sap the value from your property. Highly visible imperfections such as peeling paint, dirty walls, leaky taps, squeaking doors, cases of mould and the like should be dealt with long before the property hits the market.

Adding some curb appeal

Don’t underestimate the earning potential of major outdoor renovations. Taking on exterior improvements such as re-doing the drives and paths, adding exterior lighting, and investing in landscaping can all make it a lot easier to attract viewers, which can, in turn, drive up the overall value of the property. Practical changes, such as adding a patio and creating an exterior dining spot can add even more value, still. It pays to look outside, as well as looking at the inside.

Give it some space

If you want to see the single largest value addition to the home, then more adding more square foot the home plan in a very real way is the best method of achieving it. Working with a house design team, you can look at your potential for expansion. This might mean building a literal expansion onto the side of the home, but you can get an even more cost-effective improvement by looking at spaces you can convert, such as the loft, the garage, and the basement.

The two rooms that need a makeover

If you’re looking for renovations that don’t quite demand you add a whole new space to the home, then you might want to look more closely at what are considered the “high value” rooms in most homes: the kitchen and the bathroom. You should renovate whichever one needs an update the most, as a bad experience in either room can turn a buyer off of the home entirely. For the bathroom you could add a vanity or replace a built-in cabinet with vanity to improve the space, look, and efficiency. You can learn more at Unique Vanities.

Add a new heating system

The more energy-efficient the home is (especially if you have a boiler cover), the easier it is to heat, and the less costly it is to keep hot water running, the better. This might be as simple as replacing the boiler, but in older homes, it might mean taking a closer look at the piping throughout the property, as well as the radiators.

If you’re turning the home into an investment, think about what potential buyers are willing to pay more for. You don’t have to sell it immediately, but it’s always prudent to make sure you’re getting more for your home than you originally paid for it.

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