Buying a house is an incredibly exciting experience, but it’s also a move that often makes financial sense. Many of us want to be homeowners because we crave that sense of belonging and familiarity that a home provides, but getting onto the housing ladder is also an investment in the future. If you own your own home, you have a precious asset in your name, and it’s up to you to protect your investment and to try and grow your money. Whether you’re keen to sell in the near future or you plan to stay put for many years to come, this guide will help you maximize the value of your home.
Adding value through renovation and redecoration
When you buy a house or an apartment, you inherit a basic shell, which you can then shape and mold to suit your individual style. If you’re doing work to your home or you want to increase its value over the course of time, there are many ways in which you can do this. Some projects aren’t suitable for every property, but it’s almost always possible to add value.
If you buy an old property or a house that requires a healthy dose of TLC, updating the home will almost certainly boost its value, but you’ll need to keep a close eye on your finances. If you spend too much on the build, you may find that the value doesn’t exceed the purchase price and the cost of renovation combined. Even if the house looks fabulous, there’s every chance that it won’t sell for a profit. When you’re planning renovation work of any kind, whether it’s on an old property you’ve acquired recently or on a house you’ve lived in for years, compare quotes, look at total costs and plan every move with meticulous detail. Consider the potential of every idea. There’s no point in spending a fortune updating the bathroom if it’s only going to add a few hundred dollars to the asking price, for example. If you do have ideas, cost them out and get in touch with real estate agents to see how much value they could add.
One of the best ways of adding value to your home is increasing the usable space. You can do this by converting a loft or a basement or by extending. Loft conversions often give you the option to add another bedroom or a study or a studio while basements are ideal for games rooms, playrooms for the kids and large, spacious kitchen-diners. Extending is a bigger job, but it can be lucrative. If you increase the size of the house or you create more living space, this may make your home more appealing to buyers, as well as increasing its worth. With all building projects, there are fine lines when it comes to finances, so make sure you have a budget before you start looking at wallpaper prints or kitchen flooring. If you have a small kitchen, it’s particularly beneficial to consider the option of extending, as most buyers consider the kitchen the most important room in the house. If you’re thinking about taking the plunge, you may find these kitchen designs inspirational.
Knowing when to sell
There is no set value when it comes to property. When you buy a house, you don’t get an information sheet, which has figures representing the home’s worth every year. The value of your home will change all the time in line with the buoyancy of the market and the demand for properties that are similar to your home. If the market is strong and homes like yours are selling like hot cakes, the value of your home will be much higher than it would be if the market was slow and those who were buying were opting for different styles or locations. If you want to get the best offer for your home, it pays to know when to sell.
Of course, life doesn’t always pan out how we plan, and you may find yourself in a situation where you have to sell quickly, even if you weren’t planning to move. If you’ve got a new job, for example, and you need to relocate at short notice, you may need to sell to finance the move. In this case, it’s wise to contact agents that specialize in quick sales. Visit wrenrealtyinc.com for more details. If you’re in a situation where there is no rush to move, time is on your side, and you’re purely focused on selling for the best price, look out for signs of growth in the economy, and keep an eye on the local market. Have a look at what other houses in the area are selling for, and keep in touch with agents. If you can put that for sale sign up at a peak and avoid the troughs, you could be on to a good thing.
Tailoring your home to the market
If you plan to sell and you’ve got money on your mind, it pays to tailor your home to the market. What are your buyers looking for? Which features will make the difference? If you’re trying to lure buyers in, it’s worth trying to make your home stand out, especially if there are many other similar properties up for sale at the same time. Your home is only worth what somebody else is willing to pay for it, so it’s important to ensure that your expectations are realistic. If you’re aiming for luxury buyers, consider adding a unique pool or a cinema room, upgrading the master suite or installing smart tech systems, for example. This kind of touch could give your home the edge.
When you buy a house, it’s always beneficial to consider its investment potential, as well as the way it makes you feel when you walk through the front door. Whether you plan to stick around for two years or twenty years, there are often ways you can add value and make your home more appealing to buyers in a bid to get the best price possible.