Every serious real estate investor should take the time to learn how to increase property value so that you can maximize your investment returns when it comes to selling. Real estate investing is really the only investment vehicle that allows the owner to actively increase the value of the asset. Most of the time, a shareholder can have very little impact on the value of the shares, they buy shares in the hope that they will increase.
There is so much one can do to increase property value and it really is only limited to your imagination. Here are some guidelines to help you maximize your property values without breaking the bank.
1. Bright rooms give the illusion of more space. Increase the wattage of bulbs in light fixtures to the maximum that is safe.
2. Keep all woodwork spotless. Use a refinish wood to make cabinets and trim look like new.
3. A coat of paint can turn an old, worn room into a fresh new one. Remove old wallpaper and peeling paint. The three-dimensional gold foil wallpaper must go. Paint any rooms that need more than a little touch up.
4. Keep colors neutral to maximize your target market. Not everyone likes bright colors!
5. Clear clutter, too much furniture will visually reduce the size of the room. Too many pictures on the wall will do the same. Keep shelves neat and organized.
6. Update old or worn shades with new ones. Mini blinds and vertical blinds are preferable to heavy curtains.
7. Replace or rectify if practical; stoves, ovens, exhaust fans and other appliances that are avocado, pink, blue, yellow or brown. White is the preferable color.
8. Keep counters clean and uncluttered. The more counter space you have available, the larger the kitchen will appear.
9. Replace broken, worn or outdated cabinet knobs, hinges and handles.
10. In the kitchen and bathroom, remove and replace old grout and sealant at the slightest sign of discoloration.
11. Consider replacing the tiles around bathtubs and showers if the colors are outdated.
12. Trim any trees and shrubs that may be blocking the view of the building.
13. First impressions count. Remove dead plants, flowers, and shrubs. Plant flowers and shrubs that add color and brighten up your lawn and gardens.
14. Keep sidewalks, driveways, sidewalks, and gutters free of brush and debris.
15. Repair any cracks/corrosion present in gutters and touch up with matching paint.
16. Check and replace rotten boards and posts on decks or fences.
17. Try to make the garage (for one, two or three cars) seem suitable for as many vehicles, even if it’s full of stored items and boxes.
18. Repair raised or severely cracked walkways and driveways.
19. Replace yellowed, worn, cracked, broken, or missing faceplates for switches and outlets.
20. Banish smokers. In a 2004 survey, potential homebuyers cited the smell of cigarette smoke as the biggest turn-off when viewing a property.
