Owning a property, let alone your home is a rather emotional experience. More tangibly, it’s also an important financial decision that pays dividends once equity is built up in the desired manner in to increase the value of the property.
While the increment rate can depend on a myriad of factors – from the community where it’s situated, local demand and even the global economy as a whole – there are still some bulletproof ways to help increase the value of your property that are well within the owner’s control.
Regardless of whether your future plans include wanting to sell or wanting to simply enhance the value, here are six proven strategies that will manifest as higher dividends.
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Ensure your home is as energy-efficient as possible
It helps reduce utility bills, and even while making a sale, such features facilitate it by making the property more attractive and appealing. Most properties with modern appliances have shown to report a higher net sale price.
This is crucial because it makes your home low-maintenance in the longer run. Some other common practices are installing solar panels on the roof, considering double-paned windows, putting up LED lights, replacing old HVAC etc.
It doesn’t matter how big or holistic or comprehensive the energy upgrade is, as long as there are small and calculated steps in its direction are being taken. If you still feel too lost, (which is understandable because energy efficiency can be achieved in various ways and is a dynamic field), reach out to experts. We recommend booking an assessment with The Cotocon Group.
Upgrade the home finishes also!
Even superficial changes go a long way in this landscape as opposed to the hefty and more intensive renovations. According to the common consensus of the real estate agents, a fresh coat of paint which is one of the most cost-effective upgrades also makes an immense difference in the sale, precisely by 5%. Therefore, we earnestly suggest doing minor renovations and not grand upscaling.
Another way is by simply replacing the old fixtures or changing the front door also bumps up the value.
Make it smarter
It has become increasingly non-negotiable to incorporate smart technologies which revolve around the themes of safety and convenience. These devices include fire-extinguishers, fire detectors, thermostats, carbon monoxide detectors, security cameras, door locks and lightings. Along with a higher value, smart tech also offers more appeal. Plus, more often than not, it’s possible to install these devices without any help.
Upgrade in a way that caters to the demographic trends
Certain features call to certain demographics and geography more so and where your property is located also determines it to a great extent. This can’t be ignored because millennials make up 37% of the home buyers as per the National Association of Realtors. Some of their top tier demands involve smart tech(keyless entry, high-end wifi access), as has been mentioned above.
Similarly, buyers nearing retirement are seeking an entrance without slip, non-slip floors, a full bath on the main level, etc.
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