How to increase value of your investment property?

In this article, we’ll discuss some practical ways that you can use to increase the market value of your home.

What determines the value of a property?

Before we look at how to improve your home value, let’s consider what determines its value in the first place. When your property is inspected to determine its value, these are a few factors an inspector will consider:

• The home's location. This includes the region, suburb, and proximity to shops, beaches, and other amenities
• How old is the house? Older homes tend to have more issues if not maintained well. Thus, they come into the market at a lower price because of the money that needs to go into fixing them
• The size of the house. Houses with a large property and more usable surface area will usually go for a higher price, depending on their quality, that is
• What maintenance needs does the house have? If the house needs serious repairs, it’s not likely to go for a high price. However, if the house is in a good area and is structurally intact, it may be a good option to buy, fix up, and flip
• The current market also influences the price of homes. If it’s a seller's market, the prices of homes go up, meaning it’s not a great time to buy. However, when it's a buyer's market, the prices go down or stabilise
• Interest rates also tie into the market and influence the value of a home. Influence rates fluctuate and affect those looking to take out a mortgage. If rates are high, taking a loan might not be the best idea. Likewise, the opposite applies

How can you increase the value of your home?

Okay, so what can you practically do to increase your home value before you sell it or rent it out? Here are some ideas for you:

1. Add usable surface areas

Consider building onto your house. Whether you had a garage, carport, patio, or additional rooms, having more usable surface area will add significant value to the house. The reason for this is that you’re essentially expanding your homes functionality, which makes it more valuable to potential buyers.

2. Clean it up and declutter

What are your thoughts when you walk into a house that’s messy and filled with clutter? Generally, clutter and uncleanliness are a deterrent as far as selling a house goes. While some people might be able to look past the mess and see the potential of the property, others might not even give it a chance. So, if you want to improve your chances of attracting the right buyers or renters for your property, make sure that it’s presentable. Give it a clean and try reduce clutter.

3. Let more light in

Natural light does wonders for a house. In fact, many potential buyers look for natural light in a home because it improves the atmosphere of the home. No one wants to live in a dark, dingy home. Natural light allows for the house to be bright, airy and inviting. Not to mention that you’ll also save money on your electricity bill.

4. Contact an interior designer and decorator

If you’re not entirely sure how to improve your home so that its value increases, consider getting in an interior designer to give you ideas on how you can remodel areas to match what the current homeowners market is looking for. Interior designers make an effort to stay up to date with trends. They also know how to use space well to maximise its function and aesthetic. Trust us, if you’re looking to flip a house, hiring an interior designer is well worth the investment. You may even want to consider hiring a home decorator, too, to make the most of your home's aesthetic.

5. Fix up any issues

We all know that home maintenance is ongoing. But, when it comes to selling or renting out a house, you want to make sure that every part of the house is in pristine condition. Small issues like cracked tiles can pile up, causing the value of your home to decline. So, take a walk through your home and create a list of any issues that need to be fixed. If there are cracks in the walls, fill them; if you need to purchase more tiles to replace chipped ones, do it. Every little bit counts.

Final Thoughts

Ultimately, you’re responsible for the condition you sell your home in. So, you have two choices. You can either make the initial investment to fix your home up so that its value increases, or you can sell it as is. If you don’t have the finances to make big changes to your home, try fixing the small issues around the house. Make sure that it’s clean, presentable, and ready for its sale.

To learn more visit https://www.dcdecorators.com.au/

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