If you are thinking of making use of the market’s fluctuations to resell your house and invest in another one, then it is better to start early so that you are ready when the prices reach their peak. It is essential to keep in mind that reselling your house does not only depend on its market value.
Sure, that last one is important but you will also benefit from these 5 tips that will maximize your property’s resale value:
One major change you can make is to renovate. You might be thinking that you do not want to invest time and money into something that you will not be living in. But this is not how you should approach renovations. Yes, it can be pricey and time-consuming. However, you can easily regain that money with profit by the time you resell because renovations attract buyers and help them make faster decisions.
On that note, renovation does not have to be about demolishing the entire space and building a new one. You can start from the wet areas such as the kitchen and the bathrooms. You can upgrade the cabinets, install newer pipes, and change the wall tiles. These areas are the most used ones therefore freshening them up will increase the value of the entire apartment.
By the same token, if your kitchen and bathroom are rusty and old looking, your potential buyer might lower the price and tell you that they will be spending a lot of money on renovation. Therefore, it is better if you do it yourself. You will not only increase the resale value, but you will also gain time by selling faster when you put your property on the market.
Change your flooring
Speaking of renovation, there is another upgrade you can do and that is changing your house’s flooring. This is less costly than renovating your kitchen and bathroom and it can make your space look modern and cozy.
If your house’s tiles are worn out, you can cover them with a parquet which is easy to clean and adds a warm tone to your house. If your rental property’s carpeting is a little run down, consider replacing it. In case you want to give your house that trendy industrial look, you can add concrete flooring to your existing one. Concrete flooring is very trendy, it is easy to install, and less time-consuming. Having upgraded flooring will attract potential buyers.
Add smart systems
It goes without saying, an up-to-date house will speak to potential buyers instantly. If your house has smart automation systems such as voice synchronization, motorized curtains, automated garage, and so on, this says two things:
- You already have a solid infrastructure that withholds automated systems
- You have additional features that make the buyer’s life much easier
Imagine yourself pitching these to the agency that will sell your house, you can rest assured that the title of your property will be “high-tech property for sale”. The title itself increases your resale value therefore consider adding smart systems to your house for an increased resale value.
Invest in safety features
Whether your property is in the city or the mountains, safety features are an added value. Thus, another valuable investment is installing commercial security cameras. A security camera system can provide real-time insight and awareness of your property and is an added benefit that tenants often seek when looking to rent or purchase a property.
Security cameras are usually installed at the property entrance to monitor who is moving in and out of your house. Some security cameras have additional features such as an alarm that will alert you/your neighbors when someone trespasses on your premises.
If you have a nice backyard space, you should surely consider landscaping. Many people, especially after the pandemic, realized how important it is to have a nice outdoor garden space where they can throw a barbeque, read a book, or sit and sip their morning coffee. This can be an additional selling point that will surely add to your resale value.
Whether it is your first time selling your property or you have done it before, it is definitely exciting to see what you gained from your investment. Adding amenities and upgrades can help improve your property’s resale value!