The real estate market is one of the biggest markets in the US. The total market size is priced at a staggering $16 trillion in 2018, with the residential sector having one of the most significant chunks of the market. However, many Americans are still looking for a home, and many more are selling theirs. In 2019 there were about 5.34 million existing homes sold, and this is expected to grow in size as more Americans look for a place to call their own.
If you’ve been wanting to get a chunk of this trillion-dollar market and looking to sell your house or invest in one, then you’re going to have to make your property look appealing. Studies have shown that American houses are one of the biggest globally, and they are also well-kept. So you can’t just sell any old house, you have to work for it. Here are some simple things you can do to increase your home’s real estate value.
Renovation
If there’s one thing that homeowners don’t want, it’s an old rickety house. However, these kinds of houses are the cheapest on the market alongside previously owned houses. So renovations are your best bet in getting the most out of your property.
The best thing about renovations is that they don’t have to be very expensive to work. Keep in mind how much you want to get it and make a reasonable quotation with your contractor. However, don’t expect to sell a renovated house at the same price as a newly built house. Because when people look for a renovated house, they expect it to cost half the price of a new house.
Renovations can easily increase your home’s real estate value, especially when you renovate it to modern standards. For example, replacing old house sidings with fiber cement can increase property value by quite a lot. Renovating to a smart house can also drastically improve your investment’s property value, as more Americans are looking for the comfortability that a smart house can offer. Lastly, you can choose to go with simple renovations such as replacing the flooring and remodeling the bathroom and the kitchen. These are cheap renovations that can surely increase the value of your property.
Repair
In certain situations, a renovation can be more than what you can afford. So the next best thing you can do is repair specific problems that exist in the home you’re selling. Remember that repairs won’t give a significant boost in property value as much as a renovation does. However, they are essential in selling your house, especially if you’re in a competitive market.
For example, a crack in the wall can certainly pose a structural problem for anyone wanting to buy your house, so repairing it should be your priority. Additionally, repairing the asphalt crack of a parking space is also essential. This is usually the first thing that clients will see. You might think that these might be aesthetic problems that clients might overlook, but these are actually the first things they look for when buying a house. So keep an eye out for things that need some repairing in your house because missing those can decrease your property’s value by quite a lot.
Remodel
This is the easiest way to increase the property value of your investment. However, it is also one of the most expensive.
When adding new structures to your property is vital to think about a couple of things. First, consider if it makes sense to add such a structure into the property. For example, not every property needs a patio in their backyard. Second, think if you have the necessary space for the structure. If you can’t fit an attic in your property, then don’t force it. Third and last, think if adding such a structure will increase its value. Remember that a garage is more appealing to families than a greenhouse.
These are essential things to think about because adding a structure to your property has the possibility of costing more than what it can be sold in the market. Additionally, always ask for a reasonable quotation from your contractor. Explaining to them that you’re planning to sell the property and not live in it can make a difference in prices.
