Home improvements are a great way to increase the value of your property. They also don't have to be huge renovations as smaller projects will also help with the overall value.
There are many ways to add value to a home, but you can be smart about where you spend money to achieve the highest return on your investment. For example, sprucing up your home’s exterior is beneficial, and you don’t need to spend thousands on dramatic renovation projects either. We've compiled the five fastest upgrades to ensure a successful value-adding benefit is reached for minimum outlay.
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If you have old, faded, and cracked paint, your home will look worn and older than it probably is. For this reason, adding a fresh coat of paint is the easiest and most cost-effective way to make a big improvement and brighten up your home.
A new paint job will instantly increase the value of your property, as will a feature wall in a trendy paint color or texture to give a modern touch to the property. Use colors that stay current and are somewhat conservative for mass appeal, and be sure to book furniture removals before you start the project!
Flooring is a predominant feature, and this can affect the perceived value of your home. Outdated or damaged flooring can leave a very negative impression on potential buyers, so replacing or upgrading this can add instant value.
Before replacing the floors, you can attempt to breathe new life into existing quality floors by:
If your flooring features carpet, tiles, or laminate, it can be inexpensive to replace the coverings with updated colors and styles in line with current trends for a positive effect.
Investing in your garden significantly adds value to your home, so consider the following ways to improve your landscape:
Outdoor living and entertaining areas are a big drawcard for buyers or renters. Add a patio or entertainment area to create an entire additional living space that can be enjoyed in the right weather. You can install attractive lighting, an alfresco kitchen, or other on-trend style items.
If you are boosting your property appeal to use as a rental or vacation home, this is one of the main things holidaying parties look for. You'll also want to consider vacation rental property management software to handle all of the bookings these improvements will likely bring in.
Driveways are a big part of the first impression your home creates. Dirt stains, cracked concrete, and other issues can reduce your property’s value. Spend some time and money here to add some wow factor with ease.
Choose pavers in an assortment of colors and styles to create unique patterns or contrasting borders to make the driveway a more interesting feature that helps to sell your property.
These are some easy places to start for home improvements that are value-add. As always, we have a range of tips on Prudentialcal to help you get the most out of your most significant investment!