When you look at your home as an investment, it becomes clear that increasing the value of the property should be a priority. No matter what the floor plan or the condition of the house is, there’s always room for improvement.
Real estate investor Raymond Grinsell, the president of Equity Growth Asset Management in San Francisco, California, has over 40 years of experience and he offers five tips to help you add more value to your property.
Small Improvements Go a long Way
Your big plans should always start small. It’s true, the ultimate goal is to increase the resale value of the house, but that doesn’t mean that you’ll spend more money than you expect to get in return. And for that, less is more. You can start with small improvements that cover many grounds. Instead of focusing on just remodeling the house or upgrading the landscape, why not break it down into smaller more manageable goals? As you plan to make changes around the house, keep an eye for the long-term value of these changes.
Kitchen and Bathrooms Count
Real estate investor Raymond Grinsell recommends focusing first and foremost on your kitchen and bathrooms. For the kitchen, he advises you to repaint the walls and give your cabinets a faux-wood finish. Also, it pays to invest in stainless steel in your kitchen. More and more buyers like a kitchen that sparkles with stainless steel.
As for the bathrooms, they’re becoming increasingly like spas. Under-mount sinks are in fashion and so is granite and marble for countertops. For lighting, ditch the overhead lights and go with wall mounts. The bathroom mirror should have plenty of subdued light around it.
Don’t Forget Curb Appeal
Renovations inside the house matter, but so does your curb appeal. First impressions count and your property landscape is a good starting point. Well-manicured lawns and a bunch of blooming flowers are an inexpensive way to increase your property’s value. You should also focus on native trees and shrubs. They can cool down the place and reduce your energy costs.
And if you don’t have time to care for flowers in your lawn, try planting perennial foliage. They don’t require much attention or gardening skills. Also, avoid using synthetic turf. It neither has appeal nor value.
One Room at a Time
When laying down the plans to upgrade your property, it’s easy to get overwhelmed. There’s so much to do so where should you start? “Focus on the house one room at a time,” says real estate investor Raymond Grinsell. This will help you get your head around the budget and include every part of the house in your plans. That way you won’t miss any room and will know exactly how to make each corner of the property truly shine.
Change the Design as Needed
Closed houses with plenty of walls and narrow spaces are a put off to potential buyers. If your house is like that, consider taking down a few walls to create an open design. For example, if you have a wall between your kitchen and living room, then removing that wall and replacing it with a kitchen island will increase the value of the house. And if you have unused space on your property, why not add another bedroom or an extra living room? Raymond Grinsell concludes that the value it adds to the property outweighs the costs every time.