As housing costs continue to rise across the nation, it is important for our clients to maintain their property value over time. But why seek to maintain, when you could work on increasing your property’s value instead? Many times, property owners may wonder what they can do to increase their property value quickly, affordably, and efficiently. We can help with that. Not only do we know how to increase your property’s value, but we can also execute these strategies for your property. We want our clients’ value to grow, so here are FOUR ways that you can easily update your home to increase your property value today.

1. Add a Fresh Coat of Paint

Never underestimate the power of a new paint color. Color can affect the overall feel of your property so consider choosing a color that brightens the room, even just freshening up the existing coat of paint helps add to the perceived value of your home or business. According to the NAR, 84% of people who paint their interior have a greater desire to utilize the space after. In addition to bringing delight to tenants, a fresh coat of paint can also add value to your property. Paint trends (whether interior or exterior) fluctuate from time to time, and having a modern color on your property can make a dramatic difference in the perceived upkeep of your property.

2. Consider Updating Highly Utilized Areas

Depending on your budget, time allowance, and other factors, there are so many ways to add to the look and feel of your property. Refurbished bathrooms and refinished floors can increase potential tenants’ interest in your property. According to the NAR: Remodel Impact Report, refinished hardwood floors, new wood floors, and insulation updates could reach over 100% cost recovery. Additions like these add direct value to your property and can be adjusted to fit the needs of your property. Can you think of that specific area of your property that needs a little TLC? Consider making an upgrade that can raise excitement and encourage proper maintenance.

3. Freshen Your Curb Appeal

This one just might be the most important item to take away from this. Imagine this, you are about to tour a property based on gorgeous interior images you saw online. However, when you get to the property in person, the exterior of the home looks run down. The yard is not well kept, the siding looks worn, and it looks like a completely different house from the outside. You realize that the presentation of the home does not reflect its actual value. This is a bummer. By making your property the most appealing it can be from the outside, you are attracting and marketing your property to anyone within eye-vision of your property. By improving the overall curb appeal of your property you allow the property to market itself. Examples of this could be planting a tree, getting new shudders, or simply trimming your hedges and grass regularly.

4. Replace High-Maintenance Features

The last thing any tenant wants is a high-maintenance property. And frankly, it’s the last thing anyone wants! Replacing a faulty roof, water heater, or furnace can be a huge hassle for everyone involved. These are the types of things you want to frequently check on. Making upgrades early often saves you pain in the long run. Is there carpet at your property that continually needs professional cleaning at every turn-around due to staining? Consider replacing that carpet with luxury vinyl flooring. Replacements like these will delight your tenants and save you the hassle in the future.

Ready to invest?

Contact us today for expert guidance on all of your investing needs