Generally speaking, real estate is one of the safest investments you can make if you do your homework. Rather than wait for the surrounding neighbourhood to appreciate in value, many investors force appreciation of their properties in a number of ways.
Here are a few tactics for forcing appreciation of your property.
Give the property a deep cleaning:
A dingy, crowded interior will knock thousands of dollars off if you’re showing a property to potential buyers. Get rid of bulky furniture and protruding cabinets to begin with. After that, have a professional cleaning company detail the property by scouring walls and woodwork.
Refresh the paint jobs:
Nothing makes an older house look brand new like fresh paint. Interior walls benefit greatly from paints that reflect light in any given room. New exterior paint increases the appreciation of your property if you choose the right primary and trim hues.
Replace carpets with new flooring:
Most homeowners prefer hard flooring over carpet due to its ease of maintenance and esthetic appeal. Oak or maple hardwood flooring is preferable if you can afford it. Vinyl plank flooring has become an increasingly popular option for kitchens and bathrooms. Laminate flooring is another option and is less expensive compared to hardwood.
Update exteriors and landscaping:
Curb appeal can add or subtract thousands from a home’s value. Apply a fresh coat of asphalt or a layer of gravel to the driveway. Reseed the lawn and plant a few shrubs to round out the grounds. Hanging flower baskets and flower pots makes the property look appealing.
Renovate kitchens and bathrooms:
Remodeling kitchens and bathrooms is the easiest way to force real estate appreciation immediately. Adding new backsplashes and hood vents in the kitchen is a great way to start. Installing energy-efficient appliances is another option. Granite or quartz countertops in either room always boosts home value.
Repurpose an existing space:
Every property has a room that can be retrofitted to add value without costing a lot of time or money. For instance, you could turn a spacious closet into an office. Likewise, a portion of a basement can be turned into a recreation room.
Open up floor and wall layouts:
Older homes in particular can benefit from open floor plans that allow for better natural lighting and ease of navigation. Just about any partition wall can be removed without impacting the structural integrity of the building. Widening interior openings will make the house seem less constricted.
Haripal Pannu is a real estate broker, investor and freelance writer with Homelife Silvercity in Brampton, Ont. Send him an email or visit his website.
