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What investment can get house better value

There are certain features that make houses more appealing to buyers. Go for these and enhance your house's value. They won't cost you a bomb either





   HAVE you ever wondered why there is a large variation in prices between two houses? Why an apartment is often considered a cut above the rest and also commands better value and rental returns?


   The location of your home and other factors like the floor that you are in are a given, but there are some features that make homes more appealing to buyers. These features are within your control and can be introduced by investing a small fraction of the house's value. Here are some tips:

CLEAN & SPACIOUS

This is one improvement that costs next to nothing. But a house that is spanking clean and is not cluttered with furniture or other household stuff gives an impression of space and warms the buyer to the property.

KITCHEN & BATHROOM

These two rooms are the ones where you can make investments that have immense utility value. According to experts, if you are not going for anything extravagant, you can expect a 200% return on the investment that your make in upgrading these two rooms.

ADDITIONAL BATHROOM

If you want to sell your house in the near future and have only one bathroom, then you may consider adding a second one. Homebuyers will want enough bathrooms to handle their family size. And you don't have to build an extension onto your house for this; simply use the space that isn't being used in your home. If you could add another room in the available space, there is nothing like that.

BUILT-UP SPACE

Today, a large component of the cost of the house is the cost of the land on which it is built. But buyers tend to focus on the cost per square feet of the built-up area. If you are having an independent house, you could look at creating more usable space. "Additional storage space, laundry space, multifunctional terraces are all great ideas to fetch better value and increase the total built-up area of the house.

CONTEMPORARY SOLUTIONS

Today's customers look for smart homes with innovative solutions, and anything short of their expectations won't be able to fetch a better price. Even if selling or renting is not your goal, then a thoughtfully-renovated house can always be your prized possession.

STRUCTURAL REPAIRS

With time, all buildings go through wear and tear and, therefore, there is a constant need for timely and proper upkeep. Similarly, reinvestment is sometimes required because of the need for upgradation. For instance, new materials are constantly being introduced in the market and replacing old finishes with better options may be the need for keeping up with the times.

WHITE ELEPHANTS

While makeovers definitely boost the value of your abode, there are certain changes that will not only cost you a bomb, but run the risk of putting off potential buyers.


   This can be the gardens, overspending on paints or wallpapers, extravagant kitchens, bathrooms and hot tubs, and swimming pools, among others. The taste of colour and the theme of designs may vary from person to person. Also, gardens and pools are a token of status symbol, but most buyers don't opt for any additional maintenance cost.


   Financial advisors, the world over, suggest to budget 1-2% of the home's purchase price per annum for home repairs and upkeep. In case of remodelling, the budget can go up to 10 to 15% of the home's value, depending on the location of the property. Anything beyond that should be for the sake of your own pleasure and comfort!

VALUE UPGRADE
   
DOS

PAY SPECIAL attention to kitchens and bathrooms

IF YOURS IS a single bathroom house, adding another one will increase appeal

SPREAD YOUR investment across the house

DO KEEP A check on time and cost overruns

ENSURE THAT renovations are in keeping with bye-laws of your local authority

DON'TS

DO NOT spend more than 1-2% of the value on repairs GET TO experimental and go for unusual colours & designs


DO NOT reduce the number of bedrooms DO NOT use wallpaper as it will look like a cover-up DO NOT make investment that are 'high maintenance'

 

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