8 Ways to Improve your Investment
If you are wise, you will view your house not just as a home, but as an investment… And for most people, the biggest investment you will ever make. It is prudent to maintain and update your investment as the years go by, in order to avoid depreciation.
We live in a world of constant change. In general, people do not stay in the same house as long as they used to. People change jobs, have kids, get married, and unfortunately, divorced. Maintaining your home is important, but also remembering to make sure the improvments you make are up to market demands in your area, in the event you need to sell.
Here are the top 8 ways to improve your investment:
- Neutral paint. I know, boring, right? But lets face it – not everyone likes that deep shade of purple you’ve got going on in your living room. If you ever need to sell – even something so seemingly insignificant as paint can deter a buyer from offering on your home – they just don’t want to deal with it. Its better to go with neutral walls and put your pops of color in your area rug, pillows and throws, especially in the main living areas. Living, Kitchen, Dining.
- Maintenance. First and foremost, you must maintain your property. It takes money and effort, but it can be well worth it in the end. If there is siding falling off of your house, replace it. If there is a hole in your facia, repair it. Even if you make these other improvements to your home and do not maintain it, you will not get the best price for your house.
- Hardware. Black is in right now. So is gold, I hear (??). Go with a flat black door knob and don’t forget matching hinges on all interior and exterior doors. It’s not overly expensive, easy to source and easy to install, if you are even a little handy.
- Light fixures and fans. Home Depot or Lowes sells a variety of light fixures and fans that are very economical. Keep fixtures the same style throughout the home. Consistency is key.
- Faucets. Also easily found at the hardware store… but may require a plumber for installation, depending on your skill level. The easiest choice is to match the finish of hardware throughout your home with your bathroom fixures, however there are exceptions. You may choose black hardware and go with a chrome in the master bathroom, keeping the fixtures in that particular room the same, as long as it matches the style of your bathroom.
- Landscaping. If your yard is overgrown with weeds, fallen limbs everywhere, and in general it looks like the grim reaper visited all your plants, put a little elbow grease in there. Pick up the sticks, trim the trees and shrubs, spread mulch or pine straw and plant a few annuals in the front. People like a maintained and tasteful yard. If you are frugal, it will definitely pay off. Easy DIY project. Done.
- Flooring. Clean, consistent, well-maintained flooring throughout is important. Do not have 4 different types of carpet upstairs…tile, laminate, hardwood, vinyl… all on the first level of the home. No, no, no people! Buyers don’t like this. A certain amount of this is unavoidable due to budget constraints, but consistency is key.
- Kitchen and Baths. This is where your money can be made … or lost. Be careful not to over-improve for your neighborhood. Granite is almost always a good choice, mainly because there are so many different price points of granite. You can save costs by painting the cabinets, updating the door hardware, replacing the faucet and adding a back splash.
I hope this information is informative and helpful to the homeowners and investor alike.
PS. If you are ready to sell your house, Uriah would love to represent you! Fill out our contact page or fill out the form below and you will hear from him soon!