Congratulations! You’ve just recently purchased a residential property investment. The thing is it doesn’t stop there. Yes, you’ve read that right. There is definitely more work to do. First of all, you still have to make the space feel more like home. Do you want to live within empty mundane walls and hollow rooms? Of course not, that’s what we thought. Besides, we have to talk about appraisal and value preservation too.
With all that said, behold the following tips on how to add value to your residential property investment all while adding major pizzazz to it!
Tip No. 1 – Check the plumbing and update as needed. Nobody would want to have dripping faucets or an indoor flood, right? Repairs should be done where needed and if an update proves to be more beneficial and least costly in the long run then by all means do.
Tip No. 2 – Inspect and changeup electrical units. Fire is a major no-no so it’s always best to be safe than sorry. An inspection must be had to determine the electrical needs of your house. In some cases, changing the electrical wirings, sockets and light switches will be needed.
Tip No. 3 – Invest in the kitchen. The correct kitchen upgrades can really bring up the value of a residential property investment because most buyers always have this space as a priority. The kitchen is either a deal maker or a deal breaker.
Tip No. 4 – Pay attention to the bathroom. Next to the kitchen, bathrooms are a huge factor in home appraisals because it’s one of the major concerns in the real estate market. Adequate space, proper lighting and storage are tried and tested ways to update the bathroom.
Tip No. 5 – Give your lawn some loving. The exterior of the asset is as important as its interiors. It’s also the first thing that people see of the property so it would only make sense to give adequate attention and investment in it as well. So mow your lawn, clean up the curb and manicure the garden.
Adding value to a residential property investment is necessary to ensure that the asset does not drop its worth to nil. This is part of the maintenance of it all. Home owners should however be careful when it comes to any renovations because not all updates will essentially equate to an appraised value. Seek advice from experts first and discuss your plans before you get to building.