Becoming a property owner is a big step for anyone. No matter if you’re making your first home purchase or adding another property to the list, it’s a long, difficult process that is totally worth all the visits, meetings with the bank and driving around.
This could be a property you’re planning on renting or one that you plan on renting and then selling. If you’re just getting into the renting game, get ready. There are a lot of things you need to do to get started. There are special loans that you will want to use if you are purchasing a rental. There are also tax incentives you should look into.
It’s rare people hold on forever to a house. In fact, the average person stays in their current house just over a decade. Selling your house can be just as arduous, waiting for buyers to come by at any moment, being away for the open houses and then negotiating with anyone who wants to make a decision.
If you want to make money off your house while building it up for the future, there are plenty of steps to take.
While it’s likely your property will naturally increase in value over time, there are plenty of other ways you can increase your property’s value through your own work. Some of these ways are simple while others take a bit of time.
Redo the Bathroom
Starting out with one of the big projects, redoing your bathroom is a surefire way to increase your home’s value immediately. If your house has multiple bathrooms, it’s best to start in the master bathroom, the biggest and most wonderful of all.
Changing out the faucets, redoing the shower or adding heated flooring are good starting points for making your bathroom look better. Hopefully, you decide to undertake this project while you’re still living there so you can enjoy all of the wonderful amenities yourself.
Plant a Few Trees
A great project for those with families and just a great thing for the environment overall, planting trees is going to increase your home’s value as well.
Big trees simply make the house and neighborhood look better and can also be energy efficient for your house. Plant a few trees around the windows in the front yard to give your house a bit of extra shade. That way, you’ll be sure to stay cooler doing the summer, saving you money when you’re not blasting the AC the whole time.
It’s the Little Things
If you’re not one for big projects, start thinking about the little things. This is the homeowner’s version of “a penny saved is a penny earned”. Taking constant care of your home appliances, cleaning your home on a regular basis and replacing large items like the water heater when necessary are a way to make sure your home value keeps increasing.
You’re unlikely to see a big dollar signs bump, but it’s a surefire way to make sure your house’s value isn’t going down or raising issues during the house inspection.
Go to the Backyard
While you’ve already planted trees for your front yard, it’s time to head out to the backyard. Even though you’re not going to see your progress when taking in the frontal view of the house, your addition will still increase the value.
One of the best ways is adding a deck or a small patio out back. If you have enough room, a sunroom is a welcome addition as well. As an added bonus to you, it will be great to have a place to relax in the summer and another room to decorate. Even if it’s the backyard, don’t forget to add accessories.
Technology is a vital part of our lives everyday and it should be a vital part of our houses as well. Upgrading your house to a smart-home will bring it into the 21st century while increasing your value. Who knew a few coats of paint would help you pay off that sooner?
An easy place to start is by adding a smart thermometer. This new little gadget will help regulate your house’s temperature so you’re not wasting precious energy all the time. Many of the smart gadgets, including home security systems, are quite easy to install and can be done without a technician.
One of the easiest ways to increase your home’s value is to make sure your house has fresh paint on everything in the house. One of the best ways is to choose neutral colors that will appeal to all.
So that means avoiding any super bright, loud colors that would potentially give people a reason to smirk at your house or room. Fresh paint makes your house look new and well-kept.