Owning a home or investment property means you have quite a bit of responsibility. Maintaining the home can be a full-time job in itself with kids or rambunctious children. Homeowners all want the most money possible when it comes time to sell their home. Simply allowing a home to sit for a decade or two without upgrades is a recipe for disaster. Buyers can see when things have been let go in certain areas. This could raise concern that issues with plumbing or something else hidden could also be a problem. Adding value to your residential property can allow for you to maximize resale value or get a premium monthly rental payment. The following are tips to help you add value to your residential property.
Replace or Repair Your Roof
When selling your home there is going to be an inspection that could inform you of certain repairs that need to be done. The largest cost would be to replace the roof if the plumbing is in working order and there is no water damage. Roof repair is another option as it could be a small area that needs attention. A roof that you can rely on will keep water out which eliminates water damage which can lead to mold. Mold in the home can impact the entire family’s health so this is a serious matter.
Finish Your Basement
The basement has been used for storage traditionally but this is a waste of a versatile space. Finishing this area can create additional living space which will drive up your home’s value. This can be used as a bedroom for a teenager that yearns for privacy or a kid’s playroom. Turning this into an entertainment area can be a great choice as insulated basement walls are perfect for loud parties or blasting music. The addition of a bathroom in the basement will make it a huge bedroom if you choose to go that route.
Replace Your Old Flooring
Replacing the carpet in your home is essential as quite a few people would rather have tile or wood. Wood flooring can be expensive and tough to maintain over the years. People with small children should avoid this option until their children get a bit older. Leaving spills on wood flooring can damage it so tile might be the best option. Tile that looks like wood is available and has no expiration date like wood flooring does.
Update the Windows in the Home
Updating the windows to energy efficient models can work wonders for your electric bill. Buyers factor utilities into their purchase so make sure these are as reasonable as possible. Replacing windows can also allow for more natural light to enter a room. Double-paned windows are far better than a single piece of glass as they prevent the heat outside from entering the home.
Adding value to your home is just helping maintain your investment. Getting a decent amount over asking price when you are selling is just extra money to line your pockets!
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