Working your way up the real estate ladder is an ongoing process. Many homeowners make the mistake of always thinking about their next property and neglecting their own in the process. The best way to get up a leg is to make your home as attractive as possible before selling it. This increases your expected sales price, which you can then invest in your next property. It may seem counterintuitive to spend an inordinate amount of money on a house that you no longer want to stay in. However, you need to think about it from an effective return perspective. All of the money you spend on renovations should come back to you in terms of market value.
If you're interested in getting started, read on! We've rounded up the top three ways to increase the market value of your home.
1. Renovate your roof
You may be excited about remodeling the kitchen or bathroom, but your roof needs some love. Roofs can deteriorate over time and are often overlooked by homeowners. It's easy to worry more about what the rooms look like or how the furniture is arranged. However, if your roof is not in tip-top condition, it can seriously affect your property value. And if you want to make that investment, you need contemporary materials and can hold your own against the elements. According to this company from Metal Roofing Indianapolis IN, metal roofing is enjoying increasing popularity due to its durability and energy efficiency. You may not have considered this yet. Note, however, that this material can last up to 30 years and reduce your electricity bills.
2. Use your garage as living space
Remodeling your garage can add significant value to your property. This is especially true if you have additional outdoor parking space so you don't lose any required space. Your garage may not require a building permit as it is most likely allowed under building development. You need to check building codes to make sure your garage is structurally sound to be used as living space. This usually includes checking the drainage, electrics, and roof suitability.
3. Consider a basement conversion
This doesn't necessarily apply to every home, but if it is an option for you it will make a significant difference. If you clear out the basement and turn it into a living area, then this space can be considered an additional room. This will increase the area of your property making it more desirable for property listings. Renovating a basement is of course a big undertaking.
A project this size takes time and careful effort, but that shouldn't put you off completely. It can be an incredibly lucrative investment when done correctly. In fact, the value of your home can give you 70% payback. In addition, unlike other extensions, you do not need to apply for a building permit. This can significantly speed up the renovation process.
Stick to a budget but get creative!
Renovations can be very exciting, but staying within your means is also important. Of course, when you eventually sell your property, you should make all the money you spend back. You can even make a nice profit! But the real estate market is always volatile, and it may not be in your best interest to put all of your money into a remodel. Remember that practical renovations like roofs or structural restorations are more beneficial in the long run than aesthetic changes. Spend wisely and take advantage of these three ideas.
