The best home improvements to increase the value of a home are well documented in the real estate trade journals. Here’s a summary of those findings.
Today, many homeowners are searching for ways to increase the real estate appraisal value of their property. The reason for this is that, unlike the 2008 financial crisis, the housing market is on the rise once again. On the other hand, these homeowners have yet to figure out exactly what will make the price of their property go up. A lot of these people are trying to extensively remodel their homes, making their homes look more attractive to the consumer market. But after the real estate inspection, all the remodeling adds almost zero value to the property. This is the reason why it is about time for homeowners to realize that buyers are not looking for just another pretty house.
In reality, real estate appraisal does not put that much of an importance on the aesthetic look of the property. What is most important to them, as well as to the real estate inspection groups and the buyers, is the assurance that this house is livable. As a consequence, it is best that homeowners stop remodeling and dolling up their property. Instead, they should go back to the basics.
What are these basics? They are the essentials of a home including heating, plumbing, air-conditioning, and sewer and electrical systems. And let’s not forget about any evidence of foundation failure, like cracked bricks or cracked sheetrock. Buyers are always checking to see if these essentials are in tip-top shape. These essentials are the first things real estate inspection companies look for. These are also the main basis for a real estate appraisal. If these basic necessities are not in working order, then the value of the property will drop dramatically. Sometimes real estate inspection professionals will ask the homeowners to repair these things before even thinking of getting a real estate appraisal.
The Best Home Improvements
It is of utmost importance for the homeowner to repair, and if finances allow, upgrade the air-conditioning, heating, plumbing, electrical, foundation and sewer systems as soon as possible. Once this is accomplished, then one can win the trust of not only the real estate inspection and real estate appraisal expert but, more importantly, the buyer’s trust too. The surefire effect of this will be a significant increase in property value.
Another way for homeowners to increase the value of their property is to replace and upgrade doors and windows. It seems like such a simple thing, but in reality this will usually result in a return investment of around 70%. That’s a good deal especially since this is one of the cheapest ways to improve the home’s appearance. According to real estate appraisal studies, most buyers take into account how they enter a house. Apparently, buyers put weight on how they feel when they enter the door and look in or out through the windows when they inspect houses. Also, the location of the doors and windows is something that real estate inspection experts usually check. They should be logically placed to provide a good flow of air and light into the house.
Obviously, buyers do not want a house that looks cramped, nor do they want a house that appears as spacious as a deep cave. Buyers want a house that is just right for them. And in order to achieve that effect and therefore increase property value, homeowners need to start investing in updating their doors and windows.
According to recent research done by a premier real estate appraisal company in Oklahoma, buyers now believe that an extra bathroom is more important than a kitchen. In fact, adding an extra bathroom in fact increase property value by almost 11%. Even though adding an extra bathroom can be pricey, with all the plumbing and heating systems needed to be installed, homeowners can regain around 68% of their investment because of the popularity of extra bathrooms. On the other hand, one must make sure that this extra bathroom will pass the tests of real estate inspection. Otherwise the property appraisal will not be as high as expected. If adding an extra bathroom is out of the budget, homeowners can just facelift one of their existing bathrooms.
Last but not least, homeowners should upgrade their kitchens. Also known as the heart of the home, kitchens have to be workable in order to pass real estate inspection as well as attractive enough for real estate appraisal. Painting over the kitchen or changing the flooring to tile is just some of the many ways homeowners can redesign their kitchens without spending too much on the budget. Upgrading the cabinets and the sink is another surefire way of improving the kitchen, and thereby increasing the property value. As said before, the housing market is alive again, and these are just a few ways for ordinary people to get into the action and come out on top.
For a great resource in the Tulsa and Oklahoma City areas, contact Ryan Kolbert if you decide on contracting any home repairs; excellent home repair specialist and offers great pricing.
Related: Estimating Foundation Repair Costs