Owning a property is an excellent investment. With rising market prices, one can look for profitable returns when selling one’s property. If you are planning to sell a house or any property, it is essential to understand how you can enhance its value. The value of a property is influenced by various factors, including its location, demand, features, etc. With an abundant supply of residential properties in the market, it is important that you address key issues to make your property attract the attention of prospective buyers. Even simple steps such as making repairs and adding a fresh coat of paint can greatly enhance your chances of getting an attractive property deal. In this article, we will share the various ways in which you can increase the value of your house.
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Factors that impact a property’s value
- Location: Properties in desirable localities with access to infrastructural facilities such as schools, shopping centres, parks and public transport have higher values.
- Property size and layout: Spacious houses with open, flexible floor plans are widely preferred, thus increasing property values. The number of bedrooms and bathrooms and the availability of communal areas and personal spaces bring an added advantage.
- Upgrades and renovations: Renovations, especially in kitchens and bathrooms, can enhance the value of your house. When upgrading your house, it is important to keep it aligned with the preferences of prospective buyers in your area.
- External factors: Certain additional features, such as scenic views, less street noise and proximity to offices or commercial hubs, influence property values.
- Market trends: Factors such as interest rates, demand for homes, and economic scenarios can significantly influence property prices. Staying updated with these trends can be beneficial to identify the best time to sell a property.
- Property age: Newly constructed houses or well-maintained old houses are likely to fetch higher prices. Structural integrity, upgraded systems (plumbing, electrical, etc.), well-maintained lawns, and house exteriors attract prospective buyers and increase property values.
- Energy efficiency and sustainability: Nowadays, people prefer eco-friendly features owing to rising awareness of environmental conservation. Features such as solar panels, sustainable building materials and energy-efficient windows add value to a house and help reduce utility costs.
How to increase the value of your house?
Cleaning of the house
A neat and clean presentation of your house can catch the attention of prospective buyers and renters. Start by decluttering the house and getting rid of unwanted furniture or other items. A decluttered house with ample space and light gives a welcoming look compared to a cluttered and cramped space. You can plan to hire a deep cleaning service for your house. The cost typically ranges from Rs 5,000 to Rs 10,000.
Fresh coat of paint
Before you put your property for sale, make sure that it looks appealing. Adding a fresh coat of paint can be a simple way to enhance your property’s value. Alternately, paint the front door to give your home a brand-new appeal. Consider white colour, as it brings a sophisticated look and makes your property look spacious. Go for professional house painting services. The cost may range from Rs 70,000 to Rs 1 lakh for a 1,000 square foot (sqft) to 1,200 sqft property.
Inspection and repairs
Conduct a thorough inspection of your house to identify any area that may have been neglected for a long time. Deteriorating roofs, water leakage, outdated electrical systems, or termite infestations would require immediate attention to prevent potential problems in the future.
Revamp the bathroom
Water stains, mould growth, or discoloured grout can make the bathroom look unpleasant. This area is prone to wear and tear over time. Hence, consider remodelling your bathroom. Go for the latest fixtures and fittings, including tiles. Clean the mould and grout and add a new coat of paint. This can tremendously elevate the property’s value.
Upgrade the kitchen
The kitchen is another area that sees the maximum traffic, like a bathroom. Consider replacing old cabinets and stained tiles. Install a modular kitchen with storage cabinets as per the latest trends. This is likely to attract the interest of potential home buyers.
New lighting and energy-efficient fixtures
Make sure your house provides ample lighting. Go for modern lighting systems such as pendant LED lights instead of exposed tube lights. These will not only make the house look sophisticated but will help save electricity costs. Moreover, you can consider replacing an outdated ceiling fan with a new one to give your home an appealing look.
Add usable square footage
Plan to increase the usable space of your property. This will ensure you get a good deal when selling the property. This works especially in localities where acreage is limited. The value of any property increases with the more liveable square foot it offers. You can add an additional bathroom or a small room.
However, you need not make huge investments. Visual space also has a significant impact. Make your house appear spacious by choosing vertical blinds or shutters instead of heavy draperies.
Invest in landscaping
The presence of lawns is an additional feature that increases the property’s worth in the market. Uplifting landscaping features with new plants and fresh mulch to create a good first impression on prospective buyers. Do away with overgrown weeds and junk in your garden. Creating a fresh walkway, planters, etc., are some simple upgrades for your outdoor spaces. Opt for low-maintenance plants and trees.
Enhance the air quality
With growing awareness about indoor air pollution, it is essential that you take measures to address air quality issues. If there are old carpets, replace them. You can also switch to eco-friendly flooring options with natural materials like tile or laminate floors. Hard-surface flooring prevents odour and is easy to clean.
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By making small changes or repairs, you can improve your property’s value. On average, an investment of Rs 2-3 lakh in upgrading your property can increase its value by about Rs 5-8 lakh. The investment helps reflect the high standards and quality, which appeals to potential buyers. However, it is also essential to be aware of external factors, such as demand and supply, which can influence property values. When the demand for houses in an area is on the higher side, it is a seller’s market. Besides, an upcoming infrastructure project in your area can significantly elevate your property value. So, one can capitalise on this to get a favourable deal. Thus, it is important to be aware of the current real estate trends.
FAQs
What increases property value the most?
Upgrading the kitchen and bathroom areas and undertaking necessary repairs of the house can help increase the property’s value.
What increases property value the most?
Kitchen and bathroom renovations, installing energy-efficient fixtures and well-maintained landscaping can significantly enhance the property’s value.
Do built-in wardrobes add value to the house?
Yes. A built-in wardrobe made with quality materials can increase your property’s value.
Is landscaping essential for increasing the resale value of a house?
Well-maintained landscaping enhances the visual appeal of the property and helps get a higher property price.
What is a cost-effective way to add value to your house?
Add a fresh coat of paint to the house, especially the front door. Invest in landscaping with low-maintenance plants. This can help increase the value of your property.
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