Whether you’re planning to move out sooner or later, it’s important that you’re considering the value of your property with every change you make. If you’re sure you’re going to leave, then you want to know how your renovations are going to affect the value, and whether they’re worth your money. There are many great ways to add value to your property – but it’s also important to remember that you’re not in full control over how much your property is worth. If the area around your home sees a decline, then naturally your home value is going to sink with it.
The great thing about renovating your home is that it can work out to be profitable in the long run, so think about that when you’re considering investing back into your home.
Getting a cell tower lease
One of the ways you can add potential value to your property is by getting a cell tower lease. While the idea of it might feel unappealing to have a cell tower put on your land, it can be quite profitable if you’re in a good location for it and you’ve got the space. You might be wondering, how much do cell phone tower leases pay? And, that answer can vary from location to location, so it’s worth considering it if you’re in a good spot for one. It’s unappealing, but you’ll be paid rent by the company looking for the land, making it worth your while.
Remodel the kitchen
There are a lot of things people desire in a property, and whether it’s someone looking to buy their first home, a property you’re looking to rent out, or something you just want to flip and forget about – remodeling the kitchen is often one of the first things that should be done. A great kitchen can really improve the cost of living, and it can increase the value of your property by more than 20%. The more desirable your home is, the more you can ask when you sell it, and the more buyers you’ll have to raise that price.
Converting unused spaces
Trying to remodel your home while you’re living in it can be troublesome, but if you put all of the focus into areas that you’re not getting a lot of use out of – it’s an easy profit. The garage, loft, and basement are all places that tend to go unnoticed in many homes, and if you’ve got that space, you might as well use it! Having them converted into more functional rooms of your house, or updated to fit the theme of the home is a great way to add a decent chunk of value to your home. Not only that, but it’s nice to have that extra space while you’re living there.
Even if you just turn the garage into a storage room, that’s incredibly valuable for people looking for a spacious home. More room makes a home much more comfortable because you won’t have to worry about feeling cramped once you’ve got everything moved in.
Maintain it
Without getting a lot of work done to your home, you can still make sure you keep that value high with your own hard work. Keeping your home maintained and in order can help to drive the price up, especially with things like having your roof checked routinely and repainting when the outside paint begins to fade or crack. These things happen naturally over time, and it can really lower the curb appeal – which is a major factor when putting it on the market.
Properly maintaining your home ensures there’s no serious damage done to the building or structure, and when you come to sell you won’t run into any nasty surprises while having it priced. The last thing you want is to find out there are damp spots due to leaks in your roof, or cracks in the structure which can eventually lead to the building becoming unstable. Having these damages in your home isn’t the end of the world, and you’ll still be able to sell depending on the condition – but the price will be driven down from it.
Getting an extension
Adding more rooms to your home is somewhere you can’t go wrong. It’s a bigger property, and it will be more desirable if done right. Of course, getting the planning permissions together beforehand can be a nuisance, but with the amount of value you stand to add to your property it can be worth it. Whether it’s a conservatory, a home gym, or otherwise, more space is always welcomed.
