Of course, you can always just buy your property and wait for the value to appreciate. Some investors choose to be more proactive, however, which mostly comes in the form of renovations. As they say, “you have to spend money, to make money”, and renovations are a great example of that.
Here are a few suggestions that, once implemented, can immediately increase the value of your real estate investment:
Improve the lighting
Natural light can greatly improve the energy efficiency of your home, and it is a huge selling point for prospective buyers – bright atmosphere and lower utility bills are very appealing qualities of a home.
Even better, certain solar-powered skylights and blinds are eligible for federal tax credits.
Add a Gas Fireplace
Installing a gas fireplace is not as tricky as one may think, and it can add great value to your home. We say gas over wood fireplaces as they’re safer, more economical and easier to operate.
You’ll need to do your research, though. Finding the correct log types for your fireplace is a start. You’ll need to design the fireplace in such a way that it matches and fits the existing aesthetic of the room.
Beautify the landscaping
A beautiful yard is one of the first things that intrigues someone to a home. Fortunately, the Portland climate allows for some of the prettiest front yards around. Some suggestions to enhance yours would be:
- Install raised garden beds
- Seed your yard with wildflowers or roses
- Add benches or garden ornaments
- Prune, remove and replace overgrown brushes
Apply a new paint coating
Painting is one of the best value-adding investments: it requires little money, and greatly improves both the interior as well as the curb appeal of your home.
Some estimate that property owners can see as much as 80% ROI for exterior paint jobs, and a full, 100% return for interior. Just be sure to not use a color that’s too crazy!
Consider a major renovation
These may not always be necessary. However, some of the houses in Portland were built many years ago, and could probably use a major facelift in certain areas. Some of the most common, major renovations are:
- Kitchens (appliances, countertops, even replacing the cabinets)
- Plumbing & electrical
- New roof construction
- Replacing flooring
Renovations can be simple or major. Just keep in mind that you are looking to add value, not necessarily create change just for change’s sake.
Be wise with where you choose to spend your money. If you have any questions at all, contact Portland Development Group today.