There are many ways to increase value on a property. The key is getting the right upgrades that will not break the bank and get you more value for you and your home. I was at a home last night to look at doing some remodeling. The property was in a very nice area, but the values are the values. The additions and rehab they want will increase their home value, but there is a ceiling on the home price you have to watch. You can get them by looking at similar homes that sold in your area.
I purchased a home for a client on a golf course in Chagrin Falls Ohio for $160,000. It needed extensive rehab, and I needed to know the ceiling on the value of the property . We did extensive rehab over $70,000 worth. but it sold for $304,900. The homes in the area varied a lot on the price due to the lot size. Some properties did not have a large back yard, this one did. That was a big factor to a family who had kids that needed that back yard. I also needed to add the items that would ensure the $304,900 price and also get the appraisal. The video in the heading is this home.
Sometimes adding a bathroom, garage or even a new kitchen can really increase the value of a home. That is why I have a kitchen package that is under $20,000 for a complete new kitchen. I just sold a property for $198,000, $229,000 and $224.900 that added new kitchens.
Paint is another great way to add value and update your home. The trim and doors also must be painted and not look dated. Adding new plugs and switches really add the new look to a dated property and do not cost a lot.
If you have a living room that is a bit on the small side then you might want to add recessed lighting. Also if you have an older home you might need to update the electrical panel. Buyers watch HGTV and know that new electrical boxes are always good. Make sure and pull all the permits and get city inspections when doing any upgrades also. Makes the buyer fell comfortable and you have a third party that approved it.