The value of your home can be increased by making minor changes before you sell or rent it. Thus, you will get more profit and find a buyer for your home in a shorter time.
Before you sell or rent your real estate, you need to determine your target audience well. Does your home appeal to students, families with children, or single or newly married couples? After you determine your target audience, you can make changes inside the house.
It is a common dream of everyone to sell the house they own at the highest value. The way to increase the value of your home is to pay attention to a few important details.
You can learn how to increase the value of your home by turning even the disadvantaged features into an advantage if you follow the 10 easy and practical techniques listed below.
1. Cut Energy Costs
An important point to be considered when renting or selling the house is that subscriptions such as electricity and water are in the name of the tenant. In this way, you can take precautions against situations such as non-payment of invoices. If there is already a tenant in the house, you should deduct the part used from the fee.
2. Paint Your House
After the tenant in your house leaves the house, you should start the painting before finding a new tenant. The same is true for property owners who want to sell their homes. Although the colorful walls attract the attention of some buyers, be careful to use plain colors in the house you are considering renting or selling.
While preparing your home for its new owners, the easiest way to make the rooms look clean and spacious is to whitewash them. It is important for ease of use and hygiene to choose paints that are suitable for indoor use, that can be wiped, and that prevent mold formation. To make the rooms look spacious and bright, you should use your color selection in favor of light tones. While tones such as champagne, honey foam, and sand beige add a warm atmosphere to the environment; Colors such as gray, lilac, and blue will create a modern impression.
3. Replace Old Items in Your Home
Walk-in closets and cloakrooms are used to provide extra storage space. Especially big families need more space to store their surplus and outerwear such as shoes and coats. You can also increase the value of your home by having fixed cabinets, useful shelves, a cloakroom, or a coat rack.
4. Replace Worn Floors
Whether it is an empty or furnished house, floors have a great place among the sales value enhancement techniques. Clean and bright floors give your home a much higher quality and attractive atmosphere. The cleanliness and newness of the floors are among the features that can easily impress potential buyers. If they are worn out, replace them with new ones.
When buying or renting a house, first of all, interior decoration is also important. Therefore, to leave a positive impact on your potential customers, you should replace the old, worn parquets and tiles in your home. You can choose parquets that are not affected by water in the rooms, and tiles in the kitchen, bathroom, and balcony. Choosing the color of the tiles in tones that are compatible with whitewash or wallpaper will provide harmony between the floor and the walls.
5. Organize Your Garden
If you have a house with a garden, you will need to pay the same attention to the garden as you give to the inside of the house. You should do the germination and bloom of the garden at the right times and with the landscape experts of course.
If the construction of your house has just been completed, there will be construction dirt in it. Before you start looking for new owners or tenants for your home, make sure to have a deep cleaning at your home.
6. Increase Storage Space
You can increase the market value of your home with various renovations before they rent or sell their homes. While the interior decoration, which is renewed with small expenses, changes the atmosphere of the place, the houses can be made more useful by making maintenance and repairs. One of them is to keep the storage areas wide. It can be a very decisive factor, especially for big families.
7. Repair the Roof if it has Been Leaking
Before putting your home up for sale, overhaul the electricity, water, and natural gas installations. By calling the experts in the field, you can have the plumbing of the house checked, so you can easily find the new owners or tenants.
8. Repair Water Damage on the Interior
Before you put your house on sale, having the broken down problems of the house repaired will increase the price. No one wants to buy a problem home. Even in the houses that will be purchased at an affordable price, the small number of problems will bring the buyer closer to a more attractive house. Handling details such as sinks and faucets before selling helps keep the price up.
9. Spiff up the Bathroom
One of the most important parts of a house is the bathroom. Buyers pay attention to the bathroom first before buying a house. Thus, you need to make sure that the bathroom installations are solid.
If the parts such as the sink you use in the bathroom of your house look old, neglected, and dirty, it will negatively affect the perception and feeling of the buyers. Before putting your house up for sale, maintain these areas and replace the old ones if necessary.
10. Change the Lighting
If you are still living in your house at the time you put it up for sale, then you may need some decorative arrangements. You can create attractive details that will make the potential buyer want to buy the house. For example, you can apply additional lighting at some critical points to create a bright atmosphere. Even if you have a dark house in some parts, it is possible to eliminate the mentioned disadvantage in this way.
How is the Value of Your Home Determined?
Determining the real value of the real estate ensures that the buyers and sellers have mutual trust in the purchase of a house. Several methods can be followed to find out the value of your home. By applying these methods and comparing the obtained data, the real value of the house can be learned. These methods are as follows;
- Find out the equivalent flat prices
- Get real estate appraisal service
- Benefit from the real estate ındex
- Work with real estate agents
- Inquire about the market value
- Calculate value on the rental price
What Factors should be Considered when Determining Home Value?
Factors such as the age of the building, the facade of the house, the square meter, the floor on which it is located, and the presence of an elevator in the building are also of great importance in determining the value of your home.
When buying a house, not only the interior of the house but also the region and location of the house are extremely important. Keep in mind that you are selling not only your house but also the location of the house. Make a list of how many shopping malls, schools, supermarkets, hospitals, parks, entertainment centers, gardens, and other important institutions and organizations are in and around your home. When you add all these details to your advertisement, you can sell your house, for which you have increased the sales value, in the fastest way at the price you want.
How to Calculate the Value of an Investment Property?
The most important step for your investment is to learn the real value of the real estate you have purchased or invested in. There are 3 basic methods to learn this;
Home Value Calculation Based on Rent: The simplest method you can use to calculate the value of your home is to examine the monthly rental prices. Of course, a house with a high rental price has a higher value, and a house with a low rental price has a lower value. 214 monthly rental price is calculated for housing value calculation in Turkey.
Price Comparison with Houses in the Same Location: Although the location of the real estate is one of the most important factors that determine the price, it is not enough. For example, you cannot put all the houses in the Bakırköy district of Istanbul in the same bag. There will be a price difference between the houses close to the street, the houses near the beach, or the houses close to the E-5. When calculating the value according to the location of the house, you need to choose a small area. You should only compare the houses on the same street with each other. As there can be great differences between houses in the same neighborhood or on the same street.
Home Value Calculation Instruments: Another way to calculate the value of your home is to use home value calculators. You can reach the average value of the real estate with the calculation tools that you fill in all the properties of the house. Thus, you learn both the possible rental income, the amortization period, and the sale price of the house you own.
How to Calculate the Future Value of Real Estate Investments?
Whether for living or renting, those who look at the depreciation value of the house win in the long run. For those who want to own a house and not incur losses in the future, the amortization period must be at most 15 years. You can calculate the amortization period by dividing the present value of a property by its monthly rental value.
How to Invest in Real Estate?
Investing in real estate is one of the critical decisions that many people will make in their lifetime. At this point, short, medium, and long-term profit expectations are important in determining the real estate investment instruments.
First of all, it is necessary to decide on the type of real estate. In the list of preferences, there are options such as apartments, villas, offices, land, commercial units, and residences
Realty Group consultants recommend that the payback period of the investment should be analyzed in detail when choosing the type of real estate and learning the value of your home.
The most important condition for making the right real estate investment is to buy real estate in areas that are open to development.
It is thought that a real estate to be purchased from regions with an increasing trend in real estate value will both create a positive cash flow in case of renting and provide capital growth in a short time. Investing in real estate with all these conditions can only become a reality with the right investment strategy.
To seize a good real estate investment opportunity, it is best to get help from Realty Group.
Do You Have to Pay to Have Your House Valued?
Yes, there will be some expenses while increasing the value of the house. For example, painting the house and making it look clean increases the value of the house. Thus, paint and painting costs will come out. Again, the renovation of the bathroom and kitchen, which increases the value of the house, will cause financial costs.
How Do You Know If Your House is Under-Valued?
Determining the real value of the real estate ensures that the parties have mutual trust in the purchase of a house and that a correct investment can be made. Several methods can be followed to find out the value of the house. By applying these methods and comparing the obtained data, the real value of the house can be learned.
- Precedent Flat Fees Can Be Learned
A comparison can be made by learning the prices of the flats in the same location as the house to be bought and sold. The fact that the ages, square meters, and facades of the apartments to be compared are similar can ensure an accurate comparison.
- Real Estate Appraisal Service Can Be Obtained
A real estate appraisal report can be obtained to learn the real value of the real estate.
- Working with Real Estate Agents
Information about the value of similar residences can be obtained by contacting the real estate offices in the area where the house is located. Real estate agents, who mediate many home purchases, can provide information about the value of apartments close to the properties of the house.
- The market price is questionable
The current value refers to the current purchase and sale value of the real estate. An idea of the value of the house can be obtained by calculating the minimum purchase and sale price of the house.
- Calculation Can Be Made on the Rental Price
An approximate value can be determined by learning the annual 12-month rental price of the house and multiplying it by the depreciation period. The depreciation period varies according to provinces and districts.
If your home is undervalued, you can find new ways to increase its value and take action.