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PREPARED BY STELLA CHIBUIKE-EZIKE, Director, Arteriors By Ella
Adding Value to your Home
Adding value to your home involves ticking the right home improvement boxes that ensure a boost in your home appeal and an actual increase in its worth over time.
As all real estate assets, your home is a potential nest egg that should be carefully managed as part of the family’s economic future.
Home improvements could be in the form of aesthetic enhancements, adding an extension to your home, making structural adjustments and giving the exterior a facelift.
As expected, some of the projects could be quick repairs and small add-ons that instantly light up a space while others could be major upgrades or replacements that would take some time to be actualized.
In both cases, the objective is to secure long term investments that provide accrual wealth through the accumulation and preservation of home equity. Read on to discover some of the ways you can increase the value of your home.
Pay Attention to Structural Issues
Structural defects have a substantial adverse impact on the value of any property. It also makes living in the house unsafe.
Cracks in the wall, broken plumbing, flooring defects, improper electrical wiring etc. are common structural flaws that home owners tend to grapple with.
It is advisable to carry out regular home inspections as these flaws are usually easier to deal with when identified early on.
Signs to look out for include widening cracks over a period of time especially where there are multiple of them in several rooms, toilet and bath leaks, clogged drains, frequent circuit breaker trips, flickering lights, burning or burnt cable odors, over fused sockets, water seeping from under the foundation.
All these give an indication of a structural defect that should be immediately looked into. Where necessary, it might also be a good idea to have a professional building inspection company take a look as well.
Enhance Your Curb Appeal
Enhancing your curb appeal works like magic! Isn’t that what making the most of first impressions really means? The outside of your home is the first thing visitors see and you should ensure it generates a lot of interest once sighted.
Do the front doors need replacing or maybe respraying? Are your lawns well-manicured with colorful accent plants or perhaps you need to hire a professional landscaper to take care of these? Applying a fresh coat of paint in addition can help a great deal too.
Build an Extension
Where possible, it is always an excellent idea to create more room and give your home some additional space.
Think of constructing a rear extension at the back and transforming your outdoor living area or a single storey extension that allows you introduce a utility room or a proper home office.
It could also be an additional bedroom with its own bath, open plan kitchen and living space. Adding more square footage is quite an intensive project so be sure to have professional planning and project management in place before you begin.
More importantly, ensure the proposed extension is well within the boundaries of building regulations and other relevant laws in your city/region so that you are not flouting any rules.
Remodel Your Kitchen
A modern kitchen places a premium value on your home effortlessly. It is one room that ranks high on emotional appeal and perceived value which in turn shoots up its actual worth.
A couple of ideas here include replacing your kitchen appliances, installing granite countertops, replacing the wall and base cabinets, installing an island, fitting modern lighting, etc. Again, be sure to work with a professional here so as to achieve optimal results.
Makeover with ROI
Whether it’s a major renovation or a small improvement/quick fix, it’s always a smart move to makeover your home with returns in mind.
Your home is a huge asset and any financial investment towards keeping it comfortable and visually appealing should also allow for extracting maximum monetary value when it’s time to sell, lease or even rent.
Remember, any time of the year is great to begin the journey towards remodeling your home. Be proactive and start with simple budget friendly changes, working your way up gradually to major projects that will guarantee the best prices for your property when the time comes.
Note however to always review critically the various alternatives to each project, especially when filtered through the lens of your budget, current market trends and the general nuances with real estate investing in your region.
This is because you want to boost the value of your home with the most efficient use of resources at your disposal. Finally, make sure to speak to a professional interior designer on your remodel plans so as to help you navigate the murky waters of a renovation project.
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