Whether you are planning on selling or not, everybody wants to add value to their residential or commercial property. The reason is simple. We all see our homes and offices as long-term investments. And as with any investment, we want to see them grow and prosper with time.
With that in mind, let us look at five effective, realistic ways for you to do this.
Maximizing Outdoor Spaces
In 99 percent of the cases, having more space will make your property more expensive. Of course, if you want to rent a 500-square-foot apartment in New York City, it will cost you more than a farm five times the size in the middle of Wisconsin, North Dakota, or Montana. Yet, price is often determined not only by location but also by livable, usable space.
One way to add value to your commercial or residential property is by making adequate use of available outdoor spaces. For instance, if you live in a house with a patio, a great idea would be to invest in a roof with insulated panels to create an extra area to have barbecues or relax. The result would be another living environment for prospective buyers to enjoy.
Improving Curb Appeal
In simple terms, curb appeal could be defined as how attractive your house or office and its surroundings are when they are viewed from the street. With advanced satellite-driven software like Google Earth, Maptitude, and QGIS, you don’t even have to be anywhere near a building to see precise details of its exteriors.
There are many affordable ways to improve your property’s curb appeal. Some of the most common ones include cutting the grass and fixing the natural landscape, removing all existing trash, giving the house or office a new, fresh paint job, and polishing doors and windows. They are all simple and inexpensive things you can do that will make an enormous difference.
Technology and Optimization
A house with a smart security system that uses intelligent CCTV cameras, motion sensors, and mechanisms to detect the proximity of unknown individuals is safe and cool. It is also more expensive than the one without it. An office with an up-to-date HVAC system that provides environmental comfort and improves air quality will not only save you money on electricity costs long-term but also make your place of work more attractive to future tenants and buyers.
Even if these things might need a significant initial investment or you are not planning on selling anytime soon, the benefits far outweigh the costs. For residents, they are adding convenience, increasing efficiency, and enhancing safety in the places where they live. As for businesses, it could represent tax benefits and other government incentives for going green.
An Interior Overhaul
When was the last time you replaced the locks, doorknobs, and pulls in your house or office? Is there a wall separating your living room and a secondary area that your house would be better without? In the new normal that the covid-19 global pandemic has created, is your office properly outfitted for social distancing and isolation?
These are a few ideas of interior changes you could make. There are also others like adding some paint where needed, fixing power outlets, and getting rid of unnecessary furniture items. If you cannot afford to do any of them, an alternative would be to give your space a thorough cleaning and spending a few hours on decluttering.
One Into Many
In highly populated cities with little space, such as Tokyo, Japan, Shanghai, China, or Kuala Lumpur, Malaysia, many parents choose to downsize their residential properties once their kids have gone to school or got married. In essence, they divide their homes into two separate properties, one for themselves and one to lease to individual tenants or small businesses.
The same goes for offices. If one of your biggest tenants can no longer afford to pay for a large amount of space, instead of having him go elsewhere and lose a big chunk of your monthly income, why not offer him a smaller place? And while you are at it, you can also promote the remaining area to others.
Even if this might not work for everybody, it is a viable option to consider.
If you want to add value to your residential or commercial property, five things you could do are maximizing outdoor spaces, improving curb appeal, using technology to optimize your spaces, taking the time to do an interior overhaul, and splitting up your home or office into two.
In the highly competitive, fast-changing real estate market we live in today, it is about making small improvements and putting in place minor changes that will make the most out of your property.