Are you trying to find a way to boost the resale value of your apartment? If so, one of the first things to understand is that not all renovations are created equal. Bigger ticket things, like flagstones near the patio or new hardwood flooring, may be great now, but they aren’t going to do much to increase how much your property is worth.
Rather than focusing on the “big ticket” renovations mentioned above, focus on ones that are somewhat subtle, but offer much more value. Keep reading to learn what these are.
1. Think Safety First
While the luxury additions, such as new flooring and granite or quartz countertops may look amazing, new apartment buyers are usually going to be more concerned about how secure the apartment is. For example, buying a new, reinforced steel door will only cost you a few hundred dollars, but when you are ready to sell, you will make back almost 100 percent of that investment.
Additionally, purchasing new garage doors in Perth, which may cost around $800, can result in you having an 85 percent return on your investment. These types of changes are not only going to add more security to your apartment now, while you are living there, but also make a great impression on potential buyers.
2. Think Green
Today, more people are concerned about the energy efficiency of their apartment than ever before. Not only will upgrading to energy efficient appliances help to save you money now, but they can give you the perks needed to increase the asking price for your house.
One of the biggest ticket items that you can invest in regarding energy efficiency is new windows. While these may cost $10,000 or more (depending on the number of windows in your house), you can expect to see a return on this investment of as much as 75 percent when you finally sell.
3. Don’t Forget About Curb Appeal
A common misconception is that all the renovations you do to your apartment in an effort to increase its value should be expensive. This simply isn’t the case.
If you invest some time and effort into doing a few DIY projects that are a bit more modest, it’s a great way for you to add to your apartment’s value, without spending too much. For example, basic landscaping services aren’t expensive (and something you can enlist your kids to help with). However, all this effort can help to dramatically increase the property’s curb appeal. This is what gives a potential buyer their first impression, so you want to make sure it’s a good one.
4. The Small Stuff Matters
You may think that the smaller elements of your apartment, such as your doorknobs and faucets, don’t really matter. While it isn’t going to be wise for you to splurge on higher-end fixtures and faucets, you still want to make sure that your house appears uniform. This means you should pick a single style and then use it through the entire house.
5. Avoid Overdoing It
There is such a thing as doing too much. While there are some renovations that can help you increase the asking price for your apartment, you have to remember that very few of these are going to give you a 100 percent return on the investment you have made. As a result, pick what you renovate carefully to ensure you aren’t spending too much.
If you want to add to your apartment’s value so you can get a higher price when you sell, then be sure to consider the tips here. They will help you figure out what parts of your apartment to focus on for the best results possible.