Property Renovation Can Help Increase Its Market Value

. Saturday, January 16, 2010
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By Danny Miller

An overall renovation project is the best way to lure potential buyers towards your house. Time should not be an issue for such projects because a house with a good makeover is always favoured by prospective buyers, thereby raising chances of a lucrative resale.

A quick example of increasing the property value as well as salability and rent ability is adding a garage or car port. If the property has the space to add a car shelter and it does not have one, future buyers or tenants will see the added value. When you rent a property you can often recover the cost of the work from a tenant within two years. After that the extra rent you charge will be pure profit. On top of the rent amount if you are making additional changes to the property at the same time, your bank will take the renovations into consideration when you get the property revalued.

Home renovation is an elaborate affair that includes everything from painting the outside walls of the house to repairing the electrical wiring systems, and also improving the decor of the rooms. An intelligent property renovation aims at enhancement of usefulness and comfort for the dwellers. A 50% raise in property value is not unheard of through an elaborate makeover.

Any good renovation must primarily target at enhancing the appearance of a property. The interiors of your renovated house should be more in sync with modern trends so that prospective buyers, who are often aware of the current trends in interior design, feel impressed and are willing to pay a good sum for it.

It is advisable to engage the services of an experienced interior design specialist when you go for the makeover. If overall renovation is not on your agenda, then the interior designer can recommend certain sensible changes on a few sections of your property that will fulfil the objective of roping in buyers.

For instance, an interior design specialist knows how to generate good results by adding a few architectural touches at nominal expense. Things like floor designs, wall colours etc can give you a feeling of brighter and spacious rooms. Advice on the structure and the requirement for reinforcements can also be provided by an interior designer. From his experience, he will be able to make suggestions while considering your budget and preferences.

Another aspect that justifies hiring an interior design expert for renovation is the opportunity to make a substantial saving on the renovation materials. They know where to procure these materials and appliances from the market at reduced prices. The duration of the entire makeover activity, from laying the first layer of paint to striking the last nail, can also be effectively estimated by interior designers.

It is also advisable to seek advice of a property broker who can tell you about the current trends in the real estate market with reference to the choices and preferences of buyers. After all, the whole objective of the renovation is to satisfy them to be able to fetch a higher price for the property.

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