If you’re planning to renovate or upgrade your Dubai property it’s critical that you consider how these changes will affect your property value. You raise property value if you invest in upgrades and renovations that are beyond aesthetics.
Upgrading a property can benefit the owner from a sales point of view but also from a rental point of view. For example, investing AED 2000 on wooden floors for the bedrooms would mean the landlord could stand out from all of the current competition that exists within the same building. Therefore, they could charge a higher yearly rent.
However, keep in mind that not all upgrades can improve the value of your home. In fact, unplanned repairs can end up being a money pit. You will waste a lot of money and time if you undertake a renovation project without ensuring it is worth the investment. Before any upgrade, ask yourself: “Would I be able to recoup the costs if I decided to sell my home?” If the answer is no, then you should probably hold off.
Here are some tips on how to raise property value:
Tip 1 – Create a Scope of Work
The Scope of Work is an important document in the construction industry. It is crafted to ensure that the project is completed within budget and on time. For a renovation project, create a Scope of Work. It will include the following details:
- A description of each repair and renovation project that you want to achieve
- Materials needed
- Labor cost
- Milestones and deadlines
If you are renovating so that you can sell your property, have a home inspection agency check everything over. An engineer will point out any structural issues. Also, common defects with the property that you may fail to identify due to your inexperience and lack of knowledge. The report from the home inspection agency will help you create the Scope of Work document.
Tip 2- Focus on the important areas first
Certain parts of your home are worth investing in the most. For example:
- Kitchen: If you ever decide to put your home on the market in Dubai, you will realize that the kitchen is one of the most important areas for potential buyers. Upgrade to a functional and appealing design. Use stainless steel, install modern appliances, change old or broken tiles, and repaint the walls with natural colors.
- Bathrooms: Make sure faucets, sinks, and showers are clean and in a proper working condition. Leaks should be repaired immediately. If they are really old and your budget allows it, you should install new modern faucets, sinks, and showers.
- Windows and doors: Windows and doors are critical to the appearance and marketability of your home. Remove any dirt and airborne impurities that may have built up on surfaces. Make sure that the window and door tracks glide smoothly. A fresh coat of paint or varnish on wooden windows and doors can make them look brand new.
- Patio: This part of the house is where you probably gather with family and friends. It is important that it feels cozy. Walled mounted greenery, wooden furniture, colorful and patterned outdoor rugs, canopy-structured roof, privacy panels, and pillar candles are some design ideas that can spruce up any backyard space.
Tip 3 – Small cosmetic improvements
Cosmetic repairs and maintenance improve aesthetics and add value to your home.
- A fresh coat of paint on the interior and exterior walls
- Update light fixtures, ceiling fans and, light switches
- New flooring
- Touch up the hardware on cabinets, windows, and doors
- Hang curtains
Tip 4- Improve the curb appeal
The way your home looks on the outside can greatly affect its value. The ‘curb appeal’ is the first impression for any visitor, tenant (if your property is a rental) or potential buyer (if you are selling). So, make sure your home’s exterior is impressive and appealing. Your home’s front door, front yard/garden, driveway, landscaping, and garage are important parts of the exterior features.
Most of the improvements outlined in this article are budget-friendly and can raise property value. The trick is to do research before making any major changes. If you own an apartment in a premium Dubai location and plan on renting it out, consider Blueground. Our company leases apartments directly from owners, offering an array of benefits they cannot find anywhere else. To raise property value and receive a passive income, get in touch!
The Landlord Resources blog is Blueground’s information hub for landlords and property owners.
Through tailored articles, landlords can find relevant information relating to renting out their apartments, decorating, maintenance & renovation, property management and rental laws specific to their city.
