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:
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:
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.
Certain parts of your home are worth investing in the most. For example:
Cosmetic repairs and maintenance improve aesthetics and add value to your home.
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. From tailored furniture, to sourcing senior executive tenants to a Guest App for maintenance request, Blueground handles all of the responsibilities of renting out an apartment. Contact us to learn how you can raise your property value and enjoy a source of truly passive income!