If you have owned your investment property for a number of years, you are probably thinking about how you can increase home value. Ultimately an investment property is exactly that, an investment. Over time you will want to raise the rent or even the sale price. As the market changes and landlords are getting more for their apartments and homes, you hope to see a better return on the property year after year or ultimately when you decide to sell.
Changing physical attributes is the first thing people think about when adding value to their property. There are definitely some inexpensive tricks and bigger investments worth the money which we will talk about. Location in New York City is a huge factor when it comes to value. Although you can’t pick up your apartment and move it to a different neighborhood you can add some live-in features or amenities to make your tenant’s life more convenient. This will also add extra value that will make rising rent worth it for the tenant staying in your luxury space.
Check out these simple ideas to increase home value:
Technically you should give the apartment a fresh coat of paint between tenants. Just retouching the walls won’t do your apartment any good if you are looking to add value. If you have wooden kitchen cabinets, crown molding or classic wooden fixtures, give these elements a fresh coat of bright paint on a regular basis. It will clean up the look of the apartment and keep the overall look and feel of the house up to date.
Depending on the age of the building and the style of the architecture you don’t have to keep to a strict standard of whitewashing all surfaces. Pre-war buildings have a lot of character. Bringing in an interior designer to consult on a color scheme is a smart move if you are trying to preserve an old school look and feel but still want to keep the apartment walls updated.
Brass doorknobs setting you back a few decades? Small features like faucets, knobs, and handles from the original construction may be giving your home a dated feel. Simple stainless steel and modern metallic upgrades will freshen up the look of your space. In the bathroom, replace dated elements with simple upgrades. Clear glass shower doors and light colored tile walls can cost only a couple hundred dollars but greatly increase the perceived value of the property.
Don't let square footage keep the value of your home from increasing. You don’t have to break down walls to make your apartment seem larger. Simple tricks like replacing heavy curtains with blinds and keeping small furniture out of channels of egress can easily change the room from closed off and cluttered to spacious and comfortable. If your ceilings aren’t very high, using low-profile furniture will not only create a modern look but also open up space in the living room. If you are renting a furnished property, space and style definitely matter. Your tenants will expect that the arrangement of furniture is highly functional.
Is breaking down walls your thing? Converting a non-functioning space into a private loft for rent increases your sale price. Also, your ability to profit from any renovation, remodel or construction before putting your home or building out on the market.
First impressions matter. When tenants and buyers come knocking you want to put your best foot forward. Most people can make a subconscious decision within the first ten seconds of entering the space. Permitted your building allows you to update your doors, adding an expensive brand new door (or just a fresh coat of paint) can be the urban curb appeal factor that can increase your home value in a simple way.
Have the floors in your home taken a beating? A trick many home improvement specialists and interior designers use to add value and style to a space is custom flooring. Unique tile designs in the kitchen and distressed pine flooring add character. It also shows that the owners have been keeping up with the trends. Updating the floors in the kitchen and bathroom over the years will definitely add value to your home.
Do you have a big empty space that isn’t conducive to your furniture? Or an unruly corner causing you stress? This is a perfect opportunity to install custom shelving for extra storage. Another tip is to build a hutch under a window sill that can also function as extra seating space. You will increase your home value over time by upgrading areas to make them more functional. Elements like this tell prospective renters and buyers there is less work for them to do once they move in.
You can add a lot of value to a home by installing great security and A/V system. Speaker systems and intercoms can be found in most modern homes today. A city dweller will want to entertain and invite friends over and an amazing room to room speaker system can add a nice chunk to the rent or final sale price.
Blueground apartments in New York may come with valuable features like Apple TV, Marshal speakers, WIFI and other tech-friendly add-ons. If you are looking for all the comforts of a hooked up home there are some great fully equipped Manhattan rentals.
One of the most important things that buyers consider is the amount of time and money they will have to put into a property once they move in. Taking care of structural issues is the best way to set up your property to get the highest price possible. Don’t overlook the little things that bring down the value of your home like:
Always remember that the location of your property, especially in New York will have a huge impact on the maximum rent or sale price. If you are looking to increase your home value over time adding too many bells and whistles, or expensive appliances may be all for naught if the buyers who would appreciate the quality are seeking accommodations elsewhere. This is what we call over-improvement. You just need a space that will make your tenants feel at home. Make sure you spend your money wisely and think about what will last through the years and what will need upgrades between tenants.