Ways to Add Value to a Residential Property Investment

One   of   the   most   important   tasks  that   any   investor   or   home   owner  has   to   fulfill   would   be   the  means  and  ways  by  which  they  can  retain  or   better   yet   add   value   to   their  residential  property  investment.    

Depreciation,   the   amount   by  which  an  asset  decreases   in  value  after  a  period  of  time  due  to  wear  and   tear,   is   something   that   most  people   come   to   acknowledge   and  expect.   It   happens   regardless   if  the  property  is  being  used  or  not.  

On   the   flip   side   of   the   coin,   it’s  also  possible   for   an   asset   to   increase   in   value  over   time  but  unlike  depreciation,   this  will   require  deliberate  action  and  the  implementation  of  the  right  methods  and  today  we’re  here  to  discuss  and  clue   you   in   on   them.   Check   out   the   following   ways   to   add   value   to   a   residential   property  investment.  

1. Keep  up  to  date  with  repairs  and  maintenance.  

This  one  here  ensures  that  the  residential  property  remains  functional  and  useful.  It  keeps  it  away  from   dilapidation.   More   than   add   value,   this   one   rather   maintains   and   helps   avoid   premature  depreciation.    

2. Improve  and  renovate  the  property.  

Improvements  and  renovations  aren’t  all  good.  Investors  need  to  choose  the  right  projects  to  spend  and  work  on  because  not  all  expenses  will  create  value.  This  is  also  why  one  has  to  consult  with  an  export  before  starting  on  a  huge  renovation  project.  Depending  on  the  current  trends,  needs  and  the  movement  in  the  market,  certain  additions  will  add  more  value  than  others.  

3. Upgrade  the  front  lawn,  garden  and  backyard.  

Most  people  would  focus  only  on  the  interiors  and  neglect  what’s  outside.  What  they  fail  to  realize  is   that   upping   the   game  exterior-­‐wise  will   also   increase   the   residential   space’s  market   value.   For  instance,   a   manicured   garden,   functional   patio   or   piazza,   well-­‐lit   driveways   and   pathways   and  secured  fences  make  a  huge  difference  visually  and  value-­‐wise.    

4. Create  more  space  and  room.  

It’s   safe   to   say   that   the  bigger   the   space,   the  higher   the  demand  and   therefore   the  value.  But  as  mentioned,  the  size  of  the  space  depends  on  the  property  and  its  features.  But  the  rule  of  thumb  here  is  to  build  the  asset  in  such  a  way  that  it  does  not  cut  off  or  cramp  whatever  space  is  available  so  do  away  with  unnecessary  walls  or  divisions.    

5. Invest  in  improvements  that  lengthen  useful  life.  

Want   to   know   a   surefire   way   to   add   value   to   a   residential   property   investment?   Spend   your  resources   on   improvements   and   projects   that   lengthen   its   useful   life   or   the   amount   of   time   by  which  the  asset  is  deemed  useful.