Are you currently looking out for an opportunity with sellers/ developers to pocket some profit with your property? Before sellers capitalise on this opportunity, it is always important for you to understand a property’s market value and how to find ways to increase its worth.
A ‘market value’ is usually determined based on four aspects: external characteristics; internal features; market outlook (supply and demand); and location. AkzoNobel, the leading global paints and coatings company and producer of decorative paint Dulux, shares a few affordable and easy tips to increase the market value of one’s property:
1. Brighten up your front yard
When walking through the streets of one’s neighbourhood, more often than not the external appeal of a property would be the first to catch one’s attention. An exterior that is warm, welcoming and structurally-sound forms a good first impression. For instance, decorating the walkway with flower pots or LED lights, make the main door more visually appealing with a catchy colour or simply find interesting ideas online to charm passers-by.
- Tips : Snap a digital photo of your property and look at it in black and white. When all colours are removed, you can better see the cracks in the walls and the glaring flaws.
2. Upgrade your kitchen
It may sound unbelievable at first, but many real estate experts have reported that the kitchen is the number one must-upgrade item for greatest returns. National data from Cost vs Value report from Remodelling magazine shows that a minor kitchen project may yield up to 81% returns on investment. That means for every RM100 spent on the upgrade, the home value increases by RM83 on average, which sounds like a fair deal.
TIPS FOR MINOR KITCHEN REMODELLING
- Change the paint. It’s simple, but it works.
Keep the interior and colour scheme simple. Think neutral for wall colours, and by that we don’t mean white. Go natural and subdued.
- Embrace stainless steel
Not all professional grade-models home appliances work for everyone. The key to remodelling is to appeal to the masses, so try to incorporate high quality stainless steel materials into the kitchen instead. The cold feel of steel is a hotcake for many buyers, and it will give a better return.
- Add in a “Wow” factor.
Spruce things up a little to add that extra mile to one’s home. Consider hanging a pot rack with fresh greeneries, pans and a suspended wine bottle holder to create a modern look. Lighting, such as under-cabinet fixtures, will also add ambiance and show off the materials in the kitchen.
3. Beautify your bathroom.
The bathroom is the next spot to remodel, as a quick refresh can positively affect a potential buyer’s impression of the home.
One way to do it is to switch up the tiles and play with textures. Beautiful tiles can be expensive, especially if a contractor is hired to lay it all out. A good budgeting tip is to limit the number of tiles used, and focus on high-impact areas only, such as flooring. A simple colour change on one of the walls could also greatly impact its overall design. By creating a feature wall with different tone, it captures the viewers’ attention almost immediately.
4. Colour psychology instillation
Colours can alter a person’s mood, instil calmness, evoke happiness, and even promote appetite. By matching the right colours to the specific part at home, it can instantly increase a home’s appeal to buyers. Below are some colours and its effects in different parts of the house:
- Blue slows down our metabolism and calms our mind. It is said that it also helps with lowering blood pressure and slowing down the heart rate. As such, blue is often considered the ideal colour for many homes and offices. Lighter shades will promote tranquillity, whereas, darker blue is often associated with power, knowledge, and seriousness.
- This is the colour of nature. Considered the most restful colour for the eye, green transcend security and harmony in design.The colour itself is very well versatile and can be suited for almost every room in the house.
- Dramatic, rich, and sophisticated are common characteristic portrayal of purple. It is often included in design scheme build for luxurious, modern homes. Lighter hues of purple, such as lavender, adds a restful quality to the bedroom. Based on research, about 75% of pre-adolescent children prefers purple over other colours. As such, it is widely popular for teenagers’ bedroom.
Apart from these simple home renovation ideas, sellers could also keep a record of previous rental invoices, if any, to further justify the potential investment gain from this property. When done right, increasing one’s property value can be a hassle-free process which does not require one to break their bank.