When we consider renting or selling a home, it is common for us to want to get the maximum return. To achieve this, we have to ensure that the apartment is in good condition and that it adjusts to the current market price. It is also essential to make some changes to increase its value.
That is why in the following lines we give the keys to how to revalue an apartment! Keep reading.
How much is a renovated apartment appreciated?
According to some experts, a home in poor condition can lose up to 25% of its value. On the contrary, a comprehensive reform can revalue an apartment between 15% and 25%. If we make changes that do not imply major reforms, this percentage of benefit will be lower, but always on the rise.
In the case of renovating a house to rent or sell, the investment will be high. However, it is worth it: after all, buyers or property owners not only value the area and location of a home, but also the conditions and condition of their future home.
On the other hand, the good condition of a property will speed up rental or sale times, minimizing them. This is something that, in the short term, represents significant economic savings.
Reforms, improvement of energy efficiency, and installation of home automation systems to revalue your home
Carry out reforms: this is the key if you are wondering how to revalue your flat with all the guarantees.
The money to invest will depend on several factors and will be different in each case.
If the house is in good condition, a coat of paint and a review of the taps, carpentry, or locksmith may be enough.
In older apartments, it can be interesting to renovate bathrooms, kitchens, or floors, three of the aspects that define the value of a home in the market.
On the other hand, in apartments that we do not use or that have been closed for a long time and that maintain their original distribution, we will have to assess the possibility of doing a small job to adapt the property to the needs and tastes of current buyers.
Regarding the energy improvements that will help you revalue your flat, insulation is one of the most important, since it is related to lower air conditioning consumption and less energy loss.
The first solution to improve the insulation of an old apartment is to change the windows, installing models with thermal breaks to prevent the house from being excessively cold or hot depending on the time of year.
In the same way, in older homes, we will have to carry out an in-depth review of the electrical installation to verify that it complies with current regulations and thus avoid problems such as short circuits, fires, etc.
In newer homes, one of the keys how to revalue your flat is to opt for LED lighting.
Systems that work with solar energy or with other renewable energies (air-thermal, pellet stoves, etc.) are also a guarantee to increase the value of a home.
The last key to increasing the value of a home on the market is to install home automation systems. Or what is the same, turning the flat into a “smart” home.
This is a good claim for buyers, and in recent times it has become one of the aspects that most increases the price of a home.
Some of the steps to convert your old apartment into home automation are:
• Install electric blinds.
• Add smart thermostats to appliances.
• Implement wireless security systems.
• Introduce access control systems.
• Have security systems against fires, floods, or gas leaks.
• Buy smart appliances.
5 reforms to increase the value of an apartment
Functionality is key in housing. It is also one of the qualities that can most revalue a flat, even above space. In fact, we can have a very large house, but if its distribution does not fit our way of life or it has many useless spaces or nooks and crannies, it is most likely that many buyers will not value it as an investment or rental alternative.
If we want to carry out reform with the aim of revaluing an apartment, the main actions that we must undertake are:
Kitchen
Recently renovated kitchens with good appliances are one of the claims of buyers, and they are also the best way to increase the value of our home. Quality cabinets, doors, or countertops are especially valued by those who want to change their home.
Thus, if the kitchen is very small, we can choose to open it to the living room, generating a greater sensation of light and space. And in apartments with a single bathroom, we can consider the option of building an extra toilet.
Bath
The bathroom is another of the rooms most susceptible to reform, especially if our goal is to improve the image of our house.
According to experts, houses with renovated bathrooms can increase their market value by 5%.
If the sink, bidet, and toilet are old, it is advisable to change them before putting your apartment up for sale or rent.
Replacing the bathtub with a shower is a decision full of advantages to revalue a home since it facilitates accessibility and saves water.
Rooms
Many times, the rooms on one floor do not require major reforms, and it is only necessary to paint or change the floor. The decoration here plays an important role, so we recommend choosing neutral colors for both floors and walls. In any case, keep in mind that exterior rooms are always better valued.
In the same way, built-in wardrobes can be a “plus” to revalue our home.
Living Room
As with the rooms, the living room of a house has less need for reform throughout its life.
Even so, we can always make some modifications to improve it, such as painting, changing the floor, furniture or windows.
The curtains, furniture, and blinds in the dining room are other aspects to take into account when assessing the condition of the home, so they should be in good condition.
General Maintenance
Maintenance is essential to increase the value of a real estate property in the market. With general maintenance of a flat, we refer to issues such as the good condition of the floor or the walls, but also the condition of the electrical appliances (for example, the heating, the heater or the air conditioning), the taps, the pipes, the electrical installation, etc.
Are you thinking of selling your house? At Yarmoloy Group, we are experts in the real estate sector and we know how to revalue an apartment to get the most out of it. If you have doubts, call us. We work with real estate throughout Canada.