Guide: How to Increase the Value of Your Home

  • Guide: How to Increase the Value of Your Home
  • Whether you're getting ready to sell your house, or you simply want a reasonably priced revamp for your own enjoyment, real estate expert Solly Assa has a few good strategies for you to consider.

    The ultimate goal of any property investment is to increase the value, meaning you want it to be worth more than when you bought it. Depending on your home's condition and overall real estate market values in your region, the actual cost and payback for each project can vary. Fortunately, there are a lot of economical ways to add value and set your house apart from all the others. Here Solly Assa, a New York-based businessman with a long-term commitment to the real estate industry, offers his tips for increasing your property's value.

    First and foremost, you need to clean it up! "A dirty property will not sell, even if it's a great place," says Solly Assa. Making sure your property is clean will have an immediate return on the value of your property. This includes both the outside and the inside. Garbage, dirt, and strange odors are not attractive features. The first impression is the most important. As soon as a potential buyer drives up to your house, they're making judgments. A few strategically placed plants, a new mailbox, outdoor lights or shutters can make your property more inviting. Cleanliness pays off, according to Solly: cleaning can deliver a 3% to 5% return on investment, and this is something you can do yourself.

    Since the kitchen is the heart of a home, the room where families spend most of their time, Solly Assa and most experts agree that a kitchen renovation should be at the top of your list. Knocking down a wall to connect the kitchen to the living room can make the kitchen feel more spacious. For a few hundred dollars, you can replace the kitchen faucet set, add new cabinet door handles and update old lighting fixtures with brighter, more energy-efficient ones.

    Updating carpet, adding hardwood or tile adds real value to a property. The first thing that buyers notice when they enter a house is the floor. Most importantly, they need to be clean. Lighter shades of the floor make the room warmer and more spacious. A professional carpet cleaning is an inexpensive investment, especially if your rugs are in good shape and are neutral colors.

    Next, to the kitchen, bathrooms are often the most important rooms to update. Bathrooms can also be improved for a low price. Simple things like a new toilet seat or a sink are pretty easy for homeowners to install, and they make a big difference in the look of the bath," says Solly.

    With all the major or minor changes you have chosen to make, do not forget to enter as much natural light as possible into space. If you have a small budget, Solly Assa suggests upgrading to energy-efficient windows. When selling a property, do not experiment with colors. Hold on to a white background that potential customers will see as a blank canvas to which they can apply their ideas.

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    Solly Assa originally published this blog on his website, SollyAssa.com. Solly Assa is the founder and developer of Assa Properties, a New York City-based company that develops and invests in major residential, retail and commercial properties