Do you know how much your property is worth? Perhaps, you are surprised to get the taxation letter from the city or province of your residence because of the amount you are due to pay the government. Instead of fretting over the amount of taxes, you can look at the positive side — a property with higher value.
If you are a first-time property owner, you may have notions about how the property’s value is calculated. It could be the style, the materials used, or the location of the property. Aside from these characteristics, a property’s value appreciates or depreciates. These are the factors that can affect your property’s worth:
- Location within neighborhoods
Not all locations are given the same value and not all spots in that location are considered equal. Homes by a cul-de-sac are usually priced more than those situated near a roadway because there is less traffic and it is considered relatively safer.
- Neighborhood age
Do you know that the family dynamics of your neighbors can dictate the price of your home? Most would avoid locations with older homeowners since they will not have playmates to provide for children. Those close to parks and schools are also more in-demand because they are more accessible to children.
- Future development
Homeowners need to be aware of prospective commercial and other developments in their area. It can help increase your property’s value if schools, hospitals, and other public infrastructure are built there. On the other hand, if condominiums will be built, it can mean a potential decrease in the value of all properties around the area.
How to Increase the Value of your Property
Photo by R ARCHITECTURE
If you are looking at selling your home in the future, you may want to add these enhancement goals into your plan:
- Upgrade to high-demand finishes.
If you are hoping to sell your property, you may upgrade your finishes to more popular materials that buyers today would love. You can install stainless steel appliances or quartz countertops.
If high-priced items are not within your budget, start with small accents and finishes. Change your ordinary doorknobs to brass and nickel which look more sophisticated but do not cost much.
A fresh coat can work wonders on your property. It can revive and brighten your walls that are already showing signs of wear and tear. It is best to choose neutral colours for your home since they are universally appealing and blend well with furniture and accents.
Painting is one of the most convenient ways to improve the outer look of your property. For the most part, it may just look dilapidated because of the faded paint. A fresh coat could give it a fresh look in a matter of hours.
- Create an energy-efficient home
The increasing cost of electricity and water is a problem many homeowners have to deal with. Utility bills are the focus of many home improvement products these days.
If you want to upgrade your home appliances, choose energy-efficient products that can lower your electricity, gas, and water bills. You may also consider using a smart thermostat to improve energy efficiency while you live in or use the property.
- Reduce the noise
Homes and offices should be places where people can function well, with minimal disturbance from outside noises. Living and working in the city makes it almost impossible unless the property has noise reduction walls and ceilings.
There are many ways to reduce outside noise — insulation, installing carpets, installing double pane windows and doors, and placing plants. Identify the part of your house where sound penetrates most and consider what noise reduction option you can take.
- Update the kitchen or bath
Has your house been around for decades? Do you have dilapidated bathrooms and kitchen? It could be the perfect time to update into something more modern and functional. Modern kitchens and baths are more minimalist and feature durable materials like stones, marbles, and metals.
Upgrading your bathroom and kitchen is a good way to spend your money. These are spaces that you use every day. Potential buyers or renters of properties would also be attracted to these modern spaces therefore increasing their values.
- Invest in good landscaping
Real estate agents would tell you that a curb appeal is extremely important when putting your property up for sale. First impressions can have a big impact on the sale value of properties. If you want to do-it-yourself to save money, there are trees for sale in Stouffville that you can plant around your home.
If you plan to keep a well-manicured lawn, you may have to tap the help of a professional landscaper. Aside from determining the most suitable and aesthetic plants for your place, they also offer maintenance services. You can avail of a sprinkler system in Stouffville, Oakville, or Toronto so the plants are properly watered according to their needs. There are also professional landscapers who can regularly trim and prune plants around your property to keep them presentable.
- Update your functional floor plan
Maximizing your property’s floor area is one of the ways to create a functional floor plan. You can take down a wall between your kitchen and living room, for example, to create an open kitchen area that encourages interaction while people wait for their food. You can also add a bathroom to the master bedroom so it becomes a suite.
If you are going to rent or sell an office property, you can add a functional pantry where employees can sit and dine during lunch breaks. You can also designate a lounge or library so they can do other things during breaks.
Real estate properties are considered valuable investments. You can sell them for a high price or rent them out to create an income-generating asset. However, the value of these properties depend on different factors. The biggest contributors to their price are location, condition, size, and accessibility. To increase their value you can also implement improvement projects that can range from simple and DIY-friendly to more complex ones that would need the help of professionals.