The tips to increase all types of properties values, in no particular order, are as follows:
- Updated Flooring
- Additional Square Footage
- Noise Mitigation
Including hardwood floors in any upgrade can increase the property value of any real estate. This can even be applicable in upper scale corporate properties. Businesses seeking classier accommodations are willing to pay for these additional luxuries in the form of higher lease payments.
Additional Square Footage
Adding additional square footage to a rental or commercial property will almost always increase the overall property value. In a rental property, more rooms means that larger families can live there. This is just-cause for a higher monthly rent to be charged and thus, once the addition has paid for itself, profit can be realized. Similarly, adding additional square footage to a commercial property allows more businesses to move into the space. This means additional lease payments each month and a bigger return on investment.
One of the cheapest and easiest ways to increase property values is to maintain cleanliness. A thorough cleaning of a property before putting it up for sale can be well worth the investment even if a professional cleaning service is utilized. Other easy to do techniques like adding a fresh coat of paint, professionally organizing closets, or improving curb appeal can add thousands of dollars to a starting asking price for a very small investment of a few hundred dollars.
No one wants to either love or work in an extremely noisy environment. Excessive noise pollution makes for a nonrelaxing home as well as an unproductive work environment. Adding things like additional insulation and upgrading windows to minimize outside noise. Potential home buyers or businesses that view a space can quickly pick up on noise pollution which means it will not only be harder to find and keep tenants, but it is also possible that the price will have to be reduced to attract any tenants at all.
An investment in increasing property values can be just as effective as an additional property purchase. By following the above-listed tips and effectively marketing a property, the probability of higher returns is greatly increased.