May 21, 2024

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How to Increase Your Real Estate’s Value in 2021

Increase Your Real Estate’s Value in 2021

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Contrary to the slowdown of most industries during the pandemic, the real estate industry has seen record heights last year with a whopping $ .5 trillion value increase, the highest since 2005 according to Forbes. This is driven by a strong demand mainly from the Millennials who are looking for a place they could spend their prime years in and accelerated by hybrid work arrangement trends including remote work. With these behaviors at play, real estate growth shows no sign of slowing down soon.

This increased appetite for real estate investments consequently drove a boom in building more houses spilling over this year. With abated concerns over COVID-19 infections comes increased confidence to shop for a new house. This got investors on a roll lately but still, caution against the ever-probable housing bubble is a measure they need to take.

Anyone who got a significant amount of their money on any investment could only wish for this to grow. Of course, the faster they earn from any investment the better. In the case of real estate investors, there are several ways they can take advantage of the ongoing housing market trend now and that includes increasing the marketability of their properties.

It rsquo;s common sense to concentrate efforts in increasing the intrinsic value of one’s property for it to be profitable and to allow you to expand your investment portfolio usually by leveraging on the help of hard money lenders or other financial institutions. High returns in real estate investing are not a result of luck, more not so of randomly increasing your prices. These are more the results of active value-adding activities that then gain you an upper hand during the bargaining stage.

Whether real estate gains or loses momentum in the immediate future, investors can rest assured their property could be less susceptible to mere speculation and, in turn, volatility at worst. That’s if they work on these value-adding activities. To enumerate, here are some of those you, as an investor, can do as soon as now:

Nurture a Market

Many real estate owners sell to a generic market and it makes sense if they want to have wide visibility. However, there’s also an increasing inclination to sell to a very specific niche or demographic, say health junkies or those concerned for their health more than ever with the ongoing health crisis. These are the types of people who would emphasize air filtration systems, functional spaces for exercise, meditation, and relaxation.

People today, in general, may also put more value on having points of contact with nature, perhaps non-smoking neighbors, or a neighborhood with essential establishments within walking distance. Tailor fitting the layout of your properties according to these specific needs could increase their marketability. Choosing the location for your succeeding investments is also just as reasonable.

Smart Technology 

Unbeknownst to many, there’s more to real estate competition than meets the eye. Just last year, home-relevant technologies such as air purification, smart appliances, and even an integrated smart home grew exponentially. This adds a layer of difficulty owners have to break into so their property could only appreciate.

It’s only wise to upgrade the appliances and technology of your older properties. Placing smart lighting, faucets, showers, bathtubs, security systems, toilets, and even beds are increasingly becoming basic of any house now. Making everything controllable through the smartphone is indeed the future that’s worth investing in.

Repaint It

Do not underestimate the difference a simple refurbishing work as repainting makes. You might have a property that’s been in your portfolio longer than the others have. Check on it for chips and exposed concrete or wood and immediately commission for paintwork.

You can even consider a color overhaul of part of or the entire house. Those surveying for new houses often do prior research on trending colors and paint authorities such as Sherwin-Williams is a popular resource, they even release a “Color of the Year” which has a considerable impact on owner preferences. Heeding tips from authorities like them for the next color of your living room or home office could work to your advantage later.

Landscaping

Remember that a homey impression is not achieved by the house alone, but also the front and backyard surrounding it. A green and neatly trimmed lawn is always attractive. Add other landscaping elements such as flowering bushes, decorative stones and pebbles, path lights, and potted plants and surveyors would no doubt be impressed.

Real estate is indeed a lucrative venture these days with less risk it offers compared to say investing in stocks. But, returns are only ever underway if you strive to differentiate. Acting on changing preferences is key in benefiting from this wave.