Over the last few years Massachusetts has seen a huge increase in its real estate market. The state has slowly become a hot spot for many modern industries, along with a thriving social scene, a huge tourism industry, and a steadily increasing quality of life in many of the most popular cities. This is good news for anyone who currently owns property in the state.
There are many reasons you might be looking to increase the value of your home. Maybe you are looking to relocate and want to cash in on Massachusetts real estate boost. Or maybe you want to get a slice of the tourism industry by making your rental property more attractive. Whatever your reasons, it is always a solid investment. The process of increasing your home value isn’t a quick one. But, if you start now, by 2025 you will definitely see a sharp increase in value. And we will show you how to go about that!
Plumbing And Electrics
One of the biggest reasons many people fail to sell their homes is due to outdated plumbing and electrical systems. No one wants to purchase a property that is doomed to experience numerous system failings within a year or so.
So you should invest in upgrading both of these systems within your home as soon as possible. The cost might be high but the increase of value to the property greatly outweighs the cost. And, in the long run, it will also save you money on your monthly bills. Which is also an appealing prospect for potential buyers in the future.
Build An Extension
Building an extension for your home is a great way to increase the value. Especially if you are looking to use the home as a rental property. The best type of extension to add is a garage. It is estimated that a garage can add up to $20,000 worth of value to your home.
The garage needs to be secure, structurally sound, and aesthetically pleasing. It needs to retain heat well and, ideally, have a functional and aesthetically pleasing garage door. There are numerous contractors and garage door experts in Massachusetts that can help you construct a garage that is sure to boost your home’s value. Ideally, if you have the space, you should make it a double-wide garage.
Garden Overhaul
Recent studies have shown that a well landscaped garden can increase the value of your property by up to 77%. This value is, naturally, dependent on a few factors such as size and climate. But Massachusetts, with its continental climate, is a state that loves a good garden.
You want to ensure that your home’s garden has a good mixture of healthy soil for gardening and adequate space for socialization. A good patio or nice decking is a great way to increase the visual aesthetic and functionality of the garden space.
Improve Interior Decor
This option is more important if you’re looking to use the home as a rental property. We cannot overstate the importance of good interior design when it comes to bringing in renters. You need to ensure you have stylish, modern furniture accompanied by an appealing color scheme. Try to avoid garish colors like yellows and oranges. Softer colors like light blues, cream, reds, and greens are ideal.
New Fittings
If your home requires the new owners to do a lot of work on the property then you are far less likely to secure a sale. And, when you do, there will likely have been a lot of haggling over the price. One way to avoid this is to install new fittings such as doors, windows, showers / baths, toilets, and anything else that isn’t a general appliance.
Improved Security
Security plays a huge part in determining the value of a property. Especially a rental property. So upgrading your home’s security features is highly recommended. The basics include installing strong locks and deadbolts on all the doors. Reinforced windows and glass door panes are also something to consider.
If you are using the property as a rental you should install a doorbell camera, security alarms, and potentially even security cameras around the perimeter of the building. If you have multiple rental properties in the same area you could even hire a private security company to run regular patrols of the area. Offering this service will allow you to charge a premium to potential renters.
Insulation
Insulation is one of the smartest home investments you can make. It is estimated that it can increase the value of your property by up to 6%. And it will also help reduce your energy bills by up to 20%, depending on how much of the home you insulate.
Insulation also helps prevent mold growth within the property by vastly reducing the risk of condensation buildup. Mold is a serious concern for most renters. So installing insulation will make it easier to bring in new tenants.