Whether you are investing in a home for yourself and your family or planning a property purchase for reselling in the future, do all you can to improve its value. Your property is your asset, and if you ever plan to take a loan against it or sell it, this will help appreciate its worth.
Here are four features that will improve your property’s value.
1. Pick a property that has important amenities and good connectivity
Choosing the right property is your first step to ensuring that its value increases in the future. Pick one that has schools, hospitals, restaurants, and shops at close proximity. See that it is connected to the rest of the city with bus stops, metros, etc., and has a station or airport that is not too far away. Though this may cost you higher at the outset, it is sure to increase your property’s value in the long run.
Some lenders who offer you a home loan also offer you property search services that you can use to find a home that has all the essential features.
2. Get your property painted inside and out
Maintain the look and feel of your property with regular paint jobs. The cost varies between Rs.12/sq. ft. to Rs.20/sq. ft. depending on the surface, type of paint used, and additional services like power washing and prep work required.
3. Improve the bathrooms and kitchen area
Two of the most important aspects of a property, the kitchen and bathrooms play a huge role in increasing its value not only in the eyes of prospective buyers, but also for its current occupants. A budget as low as Rs.50,000 can help you design a modular kitchen. Replace old sinks and faucets, improve plumbing, replace the floor tiles and the WC to revamp your bathroom. This can cost you anywhere between Rs.50,000 to Rs.1,00,000 depending on the size and cost of materials.
Additional Read: Tips That Help You Save Money When Renovating Your Home
4. Add a parking garage
With parking spaces becoming more prized in metro cities and public parking getting more expensive, adding a parking garage to your home is sure to increase its value. This space can later be converted into a servant quarter or storage space too. The average cost of construction is Rs.1100/sq. ft., so choose a size that fits in with your budget. You can use a top up loan when you take a home loan to fund this addition.
Additional Read: A Guide To Understanding The Costs of Buying A Home
Paying attention to the above features and improvements are the key to ensuring that your property appreciates in value.
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