Tag Archives: increase value in your property

Investment Strategies, Real Estate Market

More Ways To Increase Value

Cute Rental HouseHere are four more  examples of ways to increase value.

4.  Rent out the property on Airbnb or other short-term rental platforms: If the property is located in a desirable area or popular tourist destination, it can be rented out on Airbnb or other short-term rental platforms to generate additional income. Vrbo.com – (formerly known as HomeAway) is one of the largest vacation rental marketplaces,

 Here’s an example of how renting out a property on Airbnb or other short-term rental   platforms can generate additional income:

Let’s say a homeowner has a property in a popular tourist destination that they use as a vacation home for a few weeks each year. The homeowner decides to rent out the property on Airbnb during the times that they are not using it to generate additional income. The homeowner lists the property on Airbnb, sets the rental price, and arranges for a cleaning service to clean the property between guests.

After a few weeks, the homeowner begins receiving booking requests from travelers who are interested in staying at the property. The homeowner accepts the requests and the property is rented out on a regular basis. After accounting for cleaning and other associated expenses, the homeowner is able to generate an average of $2,000 per month in rental income from the property.

In this example, the homeowner was able to generate additional income by renting out their property on Airbnb during the times that they were not using it. This can be a good option for homeowners who have a property in a desirable location and are looking to generate steady income without having to commit to a long-term rental agreement.

5. Install energy-efficient upgrades: Installing energy-efficient upgrades, such as solar panels or energy-efficient appliances, can not only save the owner money on energy costs, but it can also increase the property’s value.

Let’s say a homeowner has an older property that is not energy-efficient, and they want to reduce their energy costs and increase the property’s value. The homeowner decides to invest in energy-efficient upgrades such as installing solar panels, upgrading insulation, and replacing old windows and doors with energy-efficient ones.

After completing the upgrades, the homeowner notices a significant reduction in their monthly energy bills. Additionally, the property’s value has increased due to the energy-efficient upgrades, making it more attractive to potential buyers if the homeowner decides to sell the property in the future.

In this example, the home owner was able to reduce their energy costs and increase the property’s value by installing energy-efficient upgrades. This can be a good option for homeowners who want to save money on their energy bills, reduce their environmental impact, and increase the value of their property.

pasture land6. Subdivide the property: If the property is large enough, it can be subdivided into multiple parcels and sold separately, or the individual parcels can be leased or developed.

Let’s say a homeowner has a large property with a lot of acreage. The homeowner decides to subdivide the property into smaller lots and sell them separately to increase the overall value of the property. The homeowner hires a surveyor to subdivide the property and create new property lines, and then applies for the necessary permits from the local government.After the property is subdivided, the homeowner lists the new lots for sale. The smaller lot sizes make them more attractive to buyers who are looking for more affordable options or who want to build a smaller home. After selling all of the lots, the homeowner is able to generate a higher overall sale price for the property than they would have if they sold it as one large parcel.

In this example, the homeowner was able to increase the value of their property by subdividing it into smaller lots and selling them separately. This can be a good option for homeowners who have a large property with a lot of acreage that they are not using, or who want to generate additional income by selling off portions of their property.

pool amenity7. Offer amenities: If the property is a vacation rental or located in a desirable area, offering amenities such as a pool, gym, or hot tub can make it more attractive to renters or buyers and potentially increase its value.

 Let’s say a homeowner has a property with a large backyard. The homeowner decides to add a swimming pool, a hot tub, and a built-in outdoor kitchen to the backyard to make it more attractive to potential buyers and increase the overall value of the property.

After completing the additions, the homeowner notices that the backyard has become a more desirable space for outdoor entertaining and recreation. Potential buyers are now more interested in the property because of the added amenities, and the homeowner is able to sell the property for a higher price than they would have if the backyard had remained untouched.

In this example, the homeowner was able to increase the value of their property by adding additional amenities to the backyard. This can be a good option for homeowners who have a large outdoor space and want to make it more attractive to potential buyers, or for those who want to increase their own enjoyment of the property.

 

 

Home Improvements, Investment Strategies

Ways to Increase Value

What are the Top ways owners can increase their property value or generate revenue from their properties? In this two part blog I will give a 7 ways on how owners can increase their property value or generate revenue from their properties:

  1. Make improvements: Making improvements to the property can increase its value and make it more attractive to potential buyers or renters. Examples of improvements could include upgrading the kitchen or bathrooms, adding square footage, or improving curb appeal.

Let’s say a homeowner has a property that was built in the 1980s and hasn’t been updated since. The kitchen has outdated appliances, the bathrooms have old fixtures, and the carpet is worn and stained. The homeowner decides to invest in making improvements to the property by renovating the kitchen, upgrading the bathrooms, and installing new flooring throughout the property. After the renovations are completed, the homeowner hires a professional appraiser to evaluate the property’s value. The appraiser takes into account the improvements that were made and compares the property to similar properties in the area. Based on this analysis, the appraiser determines that the property is now worth $50,000 more than it was before the renovations were made.

In this example, the homeowner was able to increase the value of their property by investing in renovations and upgrades. The improvements not only made the property more attractive to potential buyers, but they also increased the property’s value in the eyes of the appraiser.

  1. Rent out a portion of the property: If the property has additional space, such as a basement, garage, or extra bedroom, it can be rented out to generate additional income.

Let’s say a homeowner has a property with a detached garage that is not being used. The homeowner decides to rent out the garage as a storage unit to generate additional income. The homeowner cleans out the garage, installs shelves and locks on the doors, and advertises the space for rent on local classifieds websites and social media.

After a few weeks, the homeowner finds a tenant who is willing to pay $150 per month to use the garage for storage. The homeowner and tenant sign a lease agreement that outlines the terms of the rental, such as the payment due date and the length of the lease.

In this example, the homeowner was able to generate additional income by renting out a portion of their property that was not being used. By turning the unused garage into a rental unit, the homeowner was able to generate steady monthly income without having to make any significant investments or changes to the property.

Keep track of your project costs with these free project cost templates.

  1. Convert the property into a rental property: If the property is not currently being used as a rental property, the owner can consider converting it into one. This can generate steady monthly rental income and potentially increase the property’s value over

time.   Let’s say a homeowner has a property that they inherited from a family member but they already have a primary residence. The homeowner decides to convert the inherited property into a rental property to generate monthly rental income. The homeowner hires a property management company to handle tenant screenings, lease agreements, and maintenance issues.

After making some minor improvements to the property, such as repainting the walls and upgrading the appliances, the property is listed for rent. After a few weeks, a tenant is found and they sign a lease agreement for a monthly rent of $1,500.

In this example, the homeowner was able to generate steady monthly rental income by converting the inherited property into a rental property. This can be a good option for homeowners who have a property that is not being used or who are looking to generate additional income without having to sell the property.  To keep track of your  rental income, Zillow offers Rental Income and Expense Forms and Tools  to down load and use for free. You can get them here.

End of Part 1.