The ideal climate of the northern Pacific region of Costa Rica, together with the beauty of the pristine beaches creates an irresistible attraction for people who are eager to invest in real estate. But buying a property or real estate is not always a onetime investment because owners must try to keep adding value to it through improvements and renovation. With time, assets depreciate in its value, and the best way to ensure good returns from it is to keep adding value to it to nullify the effects of depreciation. The rule is the same everywhere, including the Blue Water Properties of Costa Rica.
Those who want to work their way up the property ladder should know how to maximize the property value where they either live in or want to sell-off. Making improvements to the home enhances the aesthetics and adds value to the property. It is quite natural that people undertake home renovation or home improvement projects even within 12 months of buying the property. A survey conducted in the US to understand the approach of homeowners towards property has revealed that 58% of homeowners have the intention of renovating or improving their homes within the next 12 months.
Here are some home or property improvement ideas that add value to the property.
Kitchen and bathroom upgrades
Kitchen and bathroom upgrades have the highest impact on property value as well as the resale value. Whenever you take up any home improvement project, you must focus on these two areas. The kitchens and bathrooms are high-traffic, high use rooms, which generate a lot of interest among homeowners to upgrade it first. Moreover, property appraisers tend to look at these areas first because of its appeal to potential buyers. Among the two areas, kitchens provide the highest return on investment. Begin by replacing old appliances with new and ensure to match the appliances as much as possible. Replace or reface outdated cabinets and replace or revive the old flooring with new vinyl or tile options. It does not always require costly replacements because even simple updates are valuable enough.
Replacing Formica countertops in the kitchen with granite or quartz provide a high return on investment. Similarly, adding gourmet-style cabinets and replacing the fluorescent overhead lights with monorail lighting can have incredible aesthetic effects and boost the returns on what you spend.
Choosing to replace inexpensive elements in the bathroom like toilets and fixtures and vanities should work very well to achieve the returns you expect from the investment without going for a complete overhaul.
Consider an open design with more space
Have a re-look at the home design. If you feel that it is too closed and choppy then surely you must recast it to make it more spacious that most people love. Crammed spaces can make people feel claustrophobic, and openness is what most people like. Maybe by removing a wall here or there, you can create a comprehensive look which gives a more relaxed feeling. It will also increase the attraction as well as the value of your home. It is especially required if your home is old or you purchase an old house. It might happen that by removing a wall between the living room and the kitchen and adding an island in the kitchen together with sanding the wooden floor can convert the space into a more open area that looks more attractive.
The other option is to increase the floor area by adding new spaces like another family room or bathroom. Larger is the floor area of homes more value it attracts as you could attract many more buyers by merely adding one more bedroom of decent size to the house. Many people would like to have extra bedrooms than they need and would never consider properties that do not meet their expectations. Likewise, you can expand the living space by adding a deck or patio or converting an attic.
Increase living space with a conservatory
Merge indoors with outdoors to connect closely with nature by constructing a fully glazed conservatory. Start thinking about how you want to utilize the space and what style, traditional or modern, will be the best matching with your lifestyle and taste. The biggest investment would be in glass and think carefully because you need to have double glazing, which is often the minimum requirement according to building regulations. You can weigh your options between using self-cleaning glass and solar control glass. But the choice will depend on the home style and your taste.
Next, consider the type of frame to use because it mainly affects the performance of the conservatory. The choice is between aluminum, timber, and uPVC frames and do some research to balance your needs with the budget. Adding a tiled roof to an existing conservatory also enhances the home value. But check with the local rules and building regulations to ensure that you comply with the requirements.
Focus on curb appeal with landscaping
When planning to invest in home renovation during the first year to increase home value, you can get good returns with minimal investment. Focus on landscaping, which is perhaps the easiest and affordable way of doing it. A house looks prettier when it has neatly trimmed lawns, healthy trees and blooming plants or flowers that can help to earn a good return on investment.
Planting native trees strategically around the property can help to keep the house cool and reduce energy costs by almost 50% and even raises the value of the neighboring homes. Start planting young shrubs and space it well to allow for growth so that it attains full size and you can enjoy the cooler home. To keep costs under control, emphasize planting perennial plants by replacing the existing annual plants.
However, avoid the lure of installing synthetic turf or gravelscaping as both adversely affect the environment and increase energy costs. Moreover, it would require removing existing trees to create open space that can further lead to creating a warmer environment that is detrimental for comfortable living.Wake up Right! Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!