By Rohit Kharche, Director, The Baya Company
When it comes to buying a home, all of us follow certain parameters and procedures to find that perfect home sweet home and get the best final deal. Right from the location, to amenities, nearby infrastructure, connectivity and the price, we are very thorough about finding the best value for our investment. As, the better the location and amenities, the better it is in terms of future returns and growth. However, it is not just your location advantages or building that will add value to your home. There are certain steps that you can take to add significant value to your home and ensure that you have a good return on investment when you want to sell your property in the future.
While your location is the main driver of the price point, there are other factors when it comes to the maintenance and interiors of your home that significantly add to your home’s worth. Right from planning your home to doing up the interiors and maintaining the aesthetic appeal, a few tips and tricks will ensure that your home’s value can be increased by a good percentage.
Homes that are in a better condition structurally and have a better design in terms of its functionable layout tend to fetch higher prices in contrast to a home in the same area that needs repairs. Homes that are dilapidated or not in a great shape tend to be sold at lower rates due to there being an added renovation cost for the buyers. It is always advisable to have regular maintenance, repairs and checks of your home. As at times, homes that are in a perfect or near-perfect condition, with little to no repairs can even fetch prices higher than the current market rates.
If you are shifting to a new home, and plan to redo it with new furniture and appliances, you can add the value of your old furniture to the home’s price. If your old furniture is in a good condition, it can add to your home’s final price as you can list it out as a fully furnished home. A fully furnished apartment always fetches a better price. Additionally, homes with better charging points, accessible switchboards are more popular today.
Another factor that can add to your home’s value is the ventilation and natural light. A well-lit home, that gets ample sunlight and air flow is always a priority for almost all buyers. At times, people are willing to even go much above their set budget just to ensure that their home is well-ventilated and gets natural light for a good few hours each day. Especially in a city like Mumbai, the prices for such homes can be significantly higher. When you’re renovating or doing up your home, you can expand the windows in a way that ensures there is enough air and light flow coming in.
Adding rooms is a smart way to add to your property value. If there is a storage area or an excess space, you can rearrange your home’s plan after taking the necessary permissions and plan out your home’s layout in a way to add a small room or dining area or study. Doing this when you buy your home will give you an extra, functioning space while also ensuring a better return in the future and increasing your asset’s price point.