Top 10 ways to create instant equity

by CRE on 11 Nov 2014

 
5. Improve the bathroom
Love credits small improvements over large renovations to boosting the value of a bathroom.
 
“Things like old, dated crystalized faucets are completely out of date,” she says. “We simply put in something more modern and newer-looking and it made it that much better.”
 
She points to a basic example of revamping the shower rod. “We added one with a curve. It gives that normal shower size a spa-like feel, it makes a huge difference and it’s only about $40 or $45.”
 
Updated light fixtures, mirrors or vanities and new faucets are inexpensive ways to add value – bigger does not always equal better.
 
“When you start getting into countertops and tubs, that’s where it stars to get pricey,” says Peniuk. “Dollar for dollar, it won’t necessarily push the value up as much. Those are things that should be replaced if they need to be replaced, not necessarily to push the value up.”
 
6. Focus on the small details
Little details can make a big difference. Making sure door knobs, light switch plates, trim and baseboards are clean and functioning are simple enough changes to make, and can still make a difference to property value. The details behind the scenes, however, should not be ignored. When it comes to a property appraisal, out of sight is not necessarily out of mind.
 
“Anything to do with your furnace, hot water heater, ampage and plumbing, these are definite value-adds that any appraiser is going to come through and see and receive positively if they’re in good condition,” says Greaux. “All those are going to be ticked off by the appraiser to make sure they’re in working order and from a lifespan perspective. From a Realtor perspective, they’re looking at it from a marketability perspective – how much can they sell it for?”


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