The joy of having a place you can refer to as your home has no bound. It simply means you are no longer subject to rent or mortgage charges. All you have to worry about is fees for community services like security, pipe-borne, energy consumption bill, and other government-stipulated levies that are unavoidable.
As a homeowner, you must maintain the interior and exterior structures to keep the property in good shape. If you plan to cash on the property in the future, you need to add some touches that can positively improve the overall outlook of the property to impact the home market value.
Creating additional space is a creative way of improving your home market value. But to achieve this objective, you must ensure the task is executed correctly. Before embarking on creating additional space for your home, you must understand the house’s structure before you can begin to create extra space.
If your home structure happens to be a condo, the space creating strategy will differ from a detached flat or penthouse. Understanding your home structure and government regulation regarding property management is also a significant factor you must consider before initiating any expansionary plan on a home.
Below are some tips on space creation strategies that you can adapt to increase the market value of your home.
1. Create additional toilet and bathroom for the existing ones
According to industry experts, adding extra bathrooms and toilets can increase the value of your home by 5%. To achieve the prospect of creating an additional bathroom and toilet in your home, you need to understand the home structure. Over the years, the golden rule of home expansion has always been on the home structure because it is critical to your objective. The team from a company that offers room additions in Orange County, CA explained that if your home has a bungalow structure, the best way to create an additional toilet and bathroom is to convert some existing room space. For instance, if you currently have a four-bedroom flat, and your family occupies three rooms, the remaining one room is the surplus that can be converted to a new bathroom and toilet. This initiative works better for homes that have a limited number of existing bathrooms.
On the other hand, if your home structure is a duplex with stairs, you can convert the spacious cupboard space downstairs into a bathroom. Also, if existing rooms are too big, you can create space by reducing the room dimension to make room for your new project. However, you must be ready to cope with your new room size.
2. Create storage solutions
To make a home look organize, you need to ensure everything is in its proper position. If your current structure does not have a storage facility other than your small kitchen space or few lockers in your bedrooms, then it is high time you create the additional storage space. Aside from the comfort for the homeowner, a storage facility can increase your home value by high as 5% of the current value. Converting under-stairs cupboards or alcoves into storage facilities will enhance the structure of your home and make it more willing buyers when you decide to cash on the property.
3. Create an open-plan living area
Creating an open-plan area can increase the value of a home by over 15% of the current value. This space creation is ideal for house hunters because it makes your kitchen and living space more extensive and modern. Creating an open plan-living area involves pulling down the existing walls separating the living room and kitchen for more space. You can do the project yourself, provided it is not a load-bearing wall.
Before you hit the first sled hammer on the wall, engage the construction service to ascertain the wall type. If it is a load-bearing wall, you have to hire an expert because if you do it yourself the wrong way, it negatively impacts the overall structure. Creating an open-plan living space improves the home structure and makes it appealing to a potential buyer.
4. Kitchen remodeling
Home renovation is an ideal way to make your home more spacious and enhance market value. More space can be created through kitchen remodeling and replacing old appliances like pipe, refacing cabinets, and overall repainting. By introducing compact kitchen appliances will create additional space within the kitchen area. According to industry experts at alliance demolition services, kitchen remodeling can increase home value as high as 80% of the current value.
5. Complete unfinished space
There is always that part of the house that is yet to unfinished. Instead of leaving this home area empty, you can finish it and convert the space for productive purposes. A commonplace that is usually incomplete includes the basement, garage, and lofts. For instance, the cost expended on the basement can be recouped to the tune of 70% during resale.
6. Convert a room into a bedroom
There is nothing wrong with creating a room other than the living room and bedroom within your home. You can make your home livelier by having a designated room for office or game room for fun. But when it comes to creating space and increasing the value of your home value, the room’s purpose matters a lot. According to industry experts, converting an alternate room to a bedroom creates more space and increases the house value up to 20%. To make up for the game room, you can convert the newly created room to dual purpose.
There is a general belief that home value will always appreciate irrespective of the situation. People will always make demands for homes. While this may be true from an economic point, the fact remains that property value depends on the condition of the home structure.
To create additional space in a home, follow the strategies enumerated above to make your home organized and orderly and increase the market value. If you are not willing to sell at the moment, you can still enjoy the additional space you have created for your benefits.
