North Shore Contractor Management wants you to get the biggest bang for your BUCK!
We specialize in small difficult renovations, assisting homeowners to complete projects that seemed easy enough to start, as Long Islands top Contractor Management company we have many people to consult and contractors to manage to give you the best renovation possible
The goal of any property investment is to increase the value; you want it to be worth more than when you bought it. There are low-cost ways to add value and there are more expensive and in-depth renovations that can be done.
North Shore Contractor Management has a list of do's and dont's for your home. We know how to value engineer your vision and help vett out contractors that are pushy and dishonest.
In my decade of experience these are 15 tips, that are both low and high cost, for increasing the value of your property. Look to NSCM to assist with design, cost efficacy and planning when tackling your next project.
Low-Cost Tips to Increase Property Value
There are simple things any property owner can do which can boost the appeal of your property.
While these simple tips may not add tens of thousands of dollars to your property’s value, without doing them, you may not be able to realize the full potential value of your property. These hints can be done without taking out a loan it's easy as calling North Shore Contractor Management. Although they are low cost, they can make a huge difference in the way your property shows.
- Clean-Making sure your property is clean will have an immediate return on the value of your property. This includes both the outside and the inside. Garbage, dirt, and strange odors are not attractive features.
- Paint- You will be amazed by the difference a fresh coat of paint can make. It can revive and brighten a tired space. Neutral colors are universally appealing.
- Add Curb Appeal- A few strategically placed plants, a new mailbox, outdoor lights or shutters can make your property more inviting. Higher cost and potentially higher return projects include new siding, new walkways, or driveways and adding a deck.
- Change Fixtures- Changing out a door knob, light switch cover, cabinet handle or even a light fixture is an easy way to breathe new life into a space.
- Stage the Property- De-cluttering a space and giving each room a function can add value because many buyers lack imagination. Proper placement of furniture, the size of furniture, and amount of furniture is also key.
North Shore Contractor Management has access to a lovely and talented house stagger named Laurie Allison who can guide you to proper spacing of furniture, ease of movement and organization of function to allow the entire room to be viewed as a whole with the ability to have the eye notice all key components of the whole. Lighting is a big piece of this puzzle.
Moderate/High-Cost Tips to Increase Property Value
There are updates you can make to a property that can have an average to high cost depending on the extent of the renovation done and the materials chosen. These types of updates have the potential to add significant value to your property.
- Add Architectural Detail-You can give a boring room some character by adding a chair or crown molding to it. North Shore Contractor Management has finish carpenters to put you in touch with to add a mantle to that fireplace, some wainscoting for the perimeter of that large boring room, crown molding for the bedrooms. Simple, cost effective work to make that room become a focal point.
- Change/Add Windows or Doors- This is a valuable addition. Not only does it improve the aesthetics of the home, it also can reduce noise inside the home, help lower heating bills and cooling bills and increase natural light inside the home. French doors that lead out to the backyard add elegance, open up the space, and allow more light to enter the property. Reduce Noise- People want to feel like their home is an oasis. There are many ways to reduce noise such as adding insulation, installing double pane windows and doors, installing carpets and rugs to minimize footsteps and placing plants to further absorb noise
- Skylights can also help brighten up spaces that may be lacking windows or natural light. Properly positioning windows and doors can also help highlight a beautiful view that your property may have or minimize one that is not so desirable, such as a brick wall or a view right into your neighbor’s home.
In a past blog we discussed flooring, North Shore Contractor Management has several relationships with a variety of flooring contractors. We can walk together than introduce the Contractor to you based on your wants and needs.
- Change Flooring- Updating carpet or adding hardwood or tile adds value to a property
Major Renovations are a planned process that throws more curve balls than Dwight Gooden of the 86' Mets. Do Not Go Into this Alone. What should cost you 10-20 thousand can cost double with bad choices and untrained professionals doing the work.
- Update a Kitchen or Bath- This includes changing a portion of the room, but not an entire gut renovation. It could be changing the flooring or changing countertops. In the bathroom, you could switch out a toilet, sink or bathtub. In a kitchen, it could include buying new appliances.
- Gut Renovate a Kitchen or Bath- This would be a complete overhaul of the room. It can involve adding new cabinets, new countertops, new flooring, new lighting fixtures, new appliances, new sinks, new faucets, new cabinet handles, new tub, new shower, new toilet or even changing the layout of the room.
- Update Siding- There are many options for home siding and the best type will often depend on the climate and area where your property is located. It is an update that will improve the aesthetic look of your property and can help lower your utility bills.
- Another major carpentry improvement is to create a More Functional Layout/Modernize Floor Plan- For example, it could be taking down a wall between a kitchen and living room. It could be rearranging a kitchen to create more usable space. It could be adding a bathroom to the master bedroom to create a suite. It could also be swapping the location of two rooms, such as an office and a dining room to create a better flow in the home. It could also be taking space away from one room to add it to another room, for example, taking some space from an oversized living room to create a pantry for the kitchen.
- Add More Square Footage- This does not only mean adding an addition to the property. It could also mean finishing an unfinished attic or a basement to add more living space to the property. It could also mean transforming an attached garage into additional living space, or if your thinking Sunroom we have the guy for you!
- Gut Renovate a Property- Completely redoing a property by ripping it down to its studs and building it back up with a more modern design and materials can increase the value of a property, as long as you are able to sell the property for more than you owe on the property along with renovation and holding costs.
Do Not Over-Improve
While you want to improve your property and increase the value, you also want to be cautious so that you do not over-improve your property. You don’t want to spend an amount of money on a renovation where you will not see a return on your investment. For example, putting high-end Viking appliances in a home in a middle-class neighborhood would be an over-improvement.
Before you renovate, do some research on your area to find out how much the property will be worth after the renovations, otherwise known as the After-Repair-Value or ARV. Once you properly gauge this new value, you can deduct the price you paid for the home and what you are left with is the maximum price you should spend for the renovation and any soft costs such as financing charges, closing costs, and holding costs if the property will sit vacant while the renovations occur.
North Shore wants to become your advisor for life, your assistant when looking to do work on your home or office, your answer man when you have questions or concerns.
Starts with a phone call, Ends with a Smile and a Thank You.