Looking to sell your apartment?

You'll obviously want to maximize the value of an apartment you've purchased as an investment. Renovations can be expensive, but there are many less expensive things you can do to increase the value of an apartment. Over time, these inexpensive improvements can add up to make a big difference.

1_Often, less is more.?The best value can be found in relatively cheap and cosmetic renovations. Therefore, replace the carpet?or polish the floorboards. Restore cracked areas and paint ceilings, window frames, and walls.

2_Consider using a modern but still mainly traditional color palette. The largest group of buyers is attracted to this strategy. Those who aren't naturally talented at interior design might benefit from the advice of friends who are, or they might want to look at the interiors of similar homes that are available for inspection or online on a property portals.

3_Upgrade Light Fixtures: Installing new light fixtures is a quick and inexpensive way to make for a more aesthetically pleasing unit.

4_ When renovating the bathroom, consider installing laundry fittings, if viable and missing. This will certainly make the property more attractive to prospective owner-occupiers and future tenants (and therefore to an investor).

5_ The value of your apartment can rise significantly if there is a way to obtain ownership of more parking spaces, such as purchasing the right from another apartment owner.

?6_ There is a lot that can be done with apartment buildings that can add value to them before people have even stepped foot into the actual apartment. Of course, any changes that are made to the building need to be agreed on by the owners. So, on a basic level, getting along with the other apartment owners, being active in meetings and participating in the community will help to convince others regarding the value of updating the property. This is especially true if you can quantify the improvement in value to the property, as people will then see this in their own properties as well.

?7_ In order to increase the perceived value of apartments, space perception must be improved. The perception of space?will be increased by creating a design that lets in a lot of natural light, has high ceilings, light-colored walls and decor, and a minimal number of walls.?Of course, depending on the apartment, not all of that will be possible.

?8_Use the latest and greatest property management software to accurately calculate the market rents to ensure you are charging the correct rental rates.

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In Conclusion

Although you want to improve your property and increase your value, you must be careful not to overdo it. You don’t want to spend a lot of money on a renovation where you won’t see a return on investment. Before renewing, do some research in your area to find out how much the property will be assessed after the renovation.