increasing property value
2018 Amsterdam Property
Refurbishment Cost vs. Value
Smaller replacement projects, particularly those that enhance appeal, remain the most cost effective way for sellers to improve value.
With home price gains in most parts of the Amsterdam this year, sellers will be looking for ways to get top dollar for their listing. Cleaning and staging make a big difference, but for some sellers—such as investors seeking to bring a property up to neighborhood standards before sale—remodeling work may be the ticket.
It’s important to note that large-scale jobs may not always return sellers their full cost. But there are improvements worth doing in anticipation of an upcoming sale. Some will return almost 200 percent of their cost. Others may not have as great a payback, but they can improve the market position of the property in relation to the competition. (Think about the impact of beautiful kitchen photos on online home shoppers). In addition, several pricier projects can provide owners with a few years of enjoyment while still offering a decent payback down the road.
Don’t risk the dreaded “and then we walked into the bathroom” words from prospective tenants. It’s often the last place a potential tenant will walk into. Be sure you leave prospects with a good thought in their heads, that this is where they want to call home. This also does not have to be a huge investment; a new faucet, a refinished bathtub, elegant fixtures, better lighting, or new flooring will instantly give the unit a cleaner and newer feel. Which is exactly what a renter wants to feel when they walk into their potential new home.
A Place To Call Home
Keep in mind the people you are renting to are looking for a new place to call home. What are things you want out of your home? Probably that it is clean, new, and something you are proud of. So when making renovation decisions, see the unit as if it were your own home. Imagine you will need to cook, eat, shower, and sleep there. When it meets your living standards, it will meet your ideal tenant’s standards.
The kitchen is critical in making your unit stand out to would-be renters. While other rooms may serve a variety of purposes depending on preference, the majority of tenants will utilise a kitchen. The changes do not have to be drastic or cost a lot of money. Small changes like re-facing cabinets or investing in new and stainless steel appliances can make a huge difference. If a larger undertaking is needed, brand new cabinets, granite counter tops, kitchen islands and high quality flooring will transform your unit.
As a general rule:
- First impressions are important. The replacements that offer the greatest payback are the ones that are most obvious to buyers when they first view a house in person or online, such as a new front door or kitchen.
- Kitchens still offer the most remodeling bang for the buck. With a national average cost of €11,226 and a national average payback of 179.3 percent.
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