4 Tips To Turn A $800K Home Into A $1Million Home
Tuesday Jan 04th, 2022
The property market has been rapidly changing in the last few years and property prices have been skyrocketing. This is especially true for those who want to move up the property ladder and make a million-dollar investment. One thing that almost every other person wants is to convert their home in a way that takes up the worth to at least a million dollars. As the Equity Master, I know how to do that.
To turn an 800k home into a million-dollar home, you need to first research the neighborhood and ensure that it is not an area where housing prices will stagnate. You should also be aware of any changes in zoning regulations or other development plans in the neighborhood which may affect the value of your investment.
However, once the path is clear, here are four basic ways to turn your $800K home into a $1 million home. Keep reading!
Four Tips To Increase Your Home’s Worth
1. Heated Floors
If you have the money to invest in upgrading your existing home, heated floors are an excellent way to do so. Heated floors have benefits for both your health and your budget. They can save on energy bills in the winter when they are used alongside other heating methods.
One of the benefits of heated floors is that they increase a property's worth by up to 20%. The increased value is due to the fact that heated floors are a luxury item not found in many houses.
Upgrading the kitchen can bring up the resale value of your property by 54%! It's one of the most profitable upgrades you can ever do to your house.
One of the most overlooked ways to increase the value of your home is to upgrade your kitchen. Upgrading the kitchen can be done by adding new appliances, cabinets, or replacing flooring. All these upgrades can not only increase your property’s worth but also make it more inviting and modern looking for potential buyers.
3. Home Entertainment
The home entertainment system is a major factor in the price of a property, and it also has some interesting side effects. Surround sound systems, state-of-the-art televisions and top-of-the-range sound systems all add value to a home. But if you’re not careful, they can also add on to your electricity bill.
Home entertainment is an industry that is projected to grow significantly in the coming years. Home entertainment equipment, like projection screens, sound systems, and media servers can increase property's value by up to 65% of the total cost spent. For instance, if you spend $30,000, it can add up to $19,500 to your property’s value.
4. Outdoor Space
Outdoor living spaces can increase property value by up to 12%.
In order to know the worth of a home, one needs to know about how much it is worth. In today’s market, homes have been valued by the size of the property and all its amenities. The more space a house has, the more expensive it becomes. Outdoor living space not only increases a property's worth, but it also increases its quality of life as well as its efficiency – a lesson many of learned the hard way during the pandemic lockdown. If you’re interested in upping your home equity, contact me for a free consultation over a cup of coffee and let me guide you towards having more bang for your brick.
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