The real estate industry suffered tremendous losses in 2020 with the sudden arrival of the coronavirus. However, this is not to say that there is no hope for recovery. People were forced to become more aware of the importance of having homes that can serve specific functions under the context of the pandemic. In the coming years, a massive boom in the industry will surely be observed.
A foreseeable trend in the real estate market for 2021 is the growing number of homeowners. In the wake of the pandemic, countless residents aim to move from big cities to low-density cities or rural areas. The suburbs will also experience a surge in future residents since many families aim to move into single-family rental homes. With the flexibility of working from home, and children attending school online, higher demands for living spaces has become crucial. A huge problem that can easily be solved by investing in a single-family house.
From House to Home
In this regard, now is the perfect time for developers, businesspeople, or even regular homeowners to allow incoming residents an opportunity to rent out their properties to gain extra income. With the rapid rise that is sure to come — as a matter of fact, it has already begun — it will be a waste not to put up a property for rent.
Before doing so, however, make sure to maximize a property’s value to make it worthwhile. Increasing a home’s value with improvements, both big and small, can go a long way. Considering the current circumstances and making a house that is both sustainable and sanitary will certainly appeal to a lot of future tenants.
Big Budget Improvements
With a sufficient amount of time and money, these kinds of home improvements will definitely deliver incredible returns on investment, whether for selling or renting.
Extending the Floor Plan
Adding an extension to a home can substantially increase its value and appeal to future residents compared to other properties in the area. Depending on the extension, the construction and materials will undoubtedly be costly, but big risks offer big rewards. Expenses for decorations and furnishing for this extension is also part of the additional costs to take note of.
One of the best functions for adding an extra room is turning it into a home office. Again, given the significant increase in the number of people choosing to work from home, having a dedicated space can help maintain work-life balance. Another viable option is to turn it into a study room to give families with kids a similar opportunity to separate their studies from play.
Likewise, creating an extended room for merely accommodating a more open-plan layout will also increase a home’s value. Presenting the illusion of having a bigger and lighter living space is one of the main features residents will look for, given the high demand for livability above anything else.
Small Budget Improvements
If budget and time are big concerns, opting to go for smaller adjustments can make a home more appealing. Often, these cost-effective renovations are also able to bring in big returns.
One Space at a Time
Choosing to renovate an entire house without enough planning is a disaster waiting to happen. Instead, focus on improving a single room at a time. This will make projects more manageable and secure within the financial limitations.
For instance, choosing to redecorate the kitchen first is the best place to start since it is also one of the few livable spaces in the home where the whole family can come together. The heart of the house, as many people believe.
Firstly, choosing a theme and putting on a fresh coat of paint to match it will increase its appeal and personality. Investing in new kitchen cabinets will be the next step to help set the vibe of the room. Appliances and other furnishings should come last since those types of equipment should seamlessly tie in with the rest of the room.
Make It Spotless
Ensuring that both the inside and outside of the house is clean will definitely make a house more attractive. First impressions are essential, and curb appeal is quite possibly the best way to draw a client’s attention. Making a home look fresh by merely adding a few flowers, a pathway, and painting the fence will not only elevate the property but the community as well.
As for the interior, a house on the market can never be too clean. Aside from allowing the owner to spot small maintenance problems that can easily be avoided, it will also present potential residents with a healthy and hygienic house from the get-go. Factors that are all the more important now given the realities of the pandemic.
Essentially, the real estate industry ran into some significant downfalls during the previous year. But its recovery will be substantial given the track it’s on. Definitely don’t miss the opportunity to ride on its comeuppance.