When real estate investors choose projects to increase home value for a rental or sale, they focus on the exterior like adding solar panels and improving the landscape. Taking time to restructure and integrate interior design trends can greatly increase the value of your property. However, different aspects of interior design have a varying effect on your property value.
That is why concentrating your time, energy. and money on those trends that add value, class, and attraction to your property will have a larger payoff than trusting your gut feeling on renovation projects. Take a look at the paypayback percentage from various remodeling projects:
Whether you are planning to sell or rent out your home, the following interior design tips will help increase your home value.
Tip 1: Avoid trendy renovation projects
You don’t want to keep redesigning the interior of your home every few years. Do you remember when custom wine cellars and lavish pools were the trends a decade ago? Turns out wine cellars and pools were costly to build and maintain.
On the other hand, tiles are durable and easy to clean. Therefore, tiling your home is going to be useful in increasing and maintaining your property value for a while especially when combined in the right colors.
For example, tiles in shades of green and earthy tones for the floors will go well with creamy hues on the walls. Adding trendy furniture in calming blues and flourishing greens will give it a welcoming feel and will even be more inviting when there are potted plants on the window sill.
Tip 2: Remodel Your Floors and Walls
Never overlook the effect your walls and floors have on increasing home value. Painting or using wallpapers on your walls is one great way to boost your home value. On average, painting costs costs $1.50 to $2.50 per square foot and is a cost-effective way to make rooms look very clean and updated.
Painting gives an average 109 percent retu109 percent return on investment when done properly. Neutral color paints are more favored by investors because they appeal to a larger audience than accent colors.
Remodeling your floors with wood, tiles or natural stone will give it a more discerned value. They cost about $5 to $10 per square foot including the cost of installation but can give between 7070%-80% ROI when selling. Do not try to use vinyl floors or low-end carpets as they might end up bringing down your property’s value.
Tip 3: Remodel Your Kitchen and Bathrooms
The look of your kitchen and bathroom interior will go a long way in increasing or decreasing your home value. It is reported by Remodeling that redesigning your kitchen has a cost-value ratio of 74.6%, which is the highest for any room interior design and remodeling in your kitchen can easily go farther than necessary and normal.
You can try making your kitchen an open plan design since most people will prefer the creativity it affords them when they arrange it. If you can’t afford a total makeover of your kitchen, adding good quality fixtures and fittings will increase your home value with about 6 percent. Materials like marble and brass are just perfect. Update your cabinet faces, replace laminated countertops and install energy-efficient appliances.
Take a look at this interior décor vs. cost and ROI chart to decide on various renovation projects to increase home value:
Extracted from http://www.remodeling.hw.net/cost-vs-value/2014/
Tip 4: Upgrade Your Lighting
Another way to increase home value is by upgrading existing lighting fixtures. Improving natural lighting can make your room appear larger and lift moods. You can incorporate glass in between your walls and increase your window size especially if there is a natural view just outside them.
Tip 5: Use the DecorMatters App Before Starting Your Project
Before you start your interior design project, you can design ideas from the DecorMatters app. DecorMatters allows you to furnish your home with augmented reality by measuring 3D furniture inside your home.
This gives you ideas for how the furniture can look even before you purchase it in-store.
If you’re a landlord looking to rent out your home, we also advise getting a frefree rent estimate to see how much your home is worth!
Above are some tips to increase home value through interior design. Do bear in mind that a great way to boost your investment value is to know how to do it in a cost-effective way. Inexpensive and simple modifications are most time all you need to make a significant impact on increasing your home value so choose quality over quantity.
Since your renters or buyers will definitely be on the lookout for a place to call home, recreate your interior designs to give it a homely feel. Remember, this is not a one size for all solution, consider your target market and property type when deciding on your interior design.
About the Author onerent
Onerent is a rental leasing and management service for the modern owner and renter, managing over 3,000 properties across the San Francisco Bay Area and Greater Seattle. Onerent offers free real estate education and resources on the OOnerent Blog. Find answers to all your legal, maintenance, finance, and leasing questions as well as real estate news affecting the housing market.