10 Nov 6 WAYS TO FIND HIDDEN GEMS: LIVE FROM THE ROAD!
The hidden gem! We get so excited when we can find one in any property we’re appraising.
It can be a just a one thousand or twenty one thousand dollar investment with an enormous return!
I’m inspired to write this blog due to an Initial Appraisal I did late last week. I was so delighted to find a third living room ripe and ready to become a fourth bedroom!
How do we do it and what are these gems?
Our top finds for adding value are fairly consistent, and my explanations of course for this blog are for generic situations… It’s a bit broad and brush, but here we go!
1. Creating an additional bedroom. Usually, higher value comes from 4 bedrooms rather than 3. I try not to go over 4, so if we have an additional room, it becomes a study.
2. Creating an additional living room. Two living rooms are what people want – can you fit one in somewhere?, and it certainly adds value to a home, again its what people want.
3. Creating an additional outdoor area. This can be in the form of adding additional furniture of dining and living to an existing deck, or even to a front balcony that normally gets ‘walked past!’
4. Of course, adding a deck and bringing the outdoor in. We’re discussing this on our blog from last month. Check it out!
5. Adding a garage or carport, secure parking sells ,and for what might cost a few thousand dollars to erect, will reap major rewards.
6. Creating an additional casual dining area. We’ve even done this in a small apartment, creating a dining area for the first time if it was never there. It gives the illusion of space, or a ‘breakfast bar’ type space for casual dining.
These top 6 ways were gathered from our experience of appraising and making over 400+ properties! This allows us to have a host of ideas thereby allowing us to find these ‘hidden gems.’ Who knows? Your property may be next!
Talk to us about adding value to your property through our Complimentary Initial Phone Consultation!