It’s the dream of practically every homeowner to have their property increase in value! How could it not be desirable for your house to become worth more money than when you bought it? Especially when it comes to selling, if you’re selling that is. In any case, it’s always good to have something you’ve invested a lot of money in increase in value. Property prices generally do increase with time. With exceptions, of course. The price of property in Malta has seen a sharp rise in the last few years. Do you have to just wait then, for property prices to go up in general to see a rise in the value of yours?
Well, unfortunately, you can’t really predict what’s going to happen to the market in the future. Yes, the price of your Malta property may well rise in time, but you can’t say for sure and you can’t say how much. However, waiting for time to pass is not the only way you can add value to your property. Assuming the property you own isn’t just a shell (and you’ve bought it to do it up and sell on), how can you add value to your property? Say you own a house or a flat in Malta that’s already done up, how can you increase its value without doing major renovations? If you’re interested to find out, keep on reading.
If your interiors are outdated, then any update (no matter how small) is always a good idea. Property with dated interiors is always a put-off to buyers. Not only because they probably won’t like it, but also because they know they’ll have to spend extra money doing it up. If you know that you’ll have to spend several thousand euros doing up a house before you’d want to live in it, wouldn’t you put in a lower offer? This is the mindset that a lot of buyers have. So, don’t underestimate the importance of keeping things up-to-date.
Two of the most important rooms to look at in terms of design are the kitchen and the bathroom. These can make or break a home, and they can be the difference between a lower or a higher offer. If your kitchen is very old, you’ll want to think about redoing the whole thing. Like fashion, interior design trends change every year. Even after 5 or 10 years, a kitchen can start to look really outdated. White gloss, stainless steel, islands and breakfast bars are all in vogue at the moment! If, however, your kitchen is only a few years old, you could think about just replacing the countertop and re-painting the cupboards. This could give your kitchen a fresh, brand-new look without the big expense! When it comes to the bathroom, again, it depends on how old it is. You might get away with just replacing the broken tiles or redoing the grouting. However, to really see an increase in value (and return on investment), you’ll want to think seriously about remodelling your bathroom entirely. Free standing baths, copper piping and his and hers sinks are all desirable right now.
Aside from renovating your kitchen and your bathroom, there are a few other things you can do to the interior to increase your property’s value. Open-plan, multi-functional living spaces are attractive to buyers. Are there any non-supporting walls you can knock down to open up the living area and add more space? Getting rid of a wall can add a couple of extra square feet to the living space! Also, think about whether the floorplan of your property is really the best way for things to be laid out. Just because the previous owner used certain rooms for certain purposes doesn’t mean you have to. Even if you’ve lived in your property for a number of years, you might not be using the square footage to its potential! If you can’t see a way to make things better, you could always go to an architect for some ideas and opinions. Removing a wall or switching round the living room with a bedroom might be just the ticket. A home that utilises space in the best way possible is a home that’s worth as much as possible!
It’s not all about what your home looks like on the inside, the exterior of your Malta property is important, too! Before the buyer even walks into your house, they’ll be judging what it looks like from the outside. Consider replacing any old front doors, aluminium frames or entrance steps if they’re looking worn or old. If you are lucky enough to have any balconies, a yard or any outside space, doing these up can all add value to your property as well. Turning any outside space into somewhere people can use and relax in will increase the value, for sure.
Anywhere you can squeeze some more space or square footage will add value to your property. If you live in an apartment, do you have access to the roof? If not, can you negotiate this? Air space is worth a bomb, too. Apartment blocks and office blocks in Malta are getting higher and higher. If you own the air space, that could considerably add value to your property – and even more so if it comes with pre-approved plans to build. If you own a house, could you extend in any way? Even if you don’t want to extend yourself, again, selling with pre-approved plans could add value and get you a significantly higher offer! The same goes for garage space. If you bought a property in Malta without garage space, consider adding it. Ask around and see if anyone near you is selling their garage. You might buy your flat and garage separately but selling them together is a very good idea. Parking is becoming a nightmare here. Buyers want to know they’ll be able to find a spot when they come home, without having to drive around the block a million times.
Doing all of these things can add value to your property by making it more attractive to buyers. Making your home as efficient as possible is also a good idea. Also, consider making your home a ‘smart home’. You can add smart lighting, smart white goods, smart intercoms and smart security systems. These are all little extras that can make a difference and give your home that ‘wow’ factor. If you’re looking to sell, do get in touch with our Sales Specialists at Zanzi Homes. Our team can get you the right buyer and get you the most for your Malta property!