If you’re a home owner looking to sell your house or trying to renovate it, a Home Improvement Loan is a great start.
From the perspective of a seller, you need to know what home improvements will add the most value. This way, you can earn great returns once you renovate your property. You don’t have to improve your house just to sell it in the market.
Home renovation increase house value if done properly. That’s because potential buyers like seeing a home in a good condition. There are a number of other benefits to getting a home improvement loan.
Under the Income Tax Act, 1961, a Home Improvement Loan makes you eligible for a tax deduction of upto Rs.30,000/-.
Here are some home remodeling and improvement ideas to increase value of your property:
1. Repaint the House
This is one of the first things you can do to change the appearance of your house. During festivals or peak time for property, repainting can attract buyers.
Before you repaint, use a home improvement value calculator to get an estimate. This way you know whether you’re actually getting your money’s worth.
2. Go Green
Environment friendly systems in your house can increase the value of your property. This includes flooring and using natural material to renovate your house.
A good investment would be rainwater harvesting, a garden to grow your own vegetables
3. Remodel The Kitchen
The kitchen is one of the important rooms of your house. If you renovate it and keep it looking spic and span, the value of your house tends to increase dramatically.
Ensure that you don’t add multipurpose units or overly advanced equipment. That makes it confusing for potential buyers.
4. Design a Good Bathroom
A bathroom should have a good drainage system so that there’s no seepage. A Home Improvement Loan can help you plan according to the needs of your house.
Make sure you check the safety of the bathroom and renovate it to be functional.
5. Energy Efficient Appliances
You can save a lot of money when you invest in energy efficient appliances. This can also have a positive effect on the environment.
Buyers like to invest in property that lets them to save money.
6. Replace Fixtures
You can take out a home Improvement Loan to replace fixtures. This, along with repainting can be as good as purchasing a new property.
These are small details to keep in mind to enhance the value of your home.
7. Don’t Go Overboard
You should understand what home improvements would add the most value. Remain within budget and make sure to get benefits under Indian tax laws.
Don’t go overboard with renovations since that reduces the marketability of the property. But with some proper renovation and remodeling, you can drastically increase the value of your property.