Deutsche Bank said in a report that “we expect that, during the coming years, house prices will continue to rise in all metropolitan areas covered” while the Central Real Estate Committee (ZIA) warned that the construction of new housing is being “totally neglected.” Property value will continue to increase; however, property use leads to wear and tear. Renovation and refurbishment are inescapable. Renovating certain areas in the house or on the property can have a positive effect on the market value of the property. DARNA presents you with the seven best ideas that will pay off when the property is sold.
1. Beautify the facade
- A new paint job is the easiest and most common way to improve property value.
- New plaster or materials can make a big difference.
- If it is an entire building, consider improving its outside look.
2. If there’s a garden, landscape it
- A well kept garden promotes well being.
- Gardens are known to elicit positive emotions and help owners relax.
3. Energy-efficient renovation
- Heating is often not up to modern standards. Maybe the house is poorly insulated and heat is pulled through the windows.
- This should be done for the entire building when possible.
4. Make more space
- Every additional square meter of living space increases the market value of your property.
- For example, American-style kitchens, also known as “open concept kitchens” can be incorporated into the living room while the old kitchen itself can be converted into a study or walk-in closet. It also carries a benefit for social life and introduces a unity not only to the spatial arrangement but into the lives of the owners as well.
- Knocking down non-load-bearing walls and opening the floor plan can add more space.
5. Install security measures
- Many owners don’t know that security renovations can be supported by the State in the form of KfW grants.
- Security measures include burglar-resistant front doors, windows, and motion detectors among other things.
6. Make your property as handicap accessible as possible (within financial reason)
- Another measure to be done that the State supports.
- Accessibility includes widened doors, barrier-free access, floor-to-ceiling showers, or changing the layout of the room.
- One in five Germans is over 65 years old, but only 2% of apartments are suited for old age (Federal Office for Building and Regional Planning).
7. Improving upon a parking garage or private parking space
- Many prospective buyers find a garage or private space an important criterion, if you happen to already have one.
- Many insurers also offer discounts to garage owners.
- One of the quickest ways to improve upon a parking space is by adding electrical outlets and lighting.
- For the more environmentally minded, one can add a recharge station for electric vehicles.
Here at DARNA, we have seen and done it all. Join us for one of our Raise Your Property Value workshops or contact us today for a free virtual consultation.