The Impact of Major Repairs on Property Value

No matter how much homeowners adore their properties, they have to keep up with major repairs to maintain them. But aside from keeping the property in its best condition, the homeowners will also be interested in the impact such repairs have on their property’s value.

What Are Major Repairs?

When it comes to major repairs, anything that requires professional assistance should be considered. These can range from electrical and plumbing issues, to structural and roofing repairs. However, it is also possible that some of these do not require professional help.

Effects On Property Value

For the most part, it can be assumed that regular maintenance and repairs will boost the property value. This is because any buyer would want a property that is in an excellent condition and does not require any major repairs. On the other hand, neglected repairs can lead to damages that can reduce the value of the property significantly.

The Pros & Cons Of Making Major Repairs

1. The Pros

• It can extend the lifespan of a property.
• It can increase the market value of the property.
• It can keep the property in the best condition.
• It can prevent more serious damage and expenses in the future.
• It can prevent health risks caused by plumbing and electrical issues.

2. The Cons

• It can be costly when done with professional help.
• It can take much longer than DIY repairs.
• It can require a huge time investment.

What Might Need A Repair?

Major repairs can be necessary in all the following parts of a property:

• Roofs and gutters
• Electrical systems
• Flooring and carpets
• Plumbing system
• Walls
• HVAC systems
• Basements

Cost Of Major Repairs

The cost of major repairs can vary significantly. In fact, it can highly depend on how serious the damage is and what kind of repair needs to be done. Let’s say a homeowner needs new flooring, which is one of the most common repairs required. The comparison of the type of the flooring, its quality, and its condition can change the cost drastically. However, if the repair is done with professional help, the homeowner must also consider the cost of labour as well.

Generally, How Much Will Major Repairs Boost Property Value?

In some cases, it is impossible to calculate an exact amount. This is because it can depend on various factors such as the condition of the property in general, the locality, the age of the property, and many other factors.

For example, if the property has some other minor improvements such as a new coat of paint, or some landscaping, these may also contribute to the property value.

However, it is generally assumed that major repairs on a property’s property value may be around 10 to 15 percent more than its previously stated market value.

How To Find Out The Market Value Of Your Property?

The market value of any property can be easily determined by consulting a real estate agent. They will consider all the factors mentioned above as well as the overall structure, locality, and the condition of the property to arrive at the right market value.

Final Thoughts On The Impact Of Major Repairs On Property Value

Major repairs can maintain the structure of a property and increase its value significantly. However, it is also important to understand that the improvement of the property value can also depend on other factors. Having a real estate agent assessing the exact market value of a property can help in this regard.

In conclusion, making major repairs on a property can be a scary proposition given its expenditure. However, the cost of the repairs will certainly be worth it if it helps to increase the property value for a successful sale.

What renovations can be done to increase property value?

1. Update the Kitchen – Investing in a kitchen remodel is one of the most effective ways to increase your property’s value.

2. Upgrade Flooring – Replacing outdated flooring can drastically increase the value of a property.

3. Refresh Doors and Windows – Installing new windows and doors can help improve energy efficiency and overall aesthetics, which can add value to a property.

4. Boost Curb Appeal – Making sure the exterior of the property looks attractive can significantly increase the value of a home.

5. Improve the Landscaping – Creating a well-designed landscape can not only spruce up the property’s look, but also add to its value.

6. Add a Deck or Patio – Adding a deck or patio to a property can make it more attractive and add to its value.

7. Convert Your Basement – Utilizing the basement space can turn it into an extra living area, which can drastically increase the value of the property.

8. Update Bathroom – A bathroom renovation can instantly add usability and value to a property.

9. Install an Energy Efficient HVAC System – Upgrading dated heating and cooling equipment can help boost energy efficiency and increase the value of a property.

10. Fresh Coat of Paint – Adding new paint can make a property look more modern and inviting, ultimately increasing the value of the property.

What are the most cost-effective renovations to increase property value?

1. Paint Your Home Interior: A fresh coat of paint on the walls, trim, cabinet, and doorways can help make your home feel updated and polished. It’s one of the simpler renovations you can do and one of the most cost-effective ways to increase your property value.

2. Update Fixtures and Hardware: Replacing outdated fixtures such as door knobs, cabinet pulls, toilets, and sinks, is a relatively inexpensive way to add value to your home.

3. Re-pave the Driveway: A smooth and professional looking driveway will help make a great first impression and add to the overall value of your property.

4. Replace Carpet and Flooring: Replacing your carpet or outdated flooring can instantly modernize your home. Hardwood, laminate, and tile are great options that are more likely to last and increase property value.

5. Upgrade Your Kitchen: If your budget permits, replacing your countertops, cabinets, and appliances with more modern ones can give your home a great facelift and increase the overall value of your property.

6. Upgrade Your Bathroom: Replace outdated fixtures in the bathroom and add a fresh coat of paint. Installing a new toilet, sink, and vanity can also increase the value of your home.

7. Landscape: Maintaining a well-maintained lawn and attractive landscaping can instantly add curb appeal and attract potential buyers.

8. Add Lighting: Adding exterior lighting, such as updated porch lights, can improve the overall look of your house and increase its safety. Additionally, outdoor landscape lighting can improve the aesthetic of your garden and property.

9. Install Energy Efficient Windows: Replacing your windows with energy efficient ones can lower your energy costs as well as improve the value of your property.

10. Add a Fresh Coat of Paint to the Exterior: Giving your home’s exterior a fresh coat of paint can instantly make it look more modern and attractive. This is a relatively inexpensive renovation that can have a major impact on the value of your property .