Favorite/Cheapest Ways to Add Value

[Frank Lo]

Hello BP

Considering buying our first home as a primary residence.

We want to start a family and move into a house we can call home.

With interest rates so low, we can get a great rate on a 15-year mortgage.

However, we do not plan to stay in this home for the next 15 years.

Our plan is to try to rent it out or sell it when we are ready for another upgrade.

That being said, what are your favorite ways to add value to a home that is already in good shape?

What do you see the best returns on?

[Dan Hudson]

You can get different answers based on what 'value' means to you and that changes over time.  

1. Value as in increasing the selling price of the prop - but you are not selling for at least a decade.  Answer: Fresh flooring, paint, bath fixtures, updated kitchen.  And the lights  and switch plates like mentioned above.  Cleaned up landscaping.  At least 2 baths. Finished basement. New doors and doorjambs 

2. Increasing your pleasure while living in it?  Great kitchen. Nice lighting. Outdoor entertainment upgrades, new doorknobs. new switches, outlets and faceplates.

3. Increasing the rent.  Fresh paint, flooring, add a bedroom - this can be converting a room so that it meets basic bedroom code - window, closet, door.
4. Increasing the speed that you can rent it?  Get it super clean, no smells, new lights, switch and outlet face plates.