I have heard people say to me that there property is worth more because they invested in a new furnace or hot water tank. Truth be told these are not really things that are considered investments in your property. On houses there are things that are considered regular maintenance, this includes your furnace, hot water tank, roof and sidings and even your driveway in some cases. Realtors like to point out that these things are new, but they are not really investments that increase your properties value. The selling point is this is something the new buyer will not have worry about or have to do for awhile. It is a plus, but a small one. Things like updated bathrooms, new windows and granite counters are considered property enhancements. Updating your sewer or water lines are property enhancements that increase value. While sealing your black top might seem like it is adding value it is just maintenance, now installing a heated drive way system, thats a different story. There is such a fine line between what is an improvement and what is just keeping things running that the lines can be blurred easily. Have you ever heard of or had a situation where a property looks great on the surface, all clean and fresh painted, and then you found out there were serious expensive things that needed to be done that were overlooked because you thought all the great maintenance items meant the house was worth more then it truly was?
I think it's always worth spending a little cash on a cosmetic upgrade first. They say that buyers will make up their minds within a minute or so so it's always worth trying to make the best visual impression possible. Doing this doesn't have to cost a lot and can make all the difference in the time it takes to receive a decent offer.
The best thing to do is make your place look all neat mad clean. Also if possible it is always good to invest upon bathroom and bedroom. These are the two places that are quite extensively used.
I was told by my real estate agents that once i upgrade and renovate my property according to the standards of the current year, then the property value would increase, same case with rent value, this is regardless of best areas to upgrade, i mean a total makeover, well in that case, it seems i'll be coughing up a fortune
I would have to disagree a little. Any upgrade / renewal is always increasing the property value. While it is part of regular maintenance, you cannot say that the same house with an old roof that needs to be soon renewed, and the exact same house with a brand new roof, would be priced exactly the same. Either the roof has been renewed or it needs to be renewed soon, any prospective buyer will take this into account while doing their own calculations.
