There are a bunch of ways that people can add value to their property – and often it’s really cheap and simple to do. The real estate market isn’t that crash hot for those who are looking to sell their property, so it is important that you gain every possible advantage in a competitive market. Ask around – most real estate agents will agree that it is important to not only differentiate yourself from the rest of the market, but to do something that adds real value to your home.
When I talk about adding value to your property, I don’t mean hiring a bit of furniture when staging your home, or slapping on a bit of paint here and there – I mean significant steps to add significant value. What is significant value? Well it’s different from country to country, state to state, but there is nothing stopping you from adding an extra $100,000 to the value of your property. It’s easier than you think too.
I’m talking development proposals, subdivisions and all that sort of thing – but relax, you don’t actually have to do any of it. Just because your local government authority gives you permission to build another home on the property you own does not mean that you have to go out and do it right? Instead, just having the permission for the development can add all that value you are looking for.
Plenty of property owners don’t want to go ahead and go through the planning, application and approval process of getting a real estate development proposal approved – but they don’t see the big picture. There could be a sic figure sum in it for you. Sure, the process may be laborious and slow, but I don’t see the problem with it. If it means that I can sell a property for $400,000 instead of $300,000 without spending a bunch of money on renovations and upgrades, then count me in.
If you do have a property with this development approval – no matter if it is for a studio down the back – you open your property up to a whole new bunch of potential buyers. Real estate investors love a bargain – but they also love the opportunity to add to a property and capitalize on it. Private mortgage investors will also likely come sniffing around – and they have on their books a long list of potential real estate investors looking for properties with development potential.
The thing is – you see the potential too – and all you have done is spent very little money, just some time, to make it happen. Seeing the potential in improving a property (even in theory, like getting permission to develop) can really add significant value to real estate. In fact there are real estate investors that buy up properties that have development potential, get approval, and then sell them with the approval for a significant profit – all without doing anything much… makes you think doesn’t it.