In the real estate industry, remodels and updates are powerful adaptations, directly increasing the value and appraisal of your home. Ultimately, the renovations you can afford will impact the return on investment of your property. If you want your home to appreciate over time, there are many updates you can make to increase your potential profit. In 2019, Nigeria’s housing market was booming with a demand rising by double-digit figures, however due to the pandemic, demand began to slow in 2020.
Despite the setback, local real estate professionals remain optimistic, predicting that the workforce will need larger office space, and millennials will be looking for more privacy in newer apartments. Additionally, the Central Bank of Nigeria approved NGN 200 billion in mortgage finance to expedite the construction of 300,000 social housing units. To get behind the housing market surge for your Nigeria property, a simple update you can make is refreshing the paint in your home. Fresh paint adds a clean look to your space, improving both the ambiance and merit of your home. Neutral colours are desired among buyers, as people do not tire of neutrals as quickly as bold walls. It goes without saying that a clean home is the most attractive to a buyer.
Tidy the interior and exterior of your property, removing any eye sores, litter or construction. Improve the air quality in your home by hiring a professional to test the indoor air quality. If you have older carpets, it is possible that they are holding contaminants and allergens. If the results suggest carpet replacements, choose environmentally friendly floors such as tile or laminate floors. Hire an inspector to investigate the areas of your home that you are not aware of. Have a professional check out those hidden spaces that could be detrimental to your home’s health, such as deteriorating roofs, termite infestations or an outdated electrical system. Small problems such as a concealed water leak can become expensive, very quickly.
The longer you put off repairs, the heftier the bill. Invite a Real Estate Agent or Interior Designer to look at your property. They have an eye for what sells vs. what doesn’t, so any piece of advice they offer has weight; whether it is furniture placement or décor revises. Bathroom updates are never a bad idea, even if you cannot afford a full remodel. Small changes such as an update to the dated wallpaper, dull cabinet paint, or lackluster lighting will add panache to your restrooms without denting your wallet. While house hunting, buyers will look for homes that feature kitchen remodels as well. Maximize your home’s value by renovating a stained sink or swapping out an antique kitchen appliance for a shiny new stainless model. Last but not least, hire a professional organizer for the day. Learn from the pros on how to not only organize your space, but how to keep it organized. A de-cluttered space will increase your home’s value significantly, allowing the property to look cleaner and larger, directly increasing your property’s competitive edge in the housing market.
References: https://www.globalpropertyguide.com/Africa/Nigeria/Price-History
