Renovations That Add Value Making Smart Upgrades to Your Home

Oct 19, 2023

Renovations That Add Value Making Smart Upgrades to Your Home

We all dream of that house that we’ll turn into a home, it’s not only a place to live in but also to create memories of beautiful events. And in return, such projects could turn into long-term investments. Moreover, when it comes to increasing the property's value, it is advised to make smart and effective choices for renovation which will bring a significant impact if we choose to rent out or even sell the property. Such changes will offer the highest return, and empower homeowners to enhance their properties.

What is considered the heart of the home? It’s the kitchen. For this reason, you can start there by renovating the countertops, changing cabinets, and especially upgrading the appliances as old appliances can turn off potential buyers, choose energy-efficient models that will definitely make your kitchen more appealing and add value to your home overall. You can also consider an open floor plan if the space allows. A fully equipped kitchen is much more inviting than one with very basic appliances.

Moving on to the bathrooms, homeowners can replace old tiles, install a new bathtub and possibly a shower cubical specially in the master bedroom if the house contains multiple bedroom units. Adding extra bathroom near the living area and a washroom close to the dining area will certainly boost the home’s value. Creating modern bathrooms and upgrading the fixtures are definitely a major selling point.

As we all know, home entrance will surely leave a first impression. So, if the house has its own entryway, adding seasonal flowers and greenery will appease potential clients. If the exterior allows, painting it would add freshness and it is more inviting; it stands out in the real estate market.

When the front of the house is attractive, one would wonder what the backyard or the balconies look like! Outdoor living spaces are becoming popular, a homeowner can use such spaces for relaxing or even entertaining their guests. Quality materials and proper construction are essential to ensure durability and safety.

With the recent unfortunate event of the economic crisis in Lebanon, electricity and water supply have been greatly affected. Many residential and commercial spaces have chosen to switch from government provided power to installing solar panels. By installing such energy-efficient method, utility bills have been reduced. It helps also that Lebanon is located at the Mediterranean coast, which means we get around 300 sunny days per day with over 8-9 hours daily sunshine. It’s a game changer and offers long-term savings, in addition to increase of the house’s value.

With such energy-efficient improvements, one can invest in smart home technology that make the property more appealing to acute buyers. Like installing smart HVAC, security system, light control, or even a complete home automation system. Such upgrades will increase the sense of security for future buyers.

What would eventually seal the deal, is when the buyer feels at home. The interior of the house will append warmth if an ambience is created like repainting the walls, polishing the hardwood floors, and updating light fixtures. Giving a fresh look while maintaining a modern style.

Renovating the house will surely increase its value. A well-planned renovation will certainly enhance the living experience and provide a proper return on investment when it comes to selling, keeping in mind on planning a proper budget that aligns with the real estate market. And make no mistake, such projects can be applied on rural or old-town houses, while preserving their identity while in return keeping them up to date.

A considerate design of plans and a skilled execution of renovations will ultimately turn the house into a valuable asset.

Short-Term vs Long-Term Vacation Rental: Which is Better to Choose in Beirut in 2024

Short-Term vs Long-Term Vacation Rental: Which is Better to Choose in Beirut in 2024 The debate between short-term and long-term vacation rentals is a hot topic among property owners in Beirut. While short-term rentals were once limited to hotels, platforms like Airbnb have expanded the market, allowing property owners to rent out their spaces for shorter periods. But what exactly are the differences between these two options, and which is more convenient for property owners in Beirut? Short-Term Vacation Rentals in Beirut Short-term rentals typically last for a few days or weeks, although they can be as short as a single night. These rentals can be arranged directly with the property owner or through online platforms. However, short-term rentals have raised concerns in Beirut, particularly in areas with high levels of tourism. One of the main issues with short-term rentals in Beirut is that they can lead to a decrease in available long-term rental housing. Property owners may find it more profitable to rent their properties to tourists on a short-term basis, which can drive up rental prices and limit housing options for locals. Additionally, short-term rentals can sometimes cause disruptions in residential neighborhoods, as tourists may behave differently than long-term residents, leading to noise and increased traffic. Short-term rentals can also pose challenges for the local hotel industry in Beirut, as they often offer lower prices and more flexible accommodation options. This can result in unfair competition and job losses in the hospitality sector. Moreover, regulating short-term rentals can be difficult for the city, leading to issues with safety regulations, zoning restrictions, and taxes. This lack of regulation can create a lack of accountability and potential safety risks for guests. To address these issues, the city of Beirut has implemented regulations to level the playing field between short-term rentals and hotels. These regulations may include requiring permits, designating specific areas for short-term rentals, imposing local taxes, collaborating with rental platforms, and enforcing penalties for violations. The goal is to balance the benefits of tourism with the availability and affordability of long-term housing for residents. Long-Term Vacation Rentals in Beirut Long-term rentals typically last for six months or more, with some agreements extending to one year or multiple years. These rentals are usually arranged directly between the tenant and the landlord, and they offer stability and consistency for both parties. Long-term rentals can include residential properties, commercial spaces, vehicles, and equipment. One advantage of long-term rentals in Beirut is the stability they provide. Landlords can carefully select tenants and expect consistent rental income. Managing long-term rentals is also simpler, as landlords only need to handle rent payments and basic upkeep. Additionally, long-term rentals offer the opportunity to benefit from local pricing changes, and landlords have fewer legal responsibilities compared to short-term rentals. However, long-term rentals in Beirut do have their disadvantages. Landlords may face challenges if a tenant becomes problematic or if they need to evict them. Long-term rentals also generate lower rental income compared to short-term rentals. Additionally, landlords have a greater responsibility to provide a suitable living environment for long-term tenants. Which is Better to Choose in Beirut in 2024? When deciding between short-term and long-term vacation rentals in Beirut in 2024, property owners should consider their location, property quality, pricing strategy, and management capabilities. Short-term rentals offer a wide selection of properties, free listings, flexibility in pricing, and potential for high income. However, they require more administrative and maintenance costs. Long-term rentals provide stability, simplicity in management, and the opportunity for long-term relationships with tenants. However, they have lower rental income and fewer opportunities for pricing adjustments. Ultimately, the choice between short-term and long-term vacation rentals in Beirut depends on individual circumstances and goals. Property owners should carefully evaluate their options and consider seeking professional advice to make an informed decision.

The Art of Home Staging Transforming Spaces for Maximum Appeal

The Art of Home Staging Transforming Spaces for Maximum Appeal When it comes to selling a house, one needs to be mindful about the impression they are leaving, there are certain tools and ways to captivate potential buyers; not just a simple listing. It is advised to transform your property to appeal to a wider audience. In the following, we will explain in detail the importance of presentation and provide valuable tips for constructively staging a property to increase its value in the real estate market. Step 1: Neutralize the Space And we mean depersonalize the space that the homeowner is planning to sell. Declutter and remove all personal items and all excess furniture. The purpose is to create a neutral space allowing potential buyers to imagine what their future home would look like. That is the main thing to start with before staging. Step 2: Cleaning & Repairs A clean house brings comfort, and it is a necessity. Not only the floors and the surfaces but also the windows and appliances. Any repairs concerning plumbing or carpentry are required as well. A well-kept property gives the impression of a looked-after home. Step 3: Identify Each Space To give a definition for each unit, you can add some furniture and décor to create a functional layout without overcrowding the space. Define the living space, the dining area, and the bedrooms that will make it clear for potential buyers how the house is divided. Step 4: Neutral Color Palette Choosing a neutral color palette creates a clean look that would appeal to a broad range of tastes like beige and light gray, specially for walls and floors. One can add popping colors with accessories in artworks. Step 5: Natural Light With clean windows and well-lit rooms, the unit will appear larger and more inviting, as natural light magnifies the overall appeal of the space. Step 6: Furniture Positioning To maximize the perception of the space and to create a sense of flow, it is best to arrange the furniture by avoiding blockage of pathways, and placing them in a design that will highlight the space’s features, like balcony view, fireplace, entertainment devices… Step 7: Accessories To give a room an identity, adding accessories help doing so. For example, placing mirrors help to reflect light which will make the space appear larger. Placing greenery will breathe life into the room, but use such accessories thoughtfully without crowding the space. Step 8: Create Outdoor Space Staging outdoor spaces enhances the appeal of the house, outdoor furniture and plants with a maintained area help the homebuyers to feel they are welcomed and at home. If the house you’re selling is independent, fixing the patio or the garden will earn you extra selling points. Step 9: Professional Photography In order to showcase your staged home online and on social media, it is advised to hire a real estate professional photographer. They are able to help you attract more potential buyers as they photograph the proper angles and frame the space to compliment and amplify the appeal of the house. Steph 10: Follow-up Maintenance Once the staging is done and you have the property listed, make sure to keep a follow-up schedule for maintenance and clean-up especially in-between visitors. Freshen up the staging as much as needed mainly if the property is on the market for a lengthened period. A homeowner has a lot of competitors in the real estate market, and mastering the art of home staging will certainly increase the chances of having increased visits from potential buyers. Home staging makes the property shine for sure, and by following the step-by-step guide and paying attention to certain details you’d be creating a space also to have the best price possible. Remember, it’s the first impression that matters, and a well-staged house can make all the difference in closing the deal.

What is house hacking? Can it be done in Lebanon?

What is house hacking? Can it be done in Lebanon? That's just right! For those wishing to use real estate as a means of generating passive income or as a means of offsetting living expenditures, house hacking can be an excellent tactic. It's a resourceful technique to maximize your available space and lower your housing expenditures. In addition, it may provide a number of noteworthy financial advantages, including the chance to get firsthand knowledge of real estate investment and equity development. It has grown in popularity, particularly with younger people who want to get into the real estate industry. Utilizing your living space to create cash is the fundamental concept of "house hacking," which aims to balance or even pay your housing expenditures. Below is a summary of the main ideas and advantages: Revenue Generation: You may generate a stream of rental revenue by renting out a section of your property, such as a separate apartment in a multifamily building, a spare room, or a basement. Expense Reduction: Your mortgage payment, insurance, and maintenance costs can all be partially or fully covered by the rental income you get. Equity Building: You are increasing the equity in your home while you pay your mortgage. Because your tenants help pay down the mortgage, house hacking speeds up this process. Decreased Financial Stress: You can feel less financially strained if your rental revenue partially covers your home expenses. This can free up money for savings, other investments, or living expenditures. Exposure to Real Estate Investing: House hacking offers a chance to dabble in real estate investing without making the entire commitment of buying a stand-alone investment property. You may gain firsthand knowledge about tenant relations, property management, and other real estate-related topics. Flexibility: When it comes to living arrangements, house hacking may be flexible. For instance, in a multifamily property, you may decide to reside in one apartment and rent out the others. You can modify your living arrangement if your circumstances change. All things considered, home hacking is an innovative and calculated approach to housing that may provide substantial financial rewards, especially for those looking to maximize their living expenditures or who are interested in real estate investing. You may both benefit from your property and live in a win-win situation. Here are some actual instances of home hacking situations: Letting Go of an Extra Bedroom: Suppose you are the owner of a single-family house with a spare bedroom. You might lease the space to a renter, either through sites or on a long-term basis. One way to partially pay for your mortgage, electricity, and other housing bills is by renting out the spare bedroom. Acquiring a Duplex and Relocating to a Single Unit: You purchase a duplex, which is a building made up of two independent flats. You make the decision to rent out one apartment and live in the other. Your mortgage payments are offset by the rental revenue from the second apartment, which lowers your overall housing expenditures. Being an on-site landlord also has its advantages, which may make property management easier. House Hacking with a Fourplex or Triplex: This is a bigger multifamily property version of the duplex situation. You rent out the other units while residing in one. You have many renters that contribute to your mortgage payment and property expenditures, and the rental revenue from the other apartments pays for a large percentage of your living expenses. Making a Basement or Garage Into a Rental Apartment: You may make a basement or garage into a separate rental apartment if you have any un-utilized space on your home. By doing this, you may increase your property's potential revenue without making major changes to your living area. Using a Vacation Rental to House Hack: If you own a home in a popular tourist area, you may house hack by leasing it to visitors while you're not using it. During the busiest travel seasons, this might bring in a sizable rental revenue, which can help defray some of your personal travel expenditures. These examples show how several types of home hacking exist based on the kind of property you own and the kind of investment you're willing to make. The secret is to find opportunities—whether they come from smart real estate acquisitions or existing properties—that let you satisfy your home demands and earn rental revenue simultaneously.