Whether you’re an investor looking to flip and rent out a property of your own or an average person who’s currently in the process of making their first home purchase, it’s important to understand the role of renovation in real estate.
Knowing which aspects of your property to tweak or fix-up can mean the difference between THOUSANDS of dollars once it comes time to sell.
But sometimes these home improvement projects require just as much time and energy as they do cash and most people don’t have an unlimited budget to work with so they’re forced to pick and choose.
That’s why I’ve listed a few renovations that deliver the most bang for your buck.
One of the first things potential buyers will take note of is the available floor space.
There’s a reason open concept homes are “in” right now and it’s because people these days are looking for more room to spread out.
All in all, there’s a rising demand for more spacious living conditions.
That said, having more rooms in your home doesn’t necessarily mean that it’s worth more.
If you’re in the market of selling a home, then converting two rooms into one master or knocking down a few walls for the extra floor space is the way to go.
In short, residences with roomy features often sell faster and for more money, but sometimes floor space is just as valuable as the real estate overhead.
When it comes to the roof over your head try to take advantage of as much usable square footage above as you do below.
Another easy trick to boosting the value of your home is to invest in name brand appliances. This isn’t rocket science here, furniture and accessories simply add a sense of value to your home.
That doesn’t mean you should spend as much money as you possibly can in this department, but a house-wide supply of name brand appliances can make a lasting impact.
There’s no set price, but there’s a sweet spot somewhere between cheap and way too expensive that’s varies from person to person.
Speaking of expensive, kitchens require some of the costliest, labor-intensive renovations, but you can often get away with nothing more than a cabinetry upgrade.
Believe it or not, cabinets alone can make a world of difference for your kitchen. Just remember to shoot for high quality, but not highly stylized.
As a rule of thumb, the more simple the better.
Using neutral colors and a minimalistic design allows purchasers to still make the place their own after they move in.
If you’re looking to boost the worth of your real estate, then keep the floor and ceiling as spacious as possible, install new kitchen cabinets and furnish the place with name brand appliances and accessories.
Doing any one of these things has the potential to significantly boost the value of your property.