Renovations that Give you a Return on your Investments
If you’re a seasoned real estate investor or a newbie in the real estate game and are thinking about buying properties, you know how important it is to get a good return from your investment. The main goal is to sell quickly, get your investment back plus extra profits as well as provide a nice home for the buyer.
Anyone looking to make a profit from flipping should know what increases a home’s value and what can be added to make the home more livable and desirable. Here are some of the top renovations that yields some of the best returns.
Renovations That Yield Big Profits
- Exterior Appearance is by far one of the best ways to add value to a home as well as marketability. Some of the best renovations include replacing doors, adding vinyl siding, fresh paint, and new windows and shutters. These renovations immediately improves the appearance and gives it some much needed curb appeal. Also simple clean ups such as trimming shrubbery, mowing the lawn, and pulling weeds can make dramatic improvements which gives potential buyers a great first impression.
- Kitchens are one of the most important and popular rooms that can sell a house fast. On average the kitchen can potentially give you a 66% return and it’s one of the first things that homebuyers look for. Kitchen remodels can be tricky though and knowing your market keeps you in the right range without going overboard. Most kitchen remodels only need a face-lift instead of being gutted. Knowing how much space you need and at what costs keeps you from going into the red. A good updated kitchen has:
- New Appliances (Stainless Steel)
- New Faucets
- New Cabinets or Update existing cabinets
- Flooring:Tile, Hardwood, or Linoleum
- Backsplashes and Counter-Tops
- Bathrooms have become one of the home’s best and most important features. Buyers want minimal amounts of work and having an outdated bathroom can be a deal breaker. If done right on average, bathrooms can yield a 62% return. Consider new toilets, double sinks, great lighting, and maybe a custom shower. Sometimes a home’s bathroom is too small so consider bumping out the size for more space. Two full baths are more appealing than one and a half, however it’s important to work within your budget.
- Home Office or Workout Rooms are increasing in popularity. These rooms add a lot of value to the home and helps the homeowner save money. Having a home office is great for stay-at-home people and workout rooms saves homeowners time and money. People are becoming more health conscience and with some basic equipment, workout rooms are becoming a standard in today’s homes.
Most home renovations don’t have to be a full remodeling project. Knowing the market, trends and cost vs value is what gives you the best return on your investments.
For more information on remodel projects and investments click here http://www.thisoldhouse.com/toh/article/0,,408045,00.html
And for cost vs value figures click here http://www.remodeling.hw.net/cost-vs-value/2016/