Your real estate investments need to increase in value over time – that’s not something they’re going to do alone. But when you put in a little bit of money to renovate them here and there, you can send the price spiralling up by at least 15% each time! So, what projects are best to budget for here? How can you get the most bang for your buck within your house flipping business? Let’s go through a small selection of the most valuable improvements to make below.
Landscape
Landscaping your property is a small value-adding job that goes a very long way. After all, a well landscaped garden impresses anyone who passes by! And even when you’re not selling quite yet, a bit of curb appeal will help you to retain value long past your property’s peak period. Planting bushes and hanging plants, laying a new deck, making sure the front door is well painted – these are all excellent ways to add some value to a real estate investment.
Add on an Extension
An extension can make your property at least 20% more valuable, depending on the size, shape, and placement of the extension. A single storey project, such as expanding the kitchen, grants an amazing ROI on its own and that’s something you can rely on.
But a double storey project, where more than one new room is added, can whack another upwards of 25% onto the sale price. Of course you may have to look into property and zoning laws to double check you’re allowed to make such an addition, but if your budget stretches, this is a good choice.
Replace the Roof
Replacing the roof is a good way to give your property another 50 to 100 years of life at the very least! Indeed, fitting materials like metal roofs or new shingles can give your home that shine that all high value properties have, as well as make it more functional in the long run. And when there’s a new roof, you know there’s no chance of leaks or cracks happening in the months coming up! All in all, this is a safe renovation to make that’ll help to bank on about 5% more value.
Refit the Kitchen
Refitting the kitchen is a great way to take an older property right into the 21st century. Getting rid of wood front cabinets and replacing them with more sleek combo versions can ensure your real estate investment is at least 2% more valuable than it was before.
Yes, it really is that easy when it comes to the kitchen! It’s the room we use the most in the house, and where most of the heat and life comes from, so anyone buying wants it to look nice! Bank on this to ensure your property deserves to be at the front of your portfolio.
Real estate investments are already pretty valuable. However, you can squeeze out plenty of extra pennies with the renovation ideas listed above.