We all need to want to prepare for our future and financial security into old age. One great way to do that is to invest in properties you can remodel and then sell for a sizable profit. But what kind of remodels should you make to get the best return on your investment?
One of the first areas people think about in terms of remodeling is the kitchen. The kitchen is often the focal point of a home, and research suggests that people are willing to pay more for a house with an updated kitchen.
Energy-saving appliances are another huge draw for buyers. It also pays to update the floor and cabinets. Even if you just give cabinets a fresh coat of paint it will help: but do make sure that all the hinges work properly and the handles are tight and secure.
New backsplashes can really refresh a kitchen space, and a nice butcher block or brand-new granite countertops can make all the difference. It always pays to ensure that the lighting is bright and inviting, too. A good kitchen remodels plan will make it easier to get investment property loans.
Bathroom remodeling is another high-paying investment. Converting a half-bath to a full can increase the value of your property significantly. New tile, water-saving fixtures, and heated floors will also ensure that buyers get interested.
People are interested in bathrooms that feel warm, inviting, and comfortable. The bathroom has evolved from a simply functional space to one people look forward to spending time in – like, soaking in the bath with a glass of wine.
You can achieve that kind of look in the bathroom with the right lighting, strategic decorating, and tiles that resist showing dirt and mildew. Of all these changes, however, know that lighting makes the greatest impact.
The windows and doors
One overlooked renovation of too many properties are the windows and doors. New windows and doors not only look attractive, drawing buyers in, but they can also save a property owner significant amounts of money in energy over the years.
Energy efficient windows and doors will greatly increase the value of your investment property, and especially if they are also clearly secure. While you’re it, consider fixing any siding that might detract from the look of the windows and broken entryways that make the door less inviting.
To enhance the savings on energy-efficient windows, consider special tinting film or window treatment for windows that get full afternoon sun. The best tinting and treatments will keep out the heat in the summer as well as protect your home from heat loss in the winter.
No matter how beautiful a property looks on the inside, you have to draw people in to see it. This starts with nice landscaping, but you can really kick things up a notch by moving from “nice” to “gorgeous.”
By adding patios and porches, low walls, plants, and well-defined paths, you can transform the outside to an inviting sanctuary. Even a small property that features useable and inviting outdoor space will attract buyers willing to pay a higher price.
You should also consider making a specific space outdoors for activities. This could be an area where children can play safely, a BBQ spot, or a contemplative space around a water feature. Arbors and pergolas can also be very attractive.
Perhaps the most important investment features of all are caring for all the basic maintenance. This will enhance your investment in any other remodel.
Yes, replacing the gutters or fixing a tiny leak in the roof, or even getting the roof replaced even though it’s not technically necessary for another couple years might not seem all the sexy. But these tasks will make your other remodel worth more and ensure you get the best possible return on your investment.