Best Ways to Remodel Investment Property
Somethings to take into consideration when remodeling your home or investment properties.
Selling your property may not be an option right now but it can be something to consider in the future. Until then, you need to make sure that your home stays in tip-top shape. Whether you end up selling your condo property or not, you’ll end up with a structurally and aesthetically sound home that you’ll be proud to show off to guests, especially if you make use of eco-friendly condo interior renovations.
Before you make plans for improvement, you need to know which home renovations will bring more worth for your buck. In general, replacing old parts in your house such as doors and windows is a surefire way to add more worth to your property and make it highly saleable. According to a report by Remodelling.hw.net, kitchen and bathroom renovations will bring great payoffs especially when you decide to sell your home. Kitchen projects add more value points compared to bathroom renovations.
The report reveals which renovations will bring better return of investment and which ones will produce smaller returns. For instance, entry door replacement has a 96.6% return while remodeling your home office will yield only 48.9%. Making wood additions to your deck guarantee an 87.4% while sunroom additions will generate only 51.7% of returns. Making minor remodeling in your kitchen has an 82.7% percentage return, which is recommended over master suite addition, which pegs at only 67.5%.
Keep in mind that the numbers may vary depending on the condition of your home and the real estate market values in your area. What you will decide to do will eventually depend on the type of house you have and how much you can afford to spend in renovations. Here are some affordable home renovation ideas that you can consider to boost the market value of your property.
1. Make your kitchen functional
The kitchen is one of the areas where potential homebuyers scrutinize carefully so it helps to have a kitchen that is clean and fully functional. With a budget of only a few hundred dollars, you can do the following upgrades: replace old light fixtures with energy-saving bulbs, install new handles for cabinet doors, and replace the faucets. If you can afford it, go for giving your cabinets a makeover, which is cheaper than replacing the entire system. You can just replace the old doors and handles then repaint the whole thing to make it look new.
It helps to make the appliances match as well. There are homeowners who are not comfortable with a kitchen that has no overall color theme. If replacing your appliances is not an option, you can just replace the doors and face panels in colors that match.
2. Make the bathrooms look shiny and new
The bathroom is the next most important part of the house when it comes to value appraisals. Luckily for you, your bath can be improved even with minimal spending. Some of the little upgrades you can include: installing new toilet seats, or replacing discolored bathroom tiles with sheet vinyl or vinyl tiles. If your tiles are chipped, you should replace them. If they look dirty, you should regrout them.
Photo from Jeremy Levine via Flickr, Creative Commons
3. Add more storage
Cramped storage areas take big points off the value of your home. If you don’t have enough built-in closets, you can just add wire and laminate closet systems that you can install yourself. This is perfect for entry closets, pantries, and bedrooms.
4. Add a bedroom
It doesn’t have to be a major renovation if you know how to improvise. For instance, a den can be converted into a bedroom by adding a built-in closet. You will have to shell out around $1500 to drywall a closet system to your den but it’s a small price to pay. An additional bedroom to your house packs in a lot of market value points.
5. Make sure that your electrical and water services are in excellent condition
Taking note of the little things will give the impression that your home is being really taken care of. For homebuyers, a well-cared home is a great investment. Call an electrician and plumber to look over your wires and pipes. Have them fix water leaks, faulty outlets, and loose wires. Not only will this affect the price tag of your house, it will also lessen the chances of deterioration and accidents in your property.
Photo from CoCreatr via Flickr, Creative Commons
6. Use lighting to make the house look pretty
If your condo comes in with a set of generic-looking lighting fixtures, you may want to replace them with something more eye-catching. Your living room can benefit from a funky chandelier in the ceiling. A trip to home improvement stores will acquaint you with affordable fixtures that will look great in your interiors. You can ask your electrician to include this to his tasks while doing maintenance on your wires and outlets.
7. Improve your carpeting
Spend a little cash for professional carpet cleaning to restore the vibrant color of your rugs. Area rugs can be used to cover up the wear and tear on fabric. Replacing carpet can be expensive so make sure that it’s absolutely necessary to do so before buying new fabric.
8. Use your door to make a good impression
You may want to upgrade the look of your generic steel door with a fresh coat of paint or some faux finishing to make it look better. Put some metal primer on the door before applying base paint on it. Burgundy is a great color to give it a rich, cherry wood look. Put cherry wood stain afterwards to make your door look brand new.
If you have a solid wooden door that has a flimsy knob, then go to the hardware and look for a nice handle and lock set for replacement.
9. Improve your garden
A home with a nice garden landscape has great market value. If you have a green thumb, start your garden renovation by moving your lawn and planting shrubs in strategic places. If gardening is not your thing, hire a good landscaper to do the job for you. Don’t underestimate what a few shrubs and sods can do for your front yard.
Photo from Richard Hefner via Flickr, Creative Commons
You will benefit from these remodeling projects whether you end up selling your property or not. If you intend to stay in your home permanently, these renovations can improve your living conditions and bring savings on home maintenance.
