Renovation Tips From Top Real Estate Investors
When you invest in real estate, let this article help you decide on what renovations you should make.
26/09/2019
There are a lot of ways you can invest in real estate. You can buy a property and decide to resell it to a we-buy-houses company such as Leave The Key Homebuyers, or turn it into a rental property. But regardless of how you’re planning to earn from real estate, one thing is certain: the right renovations can help increase the value of the property, allowing you to earn more profit in the long run. If you’re planning to invest in real estate soon, let this article help you decide on what renovations you should make.
Renovating a property just for the sake of it won’t guarantee an increase in its value. You need to be careful about what you renovate as some projects don’t positively affect the value of your property. In light of this, here are some renovation tips from real estate professionals:
1. Do Your Research Before Renovating Anything
For a time, you will be the owner of the property you’re going to invest in. Before you can sell your home through real estate marketplaces, the property will be under your name. You can basically do anything with the property, but that doesn’t mean you should. Before calling any contractors to renovate your property, it’s vital that you conduct research first. Any renovation project will cost you time and money, so you don’t want any of these to be wasted, especially if you are wanting to turn that house into a dream home with www.montebuyshouses.com.
Contrary to popular belief, renovation doesn’t only mean painting your property with a new color or adding new curtains. Renovation might also require you to move the walls, add a room, and construct an extension on your property. With the number of renovations you can do, stick to projects that are manageable and can eventually boost your property’s value.
The renovation you choose to do in your property should also be compatible with modern construction methods. Will the contractors in your area meet your expectations for the renovation project? Do they actually have the materials to handle the renovation project you plan to have?
Aside from these, make sure that all of the paperwork required for the renovation project are prepared ahead of time. The last thing you would want is to lose a lot of money in an unfinished renovation project.
2. Think Outside The Box To Better Utilize Your Space
For people who were able to invest in a large property, upgrading the outdoor space into a garden is an obvious choice. If not a garden, they will consider adding a pool or a deck in their outdoor space. There’s nothing really wrong in planning to do the same. But if you want to earn a profit from your property as fast as possible, think outside the box when utilizing your space.
Instead of turning your outdoor space into a garden, why not build granny flats instead? This structure can be a great addition to your property because it serves as another living space. Depending on the features or amenities of the granny flats, this structure can be rented out or used as a holiday let or private home.
Gone are the days when granny flats are only used as an abode for an elderly relative. Today, installing granny flats is a great way of maximizing outdoor space while adding a modern touch to any property.
3. Decide What Areas To Focus On During Your Renovation
The property you have is consists of different areas and rooms. To ensure that your property will be ready for a new tenant or buyer, you should know which renovation projects to focus on. Paying for a contractor to upgrade your bathroom tiles while the pipes in your kitchen are leaking won’t haul any tenants or buyers to your property.
When deciding which renovation project to prioritize, the following tips can come in handy:
● Any renovation project should start by checking the condition of your roof and the foundations of your property. Call a professional and have these areas assessed and repaired if necessary.
● Consider asking for help from a local real estate agent before deciding what renovation project to prioritize. Because these professionals have been operating in the area for years, they will know what tenants and buyers are expecting in a property.
● Generally speaking, your renovation project should focus on the kitchen. This is one of the most important areas of the house because this is where the occupants will socialize with their friends and family. Make sure that the kitchen in your property is up to par with standards.
Trust The Pros
Regardless of how small or big the renovation project is, having a plan is essential. Once you’ve decided on which renovation project to take on, prepare a suitable budget and scout for contractors who can do the job for you. Doing any renovation project on your own might be tempting, but it doesn’t warrant the best results, especially if you’re not an experienced handyman.