When it comes to property investments or even ownership, it’s always worth considering doing more than simply waiting on value changes. It may be the case that you can add real value by taking things into your own hands, as well. But what renovations and remodels are really worth the money and could potentially lead to some profit? Let’s take a closer look.
There are few properties that allow for as much profit as a real project property. This is also known as the “fixer-upper,” a property that doesn’t really meet the standards of most modern buyers or tenants but has potential. However, not all fixer-uppers are equal. You want to identify those that are in areas that are undergoing other developments and showing signs of increasing prosperity. You may also want to develop an accurate estimate for how much it may take to fix, and get some valuator’s advice on how much the house could increase in value if you put through those improvements.
Freeing up more space
Some extensions are a lot more expensive than others, but there’s no method of adding home value more reliable than adding usable and livable space. The cheapest way to convert existing space is to convert the attic. However, while the basement is more expensive to finish and protect, it can open up the entire square footage of the home’s first floor, meaning there is a lot of room to turn into profit. Extensions can be a little trickier, as you need to check what permissions you might need based on the area the property is in.
The kitchen and the bathroom
When it comes to renovating the interior and existing rooms, these two will always offer the most value. These are the homes that are best at attracting buyers. Installing bespoke kitchens or adding new bathrooms have been shown to offer the most reliable return on investment, providing you don’t go overboard. In the kitchen, the focus is not only on quality surfaces and great layouts, but also the installation of energy-efficient appliances. A lot more people are buying green and willing to pay for it these days.
Decking or patios
Curb appeal goes a long way. What works even better is a better-looking garden that also looks a lot more versatile. A well-landscaped patch of land can work well enough for some. However, adding some decking or patio can also create an outdoor dining or socialising space. You might not need to go as far as adding outdoor heating, but a bit of lighting for those spaces can really inspire buyers to picture themselves enjoying summer evenings in their little patch of heaven outside. This can raise demand which can turn into real profit potential.
What about other luxury renovations, like adding a pool or pond to the bathroom? You have to be careful with these, as they tend to appeal to those who can pay for the upkeep, so they’re usually only really recommended for high-end properties that are high in demand.
*this is a collaborative post*