Renovations and home improvements get met with a lot of scepticism when it comes to the business of flipping houses. It’s especially true for those that are new to it. Homeowners often focus too much on getting the maximum returns on a property without investing too much in it. However, that’s not always the case. As long as you’re smart about your decisions and you know which parts of the house to renovate, it’s possible to get better profit out of a property than if you left it as is.
No two properties are alike, and it also goes for what each one needs. Renovations that make the most sense for House A won’t necessarily be as valuable for House B. Before deciding on any home improvements, make sure to have your property inspected. You’ll be able to find out which areas need the most attention and which ones are still good to go. Keep in mind that renovations and home improvements aren’t limited to the spaces inside the house. The outdoor area of a property is just as important, so you mustn’t neglect it. After all, it’s the first thing that a potential buyer will see.
If you’re a beginner or a veteran at the business trying to learn something new, here are some of the best renovations that you can do to raise the value of your property.
Curb Appeal
As we just mentioned, the outdoor area of your property is the first thing that people see. The appearance of the house, the lawn, the front porch, and everything else with it give the most immediate effects in raising the value of your property. Inspect them thoroughly and see if any of them need any repairs or if they’re due for a makeover.
The Exteriors
Depending on the conditions and finish of the house, you can either give it a quick repair or replace it altogether. If it’s showing its age and there are spots of paint peeling off or bubbling up, strip it down and give it a new fresh coat. The strategy is one of the cheapest ways to regain some value from your property. If you can afford it, upgrading to vinyl sidings is the way to go. On average, they can increase the value of your property by up to a staggering 63%. That’s an incredible value that anyone should not pass on.
The next thing you should consider improving is the front lawn. While often overlooked, good landscaping is an easy way to add 6 to 13% to the total value of your home after costs. It can also be impactful its aesthetics could be to potential customers. First impressions last, and your front lawn is also subject to it.
How your front porch looks can say a lot about how your whole property will be. If it looks like it hasn’t had good care, it will immediately give potential buyers red flags. It is in your best interest to give your front porch the best treatment that will make it inviting instead of repelling buyers away.
If your property is in an area with a warmer climate, wooden decking with the right materials will give you the best returns. They can give you up to a 66% return on your investment. They’re also cheap and easy to maintain, which will prove advantageous if you’re not trying to sell your property immediately after renovations.
However, your property is in a more tropical climate, making it necessary to install composite decking for your porch and backyard. It might be costly, but the returns wouldn’t be as impressive.
The Interiors
Now let’s move into interior renovations. The most valuable spaces in a house are the bathrooms, bedrooms, and kitchen. People use these spaces the most, so it’s no wonder why renovating them would prove to be the most valuable. These are the projects that you should pay attention to the most because these are renovations that will pay for themselves. We won’t get too much into detail about how you should redo these spaces since interiors are a heavily subjective topic. However, we can show you how much you can recover from pursuing these projects.
- A Complete Bathroom Renovation: Up to 78% recovery on cost
- A Complete Bedroom Renovation: Up to 76% recovery on cost
- Minor Kitchen Upgrade: Up to 83% recovery on cost
- A Complete Kitchen Renovation: Up to 78% recovery on cost
Don’t be afraid to renovate a property you want to sell. Have it inspected and see which projects can give it the best value for your money. You’d be surprised by how much more you can sell your property with a few upgrades. Whether you make minor changes or big ones, as long as they make sense to you financially, you’ll get a great return.