Summary: Property-owners looking to make large profits on their houses can do so by renovating. Doing so will make the house more attractive and ultimately increase its value.
A Note Before We Start
Even if your house is not on the market, when you are remodeling it is wise to think about how your house alterations will affect the financial value of the property. As it turns out, some renovations will give you more bang for your buck.
Kitchen and Bathroom
Real estate experts have reported that kitchen and bathroom renovations tend to yield profitable returns. Simple renovations that grab people’s attention include new shelves and stainless steel equipment. Appliances that are energy-efficient like smart faucets and cooking tools alert your phone when the food is ready are also good ideas, because they could ultimately save you money on electricity and gas in the long-term. Over time, these investments could actually pay for themselves.
Storage space is usually a concern, which is why thinking of methods of increasing the amount of storage room in your kitchen can be beneficial. Getting creative with cabinet and drawer layouts can help you get the most out of every square inch of your kitchen.
In the bathroom you should also focus on the shelves and tiles to give them a fresh and clean look, regardless of whether you are aiming for a classic or more modern theme. Additionally, upgrading the shower to make it higher quality and more spacious could be a profitable investment. Realtors have noticed that people nowadays do not tend to use their baths very often, suggesting that improving the shower quality and size would be more valuable.
A lot of time is spent in the bathroom and kitchen. When potential buyers are taking a tour of a house they will usually pay close attention to the qualities of these rooms. Although they are expensive to renovate, kitchens and bathrooms will draw people’s attention, for better or for worse.
Basic Upkeep
While a new kitchen or bathroom is a luxury few homeowners would not appreciate, living in a house that has a strong structure may actually be more of a dealbreaker. If there are floors that are falling apart, pipes that are leaking, or damaged wires, potential buyers may be worried about the expenses they will inevitably have to cover to keep the fundamental housing features intact. The less others will have to spend on maintenance, the more attractive the house will look. By saving money on keeping the house running, new homeowners can choose to renovate as they see fit.
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