which renovations give good returns during property resale
20 Oct, 2021, 4:11 PM

When renovating a property, it is imperative to note that not all the restorations can make you a good profit when selling your apartments. Some of the restoration projects may cost more than the returns they will give you. What improvements could then be profitable and can add value to your apartment when you opt to sell the property?

Kitchen Renovations

Many construction agencies recommend replacing or restoring a kitchen to fetch good profit during an auction or resale.

It is commonly said that installing a modular kitchen can be affordable and a convenient approach for elevating the liveability of an apartment or a home. It is good to work with custom kitchen builders as they can install cabinets and other essential supplies that come with warranties. It may cost you as low as $10,000 to install a simple custom kitchen with essential tiling, plumbing, and electrical. Such improvements can enhance the value and aesthetic appeal of your property, with the value increasing to the tune of $50,000 to $60,000.

new kitchen renovation process

Properly designed washrooms and kitchen renovations bring good profit since buyers never like to just move in a property without doing any work. Buyers always have a strong emotional connection with the houses they imagine living in after purchase. It is thus essential to invest properly in designing how the residents will live in the property. For instance, you may install kitchens that are spacious enough to accommodate big fridges, casual dining, and entertaining ovens.

Setting a renovation budget that will be consistent with an attractive profit when selling the property is important. You do not have to fix kitchen hardware worth $9,000 or costly do it yourself cupboards. The renovation needs to be consistent. Always look at the overall renovation impact on estate prices and be realistic in your approach.

Bathroom Renovations

It is important to add or renovate a bathroom. Greg Weller, the spokesperson in the housing industry association, says, “The average number in new buildings has been increasing, and the same happens in the renovation sector.” Currently, there is an average of 2.6 bathrooms in every new apartment.

When adding or renovating a bathroom, it is crucial to set a realistic budget from the time you begin your project and be keen to work with a fixed budget. Mulcahy advises. “Tenants and buyers demand for bathrooms to have modern and stylish fittings and fixtures,” he adds. It is easy to overcapitalize since there are many components that can be used during bathroom improvements. Interested in bathroom reno? Take a look at this post.

Repainting

Renovations will help you to showcase the best qualities in a home that brings good returns. You can give your homes an excellent facelift with trendy colours and modern shades through painting.

worker painting wall with paint roller

Painting your home is an excellent home restoration tool. You can refresh and modernize a worn-out property with a quality coat of paint that you can choose from an array of available options. Colour consultancies can help you come up with a perfect colour scheme at affordable prices. Paint outlets have a wide range of contemporary colour palettes to suit any interior.

Street and Curb Appeal

It is always essential to add street appeal to home when making improvements to a property for resale. You need to maximize the number of prospective buyers who can be attracted through the door to ensure the resale prices meet your needs.

You can achieve this in areas such as your home exterior by improving cladding colors or materials. The handyman you choose needs to be experienced enough to recommend exterior cladding that will add perfect aesthetic appeal to the property as well as increase its resale value. Fetching substantial returns with a new look should be your main focus.

Installing a shiny new front door will be a great way to set a street appeal. Replacing a door with a new one can add a lot of appeal at a small cost. Give your doors a perfect and cost-effective facelift by just painting them using oil-based paint. Make sure the lawns are mowed, the garden is tidy, and beds weeded. Use mulch for gardens that are bare. Make sure you repair and paint the fence in front of your property. Install a letterbox and add a number to your house to give it a homey feel.

Outdoor Areas: Patios and Deck Renovations

Property developers tend to upgrade outdoor spaces to convert them into comfortable living spaces with some protection from the weather. Outdoor areas are often limited to being used for a barbeque, but people convert them into living spaces for the family to relax in comfortably by installing patios and decking. The cost of renovating or updating an outdoor space comes with good returns whenever you install a sale sign on the property. An attractive outdoor area will entice extroverted buyers, especially those with families or those who have friends over often. They view the outdoor space, imagine utilizing it, and are attracted by the lifestyle it offers.

old house with patio

 

When renovating for profit, you need to make improvements with a wide range of audiences in mind. Do not include too many of your own personal preferences and forgetting there are buyers who you are targeting.

The same applies to improperly executed renovations for a property. The kitchen and washrooms, in particular, can put off buyers if they are not in good condition. If you choose to renovate your property, ensure you contact a professional home builder such as Universal Tradesman. This is essential because buyers imagine themselves living in the properties they acquire for years to come and well-executed renovations ensure that buyers will be able to move in immediately.

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