When you’re looking to remodel your home or investment property, it’s easy to be overwhelmed by the possibilities. The property development and real estate game can be a profitable venture if you learn to keep your costs down – and that’s really the key to turning a profit. Going overboard with expensive light fittings and kitchen remodeling can set you backward instead of forward when it comes to the bottom line. There are a variety of inexpensive ways to remodel your property without overspending and sacrificing too much profit. So here are five affordable fixes for your home or investment property.
- Keep It simple. Going overboard with ornate fittings and craftsmanship can set you back significantly. It’s important to keep things simple when remodeling your place. The more detailed things get, the more difficult they’ll be to install, which ultimately means there is more room for errors that could be costly. Taking the minimalist approach to your redesign not only means it’ll be easier to install (and therefore less expensive), it also means you’re less likely to offend people’s aesthetic sensibilities. The more particular your design, the more particular your potential buyer will be because it means the property is less malleable or changeable. So keep things simple and provide a blank canvas for others to see potential in.
- Cut a long story short. If you’re looking to expand the square footage of your place, adding a second story can actually be a reasonably affordable solution, and it also means you’re not cutting down on any valuable yard space. So consider building upwards rather than outwards. Your real estate agent will be drooling at the potential if they are greeted with an extra story on the house, because it drives up the worth of your property significantly. Seeking the advice of your real estate agent is a great way to better understand what homebuyers are looking for. For example, someone like Bill True who has 27 years experience in the industry could offer some valuable insight and knowledge about the property market that you might not have.
- Convert the basement. If you you’re lucky enough to have an extra room under the house, converting your basement into a den or guest room can be a fantastic way to make the most out of your space. It’s such a great addition to the home to have a bonus space, so be sure to optimize this space if possible. Decking out the basement as a man-cave or teenager’s retreat can be great for encouraging buyers. So clear out the junk and the old boxes of memories and convert your storage space into a fully functioning den.
- Clean up the curb. The first things people see when they show up to your property are the curb, the garden, and then the doorway, so it’s extremely important to focus on the faÃ§ade of the house. This might mean pressure washing the driveway (which adds up to about $100 of value), planting some new trees or plants in the front yard, getting a shiny new mailbox, or even replacing the front door with something a little more tasteful. All of these inexpensive options can make a dramatic impression on your potential buyer.
Let there be light. One of the most important, and simplest, things that a homebuyer is looking for is plenty of light. If your place is looking a little dingy or cave-like, it’ll be a lot harder to sell. So consider natural UV lighting or even a skylight. They are both relatively inexpensive solutions that could make your home look that much more desirable.