In this blog I'll discuss one of the Holy Grail subjects in Real Estate,
These five renovations I’m going to share with you today, sometimes have a return on investment of five or six times of what they cost.
Flooring is one of the most important aspects of your house, you will see an immediate rise in property valuation with the installation of hardwood floors.
Existing hardwood floors that you can refinish are ideal, as they are less costly to restore, and are in higher demand than new flooring materials.
For the bathroom tile always be in demand and retain value exceptionally well.
Kitchens often look tired and dated, in large part due to old fixtures.
Replacing or updating cabinet hardware, light fixtures, counter-tops, and faucets will result in an immediate increase in your home's value.
This small but effective upgrade will revitalize the entire home.
The bathroom is the second most important room in the home in terms of valuation.
If you can add a three-piece bathroom, to your home with only a one-floor bathroom, you will see a dramatic rise in the market value of that home.
Why you should never compromise bedroom space for a bathroom. Try sneaking one in dead space somewhere in the home.
I have a client who managed to get a three-piece bathroom under a staircase. The width of the room just 44 inches. But what gave it a little bit more vision of space was using in a glass door for the shower.
Kitchens are the single most important room in the home related to valuation.
The kitchen can make a significant difference in the value of your home. As such, it is crucial that you invest in a modern, fresh, and desirable kitchen.
Modern cabinets and under cabinet lighting and new appliances will also significantly increase the value of your home in the market.
To save on costs without compromising construction and desirability look at options like IKEA cabinets as opposed to custom cabinetry.
#1 Income Suite
I know, no surprise, but the single biggest way to increase the value of your home is to build an Income Suite within the property.
Whether this is converting your basement into a rental or another floor in the home, an income property will increase your home's worth.
The main reason for this is that it covers portion or sometimes all of your mortgage payments.
And results in your home being cash flow positive, which creates real wealth that could supplement your income.