Selling property is an art that begins with the first impression. Picture this: potential…
If you’re looking to maximize the resale value of your investment property, Skystone Acquisitions is here to help. As experts in the real estate industry, we know what it takes to get the biggest bang for your buck when it comes to home renovations. We believe that knowledge is power—and we’re here to give you the power to make informed decisions that lead to lucrative deals.
To ensure a high return on investment, it’s important to concentrate on the appropriate upgrades for your property renovations. With Skystone, you can rest assured that you’re getting access to the best resources to tackle your fixer upper with confidence. In this article, we disclose our top renovation tips to ensure that you get the most out of your time and money spent.
Kitchen, Kitchen, Kitchen!
Let’s start with the heart of the home, the kitchen. The kitchen is one of the top priorities for real estate investors looking to increase the value of their flip. A well-designed kitchen can not only add to the appeal of a home, but it can also have the greatest effect on your property’s appraisal when you’re ready to list it.
The goal is to keep the color palette neutral and be selective with your design choices, ensuring every material and element chosen will appeal to the largest pool of buyers as possible. Achieving this requires a balance of functionality, ease of maintenance and wow factors. For example, instead of splurging on luxury marble countertops, you might want to consider a non-porous stone like quartz that’s easier to maintain and is more forgiving to everyday spills due to its stain-resistant qualities. With the extra savings in materials, you can allocate that budget towards a unique kitchen feature that will set your home apart from the comps like a high-end water pot filler above the stove or a custom-made hood vent that serves as a statement piece.
Bathrooms are the second-most crucial area to focus on when renovating your investment property. From a functionality standpoint, you’ll want to opt for bathroom fixtures that offer both style and energy efficiency. As far as backsplash goes, the smoother the better! While overly textured backsplashes may be on-trend, we recommend avoiding them at all costs. Potential buyers try to picture themselves living in the home long-term, and the thought of trying to keep those uneven surfaces clean can give off major red flags.
Instead, splurge on your floor and shower tiles. Bathrooms naturally have less square footage than other rooms in a home, so it’s the perfect ticket item to invest a little more budget into to elevate the space. While we suggest choosing larger tiles when possible, we’re all for selecting unique shapes and patterns that make the room pop. Just be sure your design choices and hardware are timeless in nature.
Don’t forget about the exterior of your home, as well. Curb appeal is the first impression that potential buyers will have of your property, so make sure to enhance it with a few easy cosmetic fixes. Landscaping, mulched gardens, a well-manicured lawn, and potted plants by the front door can make a big impact. Additionally, painting trim work, replacing old exterior hardware like doorknobs, house numbers and outdoor lighting are cost-effective projects that will make a significant difference in attracting the right buyer for the best price.
When it comes to flooring, hardwood is a great option for adding value to your home. However, Luxury Vinyl Plank (LVP) flooring can create a similar look for a lower price. Refinishing wood floors can make a big difference, especially if you find original hardwood flooring underneath old carpeting. It’s that type of character that can’t be replicated with today’s market options, and we find that the quickest-selling homes are those that capture the house’s original charm by mixing old and new.
Ceiling height is another important selling factor that attracts potential buyers to a property. Zero obstruction sightlines and creating the illusion of more space is key. If you’re on the fence about opening up the living room ceiling and you have the budget, do it! The same can be said about open floor plans. There’s nothing a single family loves more than a layout that offers a wide flow of traffic.
Remember, the ultimate goal is to sell the investment property for the max possible profit. That’s why it’s important to prioritize your budget and not overspend on unnecessary renovations or upgrades. Make sure to stay within range of comps in your area, and strategize the risks and splurges you’re willing to take in order to achieve your desired asking price.
Whether you need a specialist to address any concerns during your remodel, or you just need some extra manpower to speed up your progress, we have a team of contractor referral partners who can assist you every step of the way.
Contact us today to see how our expertise and connections can help you achieve your investment goals!