Real estate speculation can be both a fun hobby and a lucrative career if you know what you are doing. Of course, you can also take advantage of the Renovco benefits if you just learn a few of the more practical tips that help those who invest to maximize profits when they sell. For example, there are two rooms in every home that you should focus your renovations on if you want to get the most for your money (and a quick sale, perhaps, too).
ROOM #1: The Kitchen
The kitchen is easily the most commonly used and shared room in every home. Obviously this is the place where you prepare and consume your meals—hopefully together, as a family—but it can also be a place for homework, important conversations, catching up with friends and guests, so much more. A great kitchen, actually, can expedite the sale of a home and can even motivate buyers who might not be sure about other parts of the house.
Indeed, a kitchen renovation is the best use of your time, money, and energy. The average kitchen remodel should be priced between 10 and 15 percent of your home’s overall value; but you could see a full 100 percent return on that investment when it comes time to sell. As such, here are a few suggestions for improving your kitchen, ranked in order of expense:
- upgrade the lighting
- repaint walls and add a new backsplash
- resurface or replace the countertops and cabinets, accents and hardware
- replace outdated appliances with modern, energy-efficient models
- total overhaul (all of the above and/or make better use of space)
ROOM #2: The Bathroom
After the kitchen, you may be surprised to learn that the next most effective room to renovate is the main bathroom. Yes, you have a lot of options: you could upgrade the master bedroom to a master suite; you could convert an unfinished basement to tenant housing or a rec room. But the next best thing would, in fact, be the bathroom. After the kitchen, people like to know that they have a comfortable and attractive place to handle their private business.