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Real estate investing is a unique and profitable investment opportunity. But to succeed in this type of investment, you need to know how to make the most of your investments. There are a few key renovations that can increase the value of your home and make it more livable for future homeowners.
Here are some basic upgrades that will help you increase the value of your home, no matter what type of real estate flip you're doing.
Electrical Upgrades
Many older homes were designed with very small electrical boxes and circuits. This can easily lead to overloaded circuit breakers which will trip all the time, making the home unsafe for the future owner. You should look into replacing these old wiring systems with something more modern that offers your homeowners better electrical performance in their homes. Replacing fixtures like light switches and installing dimmers throughout the house can add a more luxurious feel to your home that boosts the perceived value.
Window Treatment Upgrades
Windows are one of the key elements of any room, and the right window treatments can accentuate their beauty. For most rooms, shutters are aesthetically pleasing and easy to use. You can also add curtains in any room with large windows with no existing blinds or shades. Once you're done with all of your decorating, be sure to clean the windows inside and out for a greater effect.
Upgrading Plumbing Fixtures
When it comes to real estate flips, plumbing issues are the nemesis of every rehabber out there. If you have clogged toilets or broken fixtures in your home, these items will detract from the perceived value of your home. Replacing these items with modern plumbing fixtures can add a luxurious touch to your home and ensure that it will appeal to the widest audiences possible.
Basement Remodeling
You should think about making some upgrades to your basement as well. Basements provide an opportunity for upscale recreation rooms, media rooms, or even guest bedrooms. If there is not one already, consider adding a bathroom to your basement. If you have the space, these are easy upgrades that can seriously boost the value of your home.
Insulation Upgrades
This is another area where older homes fail to provide adequate insulation. Insulating your home is an important step in real estate flipping because it will lower utility costs and add a layer of protection from the elements. You'll be happy to know that insulation upgrades are reasonably priced and easy to do yourself if you have some time on your hands.
Upgrading Appliances
Replacing old appliances with modern models adds a nice touch of luxury for potential buyers. This is especially true if you're replacing stovetops, ovens, and dishwashers. If you're very handy with tools, consider replacing the countertops while you're at it.
HVAC Upgrades
Upgrading your home's HVAC system is very important when selling a home. You should also be sure to add new insulation if your existing insulation is more than ten years old. This is probably one of the most expensive improvements to make but will also yield the greatest return.
Closing Thoughts
These are some basic upgrades you can make in any real estate flip. Of course, you should always do your research before deciding on renovations for your property, but these are definite musts if you want to increase the value of your home.
Guyer Shutter Company offers window treatments for any budget. If you're in South Central Kentucky or Middle Tennessee, give us a call to find out about our range of products - including builder-grade blinds.
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