How can Home Renovation Benefit your Real Estate Portfolio?
Monday Apr 25th, 2022
The Greater Toronto Area is a booming market for real estate investors, and homeowners are constantly looking for ways to make their properties more valuable. Home renovations have been receiving significant attention from homeowners who are taking advantage of the improvements that they can make. The ability to generate more excellent value from your property is the best way to achieve this goal.
Imagine that you're a real estate agent specializing in finding new listings in the suburbs. You typically list enough of these homes to break even and pay your rent. But you know one of the ways to put your real estate portfolio ahead is to invest some money in building a brand-new kitchen for your home. What do you think will happen if you renovate?
The increase in positive energy around renovating and the improved aesthetics will help attract buyers, who will, over time, be more likely to purchase your home when it's on the market. And as the Equity Master, I know what I’m talking about – because my job is to get your valuation up, so that you have the freedom to live the life you want.
Home Renovations to Boost your Real Estate Portfolio
In many ways renovating your kitchen can help increase your real estate portfolio. It will help you gain more revenue and property value.
Renovating the kitchen and turning it into a showpiece of the property is known to increase its market value. For example, updating the kitchen with granite and stainless-steel appliances is a great way to update the whole exterior.
When done correctly, costs can also be minimized by using reclaimed materials or eco-friendly products, such as recycled and upcycled furniture or fixtures.
According to Remodeling Magazine, your kitchen remodeling can offer a recoup of 53% to 72%.
If you're thinking about selling or refurbishing your home, consider giving it a fresh look with a new bathroom remodel. You can give your property an immediate value boost while also making it more appealing to future homebuyers.
A bathroom can improve your home's curb appeal and overall resale value. In addition, they can revitalize the look of your current bathroom layout by making it more appealing and functional.
It can include various projects like adding new fixtures and accessories, changing the size or shape of the room, improving lighting, redesigning the layout and flow of the space.
The average return on bathroom remodeling is around 70%.
Many homes come with extra, unfinished space waiting to be used, such as basements, attics, and bonus rooms. When spaces like this are left untouched for years and years, people often regret because they wasted potential resale value on a property that wasn't utilized well.
As many homes come with extra, unfinished space waiting to be used, this is a great opportunity for homeowners to add resale value to their properties.
One way to maximize the value of these spaces is to convert them into a rental property; however, this can be difficult due to necessary repair. These unused spaces can be turned into:
· Home gym
· Home office
· Second living room
· Separate suite
· Game room
· Library or study
· Guest bedroom
If you’d like to know more, or let me help you make the strategic changes and reno projects that will give you maximum value for money, contact me today and let’s boost your equity!