Are you looking to profit from your property investment endeavor? Many investors look toward the promising lands of real estate to maximize their returns. However, increasing property value may not always be as easy as you may think. Luckily, there are certain renovation strategies you can apply to increase the worth of your property. Let’s take a closer look at them!
Top 6 Property Renovation Strategies To Maximize Your Returns
1. Enhance Curb Appeal
The best way to add value to a property is to enhance its curb appeal. In fact, there has been a study that concluded that enhancing curb appeal can increase property value by 7%. Therefore, to make a profit, you may need to employ various methods of adding to the curb appeal of your property. Here are some of the methods we have tried as Apartment Renovation Contractors:
- Plant flowering shrubs and trees on your property.
- Regularly mow the lawn and keep it in perfect shape.
- Rake out leaves in the autumn and shovel snow in the winter.
- Paint the exterior of your new property, giving it a makeover.
- Add a new mailbox and a few potted plants.
- You can also use outdoor lighting fixtures to add some aesthetic value.
It always pays well to go with a theme and ensure the exterior of your entire property appears cohesive and intentional.
2. Renovate Your Interior
Interior decor and furniture also go a long way when it comes to increasing your property value. There has been a rising trend of apartment flipping in real estate, where flippers buy relatively run-down properties and renovate them completely at low costs. After renovations, these properties sell for almost double or triple the expense spent on them. Here are some ways you can renovate your interior:
- Add a contemporary touch to your kitchen using an open-floor concept, new countertops, and renovated cabinets.
- Upgrade the tiles, lighting fixtures, tub, shower, and faucets in your bathrooms.
- Replace old-school or tile flooring with hardwood floors.
- Finish the renovation with a fresh coat of paint.
3. Upgrade Your Tech
You can also upgrade your appliances to ensure your property has all the modern amenities that would entice a tenant or buyer. This means installing smart thermostats, adding a security system, subscribing to a high-speed internet provider, and decorating using smart appliances.
4. Improve Energy Efficiency
Energy efficiency may not seem as important, but it could end up saving you loads in the long run. This will not only reduce your electricity consumption and bill but also contribute to a sustainable living environment.
You need to insulate your property so that the heat does not escape during the winter and the coolness stays entrapped in the summer. This will reduce your AC bill. You can also install LED lights as they save a lot more than regular lights.
5. Perform Timely Maintenance
You may also need to check which appliances require maintenance and the right way to execute them. Of course, since a misstep would result in you losing a lot of money, we recommend employing the aid of a renovation contractor like Urban Complex GC.
6. Effective Property Management
Another important aspect of property renovation is management. You need to be able to juggle multiple moving parts of the same project to ensure everything is going according to plan, whether it be installing new tiles in the bathroom or upgrading your TV with a brand new one.
You need to develop the unique skills necessary to pull off such a feat. Of course, you can always hire a service provider like Urban Complex GC that will help you with compelling property management.
To Wrap Up
Maximizing your returns on real estate properties in the US is not as hard as it seems. You just need to be able to renovate the property to be its best self, and the profits will follow. There are a number of ways you can achieve this, of which six were explained briefly in this blog.
Of course, the best way to do so is by hiring contractors that provide comprehensive services and affordable packages. Urban Complex GC is the best multi-family renovation contractor with years of experience in the industry. So, stop putting your profits on hold and get ready to make some profits on your real estate investment!
