Top 3 Renovation Tips to Maximize Your Real Estate Profits
Real estate can be incredibly lucrative whether you own a single property or multiple listings. However, most investors won‘t cash in on their properties until they are ready to sell. Real estate is an investment with long-term returns. Even though real estate has long-term returns, purchasing property is not cheap.
Cityscape offers competitive loan programs for investor bridge loans, fix and flip loans, cash out & rate/term refinance loans, and ground-up construction. The company‘s loan products can help brokers and clients finance or purchase real estate property.
After purchasing the property via the Cityscape Finance loan, you may want to renovate and reimagine it as updated versions to get the best returns possible. Here are some renovation tips to optimize your profits and increase your ROI in the real estate industry:
Enhance Certain Key Areas of the Property
Enhancing your property‘s outdoor space by updating or adding a patio, deck and outdoor grilling area. Investing in outdoor spaces is an intelligent choice to make your property more appealing to potential buyers.
For a more formal look, consider adding some landscaping and flowers to the property.
One of the most important renovations is updating the kitchen and/or remodeling it into an open-concept space that could also be used as a living area. Consider replacing old appliances, counters, cabinets and fixtures with premium ones that offer potential buyers energy efficiency.
Use color-coded paint
The use of color-coding is a marketing tactic used by many major companies and individuals. Though this strategy may not be appropriate for art to some people, it is a strategy that can help you maximize your profits and land more offers. Investing in something as simple as paint communicates professionalism and trustworthiness to potential buyers. Imposing bright white paint on all the walls in an apartment building or condo unit sends a special message too.
Work on those small details
Real estate investors could also work on upgrades such as electrical sockets, light switches and fixtures to enhance the value of the property. Ensure they have an exquisite finish and appealing color on these fine details.
Adding desirable features such as digital doorknobs and home security features for a higher property value. Makeover the balcony and also change the lighting style of the house to a more impressive and conventional style.
These minor details will boost the home‘s overall appearance and value resulting in more offers and potentially higher profits.
Many brokers know that renovating a home before selling will fetch them good returns. If you are a fix and flip broker, consider some of these renovation techniques to improve the home and give it more value.