We’ve said it before and we’ll say it again, “Real estate is a sound investment.”
Whether it’s a commercial space, a house, or a condominium unit, returns are almost always guaranteed if the investor knows how to navigate the market.
With the right upgrades, your property can increase up to 3x the value. Flooring upgrades alone promise 100% ROI as you’ll read later on.
First Standard has a long list of clients whose end goal of buying/building real estate (with a little financing boost from us) is to turn their property into a high-value investment.
So, if you’re looking to invest in the real estate investment market, we have a few gameplay tips–specifically, what type of renovations will add value to your property should you decide to lease or sell.
Here are 5 home renovations to transform your property into an even more valuable asset:
1. Prioritize the Kitchen
Modernize, or at least, update your kitchen. If you’re on a strict budget, focus on the kitchen cabinets and storage spaces.
If you have more wiggle room, adding counters with quartz or marble and installing smart or energy-efficient appliances can increase your property’s value up to 107%, according to real estate brokers.
2. Bathrooms Matter
A mid-range remodel (e.g. new tiles) hikes up your home’s value by 70.1% while an upscale bathroom rebuild is going to get you a 56.2% return. Additionally, a bathroom expansion can increase your property’s value by 54.6%, according to realestatenews.ph.
Keep these two things in mind when renovating your bathroom:
(1) Is this easy to maintain?
(2) Does it look premium relative to the value of the property?
Power showers, quality faucets and fixtures, as well as heating systems, automatically give your property a jump in value.
3. Choose the right flooring
Go for wooden floorboards and natural stone floors. Wood adds warmth to a space while natural stone floors have a clean and elegant finish. According to real estate brokers, hardwood floors have a 100% ROI when it’s time for resale.
Limestone is the only type of flooring that gets better as it ages so we highly recommend them if you’re planning to go all out.
4. Wardrobes and Built-in Cabinets in Bedrooms
Smaller condo units with big built-in cabinets make leasing and reselling a lot easier with an estimated increase in value of 45%.
Install clever details like motion lights and quiet-closing drawers to find more opportunities to further up your price.
5. Double or triple glazed glass doors and windows
The cost of getting windows double or triple glazed depends on the number and size. Triple glazing will cost about 30% more but will be twice as efficient in regulating heat in a space and can add up to 20% more to the property’s worth.
Important note: Make sure to consult with your architect and building engineer to make sure your planned renovations are doable.
Ready to make the upgrades? Our financing services can take your property investment to the next level. Get in touch with us today.