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Real estate is easily one of the best investment opportunities to start with. If you can improve your credit score to the point where you can get a home loan, it is well worth buying a house. This allows you to hold a very valuable asset that can easily be influenced.
Actually, that’s one key reason that real estate is such a brilliant investment. It’s one of the few assets that you have control over how much it is worth. Sure, market factors should be taken into account, but you can actively make changes and alterations to a property to increase its value.
Some sneaky renovations can ensure that your home is better and more sought after, meaning the value increases and you can sell it for profit. Or, you improve your home to make it more attractive for tenants, letting you find people to rent it out.
Bearing all of this in mind, here are three great renovations that’ll help you flip a property for profit:
An extension
Adding a little extension to a property is easily a fantastic way to boost its value and appeal. The best thing is, you can renovate this extension to be whatever you like. It could come with its own bedroom, bathroom & kitchen, making it more of a mother-in-law apartment attached to the home. Instantly, your house is popular amongst home buyers that want a house with extra space for a parent.
Or, the extension could simply be a couple of extra bedrooms, turning your home from a 2-bedroom house into a 4-bedroom one. Again, you’ve made it more attractive to certain buyers – e.g. bigger families. The extra space you generate from an extension also boosts the property value.
A new kitchen
Kitchens are super important when selling a home. These rooms are so valuable as they are used all the time. People will pay more money for a house if it comes with a freshly renovated kitchen.
Fill your kitchen with the latest technology and styles to make it super attractive. This instantly draws in more buyers as they would love to have a house with such a spacious and modern kitchen area.
A garage
Lastly, consider renovating your home with a garage. This is another very great addition to a property that boosts its popularity and value. Garages are highly coveted because they give people more space. A prospective buyer could use your garage as a home office or a home gym. Or, they might just use it to protect their car.
In either case, you’re giving them something that they need. Plus, if you add a garage renovation in a neighborhood that doesn’t have many garages, it makes your home stand out. Right away, your property is above all the rest as it gives people something extra.
Depending on the property you bought, you may only need to make one or two renovations to really make it pop. The secret is to keep your budget in mind when you make these changes. Don’t spend too much or it will be harder for you to make a profit.
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