Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on some home improvements that will increase your property value when you're ready to sell.
When rehabbing homes, its really easy to get caught in the moment and splurge on a lot of things that you don't actually need, such as expensive light fixtures, marble countertops, authentic wood cabinets, fancy faucets, these are all great, but does it fit your investment and your budget?
The first step before any rehab project is to first assess the neighborhood your fixer upper is in, and reference similar rehab properties for sale in the area.
Focus Areas for Rehab Houses: “Best Bang For Your Buck”
Kitchen
- heart of the house
- Focus on counter and cabinet space
- Room for an island?
- Sand and stain old cabinets
- Replace handles/knobs
- If Cabinets need replacing find a wholesaler, paint or stain yourself
- Repaint, rewallpaper or even refloor hardwood or nice laminate
- Stainless steel appliances new standard
- Deep sinks
- Countertops granite, ceramic tile
Bathrooms
- Regrout the tubs no mold, mildew free classes at home depot, simpletouse grouting kits
- Focus on Master bathroom before any other
- Invest in nice vanities, mirror, tile for the bathtub and floor, new faucets
- Vinyl if you can't afford tile.
- Adding an extra bathroom increases value
“Green” Home Improvements
- weather stripping or caulking windows
- programmable thermostats
- Tinted windows
- lower flushpergallon toilets
- Saves energy and utility costs
Replacing Doors
- Habitat, goodwill are cheap options.
Room Conversions increase sq.ft
- Garage, attic or basement
- Creating an office
Creating New Space
- You want a feeling of openness if you can afford to knock down a wall to create more space, do it.
Landscaping
- Mostly for curb appeal Budget the inside first. Doesn't take much to make the outside look nice.
Fresh Paint
- Cover up holes
- Dust/powerwash before painting
- Interior first, exterior next $1/sq.ft or you do it yourself to save money
Updates/Replacements
- Drywall Texture popcorn outdated
- Doors
- Fixtures
Home Improvements can be costly, but there are many alternatives you can take to reduce your cost while increasing value. By focusing on the kitchen, the master bath and remaining bathrooms first, you can actually recoup a lot of the costs. You can then focus on painting and landscaping, and if you have money left in your budget, focus on minor cosmetics like fixtures and ceiling fans.
Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.
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