If you’re a real estate investor, you’ll know all about the importance of getting more for less. Investing in a fixer-upper property and flipping it for a profit after renovations is the bread and butter of any successful strategy.
The key to getting this right is often determining which simple, high-impact renovations will add the greatest value to a property and bring it closer to turnkey readiness.
While some of these might seem obvious, others are less so. That’s where we have got you covered. Read on to find out the very cheap and affordable renovations that could have the greatest impact on your resale value.
1. Deep Clean
It goes without saying that a dirty home is a hard sell. However, it’s worth stressing that a vacuum and a scrub will not be enough to turn a fixer-upper into a premium property. Before you even think about staging, hire some cleaners to perform a comprehensive deep clean. At most, this should only set you back a few hundred dollars, and it will have a substantial impact on the saleability of your property.
One affordable renovation that can add value to your home is upgrading your outdoor living space. Adding an outdoor refrigerator from RTA Outdoor Living can not only increase the functionality of your outdoor kitchen, but it can also add a touch of luxury to your backyard and make it a more desirable space for potential buyers.
2. Kitchen Facelift
Ask any realtor, and they will quickly tell you that a kitchen upgrade is the best way to instantly add value to a property and woo those high-value buyers that you want. If you do not have the resources to commit to a full remodel, there is no reason to panic.
There are a number of cheap and simple kitchen renovations you can do yourself to make any kitchen as good as new. Start by fitting new doors and handles, and ideally give them a fresh lick of paint. Add a backsplash to evoke a more luxurious vibe and try to replace any aged appliances if your budget will stretch that far.
3. Strategic Paint Job
If you have a fixer-upper on your hands, you will need to arrange a paint job as the first order of business. Fortunately, you can do this yourself without breaking the bank. The most important thing is to be strategic so that your paint job has maximum impact in making a home feel professionally renovated and expensive.
You can do this by adding little touches, such as crown molding, and then finishing it with some caulk. As this straightforward guide to painter’s caulk explains, this finishing touch is essential if you want your paint job to look truly professional.
4. New Doors
The interior and exterior doors can have a huge impact on how people perceive a property. If the doors are looking worn, frayed, and outdated, you will want to swap these out for new ones as soon as possible.
Granted, exterior doors can easily run you up to $1000 apiece, but there is no need to break the bank. If you’re willing to put in the work, you can find second-hand or antique doors that you can restore yourself for just a fraction of the cost.
5. Restore Those Floors
There’s the reason real estate listings often go into immense detail over the floors. People want hardwood, parquet, and herringbone. They want floors that feel durable and expensive, while also being easy to clean. If your investment property is covered in dusty old carpeting, now is the time to tear it up and throw it out.
If there are hardwood floors underneath, you can set to work restoring them yourself. By doing so, you can potentially add thousands of dollars to the value of the property, without having to splash out on fancy new floorboards.
6. Create a New Room
This one might be easier said than done, but it is probably the quickest way to add the most value to any property. If the house has an especially large closet or an office space, then you should focus on converting these into an extra bedroom.
The difference in value between a two-bedroom house and a three-bedroom house is substantial, which is why this particular renovation should be undertaken by anyone who has the opportunity to do so.
7. Serve Up Some Storage
Now more than ever, people want storage space. We’re all shopping online more than ever before, and we need somewhere to put all of the things we have accumulated over the past couple of years. The buyers you want to attract will be looking for storage, so give it to them.
Assess whether your property can accommodate an extra closet, which will not cost much if you opt for DIY installation. You could also add built-in storage units across the property, which could greatly increase the sticker price.
8. Add Some ‘Curb Appeal’
Some people say ‘curb appeal’ is overrated, but this doesn’t seem to be the case with buyers. In fact, how a property looks on the outside plays a central role in any buying decision. If a property looks unwelcoming or downright ugly from the outside, you will struggle to get a fair price for it, even if it has all of the latest bells and whistles on the inside. Consider painting the exterior of your property, fixing up the trimmings and windowsills, and tidying up that front yard.
9. Under Pressure
On the topic of ‘curb appeal; have you considered renting a pressure washer to see if you can remove some of that grime? You can rent a top-of-the-line machine for under $100, which you can use to blast the exterior of the home and make it look brand spanking new. Prioritize pressure washing the outdoor decking and exterior walls. Be very careful not to pressure wash fragile fixtures and never pressure wash an area that has been recently painted.
10. Give a Little Greenery
It’s amazing how far a few plants will go. Plants inside and outside of the home have been proven to instantly lift up people’s moods and make them feel more at home. If you want your viewers to really envision themselves living on your property, then you should head to the nearest homeware store and pick up some quality plants. You have plenty of options, but some of our favorite houseplants are spider plants, peace lilies, orchids, and bird’s nest ferns.
With these cheap and cheerful renovations, you can fix up any property for resale without breaking the bank.