Whether it’s your own apartment that you want to renovate and sell, or you’re in the business of buying apartments to renovate and rent, you’ll want to know how best to spend your money to get the best financial return.
Below are some of the best apartment renovation projects to give you the biggest return on your investment:
The flooring
A great looking floor can be a real selling point, and while you might be tempted to simply have the floors carpeted in the cheapest way possible (especially if you’re going to be renting it out), this may not be such a wise choice. Nowadays, wooden and laminated flooring is more popular, and an apartment that’s cheaply carpeted right the way through, could deter both buyers and renters. So, it might be worth having laminated flooring in the kitchen, lounge and bathroom, and reserving carpets for the bedrooms.
Interior lighting
Lighting is one aspect of a renovation project that should never be overlooked, as it has the ability to create a wonderful first impression, while not costing a great deal. Work with existing wiring to keep costs down even further, and simply update the fixtures or upgrade to LED ones.
Painting
A fresh coat of paint is one of the quickest and most cost-effective ways to entice both buyers and renters to an apartment, and if you choose your colors wisely (i.e., don’t choose wild colors that might not be to everyone’s taste), you can portray your apartment in the best light possible. How much you spend is entirely up to you, and whether you tackle it yourself or have it done professionally (this is recommended, since it will usually give a much better finished, expert look), is also up to you, but it’s rare that this aspect of a renovation doesn’t help bring a healthy return.
Bathroom renovation
While this project does typically require a slightly higher initial investment, it traditionally delivers an exceptionally high return, and if done well, i.e., by a professional construction company specializing in renovations, can be a significant selling point and enable you to increase the overall value of your home.
Some simpler, more cost-effective bathroom renovation ideas are as follows:
- Replacing the showerhead
- Resurfacing the tub
- Upgrading the vanity and faucet
- Cleaning/redoing tile grout
- Replacing or adding shelving/storage
- Upgrading the lighting
Upgrading kitchen appliances
If your kitchen is really outdated, dull and uninspiring, then a complete overhaul may be called for, especially as the kitchen ranks highly for buyers and renters. However, if you don’t have a big budget, and your kitchen simply needs a little updating, you could consider the following:
- Upgrading cabinets/storage
- Having new countertops installed
- Upgrading the sink and faucets
- Updating the paint and flooring
You can of course, replace your kitchen appliances, too, and depending on your budget, a complete kitchen overhaul often offers an enviable return on your investment.
It’s important to keep in mind that any renovation work carried out in your apartment, is only ever going to be effective at enticing buyers and renters and increasing the overall value of the property, if it’s carried out by professionals. Shoddy workmanship to save a dollar will stand out a mile off, so work with the best, to achieve the best.