Real estate prices can go up and down, and it seems to be at a matter of will. However, when it comes to taking a look at what makes a house increase in value, there are quite a few things in common. More specifically, the most expensive houses, that turn an amazing profit after being bought and renovated, have the same new features and upgrades added to them.
So, in the interest of making sure you know just what makes a real estate price tag soar, here are some renovations to consider after getting your hands on a new property.
The more space a house has, the more it is going to sell for. Being able to convert a house’s spare rooms into extra places for guests to stay ensures that this particular property has an edge over the rest of the market. It’s one of the main reasons people convert basements and lofts more than any other room in the house – it means there’s an extra bed, or an extra convertible space for their day to day needs.
Turning a basement from an empty and cold storage space, into a living, thriving, and warm bedroom or man cave, could very well add an extra 30% to a home. On the other hand, a loft conversion that turns the dusty, old attic into a cozy bedroom for a child could add another 15% on top of the price tag.
Rooms for Convenience
Convenience rooms ensure that people have what they need around them to live a healthy and happy lifestyle. If you’re wondering what typical convenience rooms look like, think about conversatories, home offices, and home gyms. Every single one of these could add a bit more value to a home’s final selling price.
For example, a house that comes with a home gym will typically sell for $2000 more than usual. Because you’ve taken time to prepare the room, to make it private, with high ceilings and railings and mirrors fitted to the walls for common amenities. Indeed, you can get a good idea of what people expect from a home gym by going to tkstar.com; home gyms are a modern commodity, and people want convenience from their home.
Extensions are very popular in the renovation world, and for good reason. Extensions are most often seen on the ground floor of a property, in the region of the kitchen or other traffic heavy rooms. Kitchens are supposed to be cozy, family rooms, and that means having room to put a table or a breakfast nook is a very attractive prospect. And because of this, people will pay at least 15% more of the asking price for a house that comes with a kitchen extension.
Real estate prices fluctuate a lot, but if you want to squeeze as much value out of your house as possible, make sure these renovations are at the top of your list on your house flipping journey.