Real estate investment is a great way to make money provided you know the game and how it works. It is better than stocks and bonds because you actually have something tangible to show for your money, whereas with other investment it seems to just disappear into nothingness, leaving you waiting for a return. With real estate you can see it, touch it, and ensure you get your return on investment by making the changes needed to increase the home’s value. The following tips can help you succeed in increasing value on your newly acquired investment. Some are particular to certain properties, others can be used wide in a wide ranging way. Even if you think you know how to increase a home’s value, read on, because there could be something you have missed.
One of the key things to remember is that value is increased in different ways depending on what area or country you are in. For example, if you are in a hot country, building a pool will add more value that doing the same somewhere cold. If going to foreign shores, you are best off trying to speak to a local estate agent, they can help talk to you about the scope of real estate in their area. You can get some valuable information. It is better to do this than guess, and end up investing a load of money into improvements that have no bearing on the home’s value. Be smart and use local expertise.
The biggest raises in value come from extensions. This can be something small like a conservatory, or maybe something bigger like a general building extension, removing the attached garage, and adding a few more rooms. These require planning permission but add a huge amount of value. If you wanted to keep it simple, then you need to totally revamp the kitchen and the bathroom. Doing this can ensure you get a decent return as they are the two places that cost the most to renovate. Bedrooms need only a lick of paint and maybe new flooring. The same applies for the living room. Of course you can add unique aspects as you go, giving the home something special. But on the face of things this is what will give you the most return.