Renovations That Take it Up a Notch
“Spend money to make money.” While this may sound counterintuitive, like having your cake and eating it too, well-strategized dollars invested into a property pay off in dividends when it’s selling time. To shed light on this topic, we turned to a Compass Agent whose core business is working with investors flipping houses.
Let’s start with minor improvements. Dated kitchen? Brighten up dark cabinets with cabinet-specific paint that covers well without a thick and obviously-painted vibe. Couple white cabinets with new black countertops to make a great first impression for about $1500. Those square, 50s bathroom tiles can look brand new thanks to Epoxy Paint. Paint them a neutral white or gray and invest in a new vanity to breathe fresh life into the whole space. Adding new interior doors will make your property look well-maintained for about $75 a pop. Single family homes generally have 10-15 interior doors. If you’re in a condo, the door count will be lower.
In bigger renovation jobs, kitchens are the space that delivers the best return. The first questions that buyers ask are, “How’s the kitchen? Is it open?” Flooring updates are huge buyer-pleasers, but don’t turn to hardwood so quickly. Porcelain wood tile fares better in this Florida humidity. It’s not necessarily cheaper, as the install costs are higher, but in the long run it’s more durable and easier to clean.
Remember the importance of permits. Work with a reputable architect and contractor who have good relationships with the City where you plan on renovating. And thank yourself when you see the Days on Market effect of thoughtful upgrades. Hear it from our Agent expert, “We had a Spanish-style home in the Gables that was a 40 day flip; it sold in one day. We haven’t had a house last on the market more than 38 days.” Tunes