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I N D U S T R Y I N S I G H T / A L Y S S A S P R A G U E
In a market where the value for homes has increased
dramatically and mortgage rates are low, it is important as an
investor to make repairs to a home that will not only give a
high return on investment, but also create a home that catches
a buyer's eye. Many renovated homes give the same "cookie-
cutter" feel when everything in a home is replaced for a renovation. It is
worth creating a unique home that appeals to sellers that also includes energy
efficient and salvaged materials. Every market may be different, and it could
be valuable to consult with a real estate agent who knows the area well to assist
with the local buyer demand in current trends. Renovation can be costly, so it
is important to appeal to all buyers—to be the last house on the market and
the first one off, and to find the repairs that give the best return on investment.
STARTING WITH A BLANK SLATE
Interior paint is a simple renovation that
gives the home a clean blank slate for the
new homeowner. Painting the home over in
a neutral color that compliments the fixtures,
cabinets, and flooring can brighten a home
to appeal to more buyers. Paint colors can
differ from buyer to buyer, while some may
even make a home feel smaller and push away
potentially interested buyers. With the interior
paint, if the home has popcorn or textured
ceilings, it may be worth the labor-intensive
feat of scraping these popcorn ceilings. Many
buyers in the current market believe popcorn
ceilings make a home feel dated and removing
these could be the push between buying and
walking away if other homes in the market
have been updated to flat ceilings.
While interior paint is a minor repair, an
investor or homeowner could add uniqueness
to the home by using cost-friendly, salvaged
materials to create interesting feature walls.
An example could be using old barnwood
for an accent wall in a dining or living room,
or even using the old barnwood material for
Learn how to invest in the renovations that
will give you the best ROI and make your
property the first off the market.
