We put a lot of money, emotions and effort in buying a house. For most of us purchasing a house is a very emotional decision with far reaching consequences. We buy it for many reasons – to raise a family, as a second home or as an investment option. When we buy a second home or make a real estate investment, we seek to increase the house’s value through various means. If you’re trying to sell your vacation home in Mexico then perhaps carrying out some renovations can increase its value and resale chances.
Budget is a major concern when it comes to renovations. If you intend to do renos with an intention of selling it off then you have to consider very carefully what all things need to be done so that you get the best return on your investment.
Here are some renovations that can be carried out to ensure maximum benefit:
1) Create an income suite: A home with an income suite is much sought after because it generates another stream of income for the owner.Additions such as basement, another bedroom or floor when added properly can make a drastic change in the value of your house. The value of your home will increase not only because of the creation of new space but also due to the fact that the new portion can fetch the owner extra rental income. This ups the desirability quotient of the property in the eyes of investors.
2) Fixtures & Fittings: There is a whole range of small things that can give your Mexican house a new look. Faucets, light fixtures, switchboards and switches, cupboard handles and doorknobs are some of the low cost, low hassle items which can give a room the look you require.
3) Flooring: Floors are almost magical. They can give a room an illusion of more space or make it look upscale. In fact, you can transform your house by just improving the floors. Need to give the room a modern, classy yet timeless look? Get hardwood flooring. If you’re out of budget then you can try tiles or laminates to give your home a new dimension.
4) Bathrooms: Bathroom is one area which takes disproportionate amount of a home improvement budget for its size. There is a lot of scope in a bathroom and that sometimes give the owners the license to go overboard.When renovated with planning, a bathroom can provide a great value addition. A simple makeover with modern tiles and materials can make a bathroom look like a spa. Change simple items such as shower curtains to give the bathroom a fresh look. No need to bring in the big guns such as Jacuzzi which may not bring in more dollars. Small touches here and there can make your bathrooms can impress potential buyers and increase equity.
5) Kitchen: Kitchen remodeling projects are a stuff nightmares are made of. Kitchen renovation projects quickly go out of hand. The trouble is that when you finally decide to sell off your home, you find out that the home’s value hasn’t increase proportionately. Kitchens can fetch you great a return on investment if you stay clear of the hype and invest wisely. Yes, that’s absolutely possible. You don’t have to go for expensive granite counter tops and expensive appliances. Go for materials which look good yet are affordable. If you do not need then custom kitchen are not needed as they can increase the budget drastically.
Author Bio: Martin Cowell is a property expert based in Playa del Carmen, Mexico. In his leisure time he helps people discover and buy property in Riviera Maya region through his blog.