Work that works for you: Real Estate Renovations with High Return on Investment

September is here! Soon, we’ll be greeted with a vibrant landscape as the leaves change colors. Just try not to be blown away by the cool, blustery winds as they scatter the leaves! 

Before the start of Autumn, though, we’ll celebrate Labor Day in both the US and Canada on September 6th.. This holiday goes all the way back to 1894 and was the culmination of laborers’ effort in the Victorian area. The workers struggled with awful, debilitating working conditions. They held rallies to secure fair wages, reduced hours, and livable working conditions. Thankfully, we are far better off for all of their labor. Their work is finished, but as real estate investors, ours is just beginning.

For the month of September, in honor of Labor day, I’d like to go over real estate renovations that tend to yield high results:

Minor Renovations with a Big Impact

The first thing you can do to add instant appeal to a property is to repaint the walls and ceilings. Chipped, peeling paint and stains on walls and ceilings can make an otherwise beautiful rental appear run-down and neglected. 

Another money-saving renovation entails refinishing the cabinets. Best of all, you don’t need to gut the entire kitchen to make that happen. Sinks and hardware can be replaced if needed. Consider installing granite counters – they add quite a bit of visual appeal for the buyer and the cost of installation has dropped over the years. 

Simple renovations should be done in the bathroom as well if need be, like new paint and fixtures. If you can’t get stains off certain surfaces, try refinishing them. You can replace them if neither of those options work.

Finally, remember that first impressions matter, too. Set properties up for success by polishing the exterior – replace window caulk, install new fixtures, paint the front door, repair and paint fences and even plant flowers around the building. All these steps can go a long way in making someone want to call your property home.

Pricier Renovations that Pay Off Over Time

Attic insulation is huge in terms of energy savings – and money put back into your pocket. The average cost of fiberglass attic insulation is $1,343 and the average resale is $1,446. How’s that for having your money work for you? This is advantageous for those who rent property as well, since heating and electric costs are minimized. Steel doors are another beneficial energy-saving investment worthy of looking into!

Stone veneer siding has grown in popularity over the decade and can add a great deal of curb appeal. Manufactured stone is a combination of aggregates, Portland cement, and iron oxides that are baked in molds, giving them the appearance of natural stone. The siding is normally applied to the bottom third of the house and around the main entrance. 

Garage door replacement is another fantastic remodel to consider. Look for one that comes with a lifetime guarantee. The average cost to replace a set of garage doors is $3,695. At resale, $3,491 should be recouped – not bad in terms of cost recovery.

One More Thing

It’s exciting when the hard work put into home renovation pays off – but remember that not every penny you put into a property will grant the same reward for your labor. Costly repairs, like fixing broken pipes, come up unexpectedly. These repairs are important and so necessary. Sometimes the best reward for a day of hard work is knowing it was a job well done!

Happy Labor day, and enjoy the start of Autumn!

 

Jin Kim

QUOTE OF THE MONTH

A LAUGH OR TWO FOR GOOD MEASURE

HELPFUL LIFE HACK #1

HELPFUL LIFE HACK #1

WHY INVEST IN REAL ESTATE?

Leverage

Leveraging allows you to do more with the money you have. With more capital, you can invest in a property with greater potential for return and therefore make more money than if you were only to put in the available cash you had access to.

Leverage is an important concept to understand and ultimately utilize for real estate investors. The idea of investing in real estate is to generate wealth, and the use of leverage is one of the key ways you do that.

About Jin Kim:

InvestwithJin.com is a real estate investment company. We have been actively involved in the Downtown Toronto area real estate investing for a number of years.  Our mission is to provide quality housing for quality tenants, while at the same time providing an above average return on investment (R.O.I) for our investor partners and ourselves.  It is truly a win-win-win way of investing!

If you aren’t already on our prospective investor contact list, you are welcome to join us and be the first to know when we have exciting and profitable investment opportunities available.  Just put in your contact information in the box at the right of the screen, and I will also give you access to a short video called “Why Real Estate is An Exceptional Way To Invest”.

And if you are ready to find out more about our investment program, I invite you to contact me directly, and I will be happy to show you exactly how it works, either in person, by phone, or on-line.

For more information about Jin and his investment program,
please call (416) 579-1129