Duplexes, Townhomes, And Condos: How To Make A Solid Investment And Add Value
You are probably looking at townhomes for sale and wondering how to make the best investment. Condos, townhouses, and duplexes all share walls with other homes, but with condos, you don't own the land on which the property sits. These factors limit what you can do with these kinds of property. For example, you cannot change the roof without first agreeing with your neighbors. But that is not to say you cannot add value to these kinds of properties.
Start with a Good Mortgage
Your initial mortgage costs will have a huge impact on the money you can get out of the property in the future. Consider this when you go to finance your new home and seek out many opinions on mortgages.
Land Appreciation
The land on which your property stands appreciates in value, adding to the selling price to your home. This is mostly true if you choose an up-and-coming area. .
Remodeling
Bathroom
Remodeling your bathroom will instantly add value to your home. Go for neutral colors and designs as these are more likely to appeal to a wider variety of buyers.
Kitchen
The kitchen is another high value area of your home. Here again, you do not have to redo everything, especially if you are on a tight budget. A coat of paint can go a long way in transforming your kitchen. You could also replace fixtures, such as faucets, for more value addition.
Appliances
Take a fresh look at your appliances and see whether they are in good condition and whether they complement the rest of your décor. Consider the dishwasher and washing machine and replace them if need be.
Floors
Hardwood floors are a hot selling point for any home. Homes with hardwood floors not only sell faster, they also fetch more money.
You can transform your entire flooring to hardwood. If you already have a wooden floor that looks a bit drab and worn, a good refinishing and staining will work wonders.
Storage
Everybody needs extra storage space. You could begin by adding or expanding a closet. Find other creative ways of adding space to your home.
Even as you plan on remodeling your townhouse, condo, or duplex, remember not to go overboard. Buyers will be looking to buy your home at a certain price range. If you make your house too luxurious, you may have a hard time recouping your investment.
Though you may not be able to change your roof or add an extra room to your condo, townhouse or duplex, you can still add value to it through remodeling, reducing operational costs, and land appreciation. Keep your starting costs low, and you stand to make a solid investment.
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