Renovating a property can be a fantastic investment, but it’s also a massive undertaking. You will need either a solid understanding of construction and real estate fundamentals or a team of real estate and construction professionals that you trust implicitly. But whether you’re an experienced house flipper or this is your first property restoration, there are plenty of tips that can help you get the most out of your budget, says Paul Chad Comingore.
While it’s always nice to add square footage to the property, it’s much more important (and less expensive!) to make the most of what you already have, says Paul Chad Comingore. For instance, if you can reorganize or remodel your kitchen to make the space more attractive and easier to use, that’s likely going to be much cheaper than blowing out a wall for expansion or starting from scratch.
When you expand square footage, you have to worry about styles matching, foundation being poured, and expanding the roof as well. When you remodel what you already have, those extra costs are immediately cut.
It could easily cost between $50,000 and $100,000 to add just 250 square feet of space to your kitchen. In comparison, replacing the cabinetry to make the most of the space is about $15,000 to $35,000. Take those savings and put them into other areas of the home that need attention!
Everyone loves natural lighting, Paul Chad Comingore says. It makes spaces appear brighter, larger, and more attractive. But putting in windows can be a huge cost. It can also throw off the symmetry of the outside of your home if you’re not careful about placement.
Instead, consider getting a little creative! You can install skylights in dark dens, or use a “light tube” to funnel in precious daylight. Light tubes slide between roof rafters to create a sort of natural track lighting that allows natural light to reach dark rooms.
If that’s still outside your budget, creative use of mirrors can also drastically increase the light and visual space in your home. You can save thousands of dollars on windows by using solutions like these.
According to Paul Chad Comingore, one thing you should keep in mind when making restoration and remodeling decisions for your property is the long-term investment. Especially if you’ll be using this property as a rental, you want to ensure that you’re making choices that won’t cost more in the long run.
For instance, if you have the choice between a cheaper window AC unit or installing a much more expensive central air conditioning system, you have to weigh the short-term savings against the possible pitfalls. You may have more trouble finding renters or selling the home without central air. And high humidity from lack of proper ventilation for cooling could cause other expensive issues and repairs down the line.