Property is one of the most valuable assets you can own. If you are an investor thinking about buying or selling your property, making the best decisions about your investment requires an in-depth knowledge of the real estate market. There are many nuances to investing in real estate that may feel overwhelming. One constant however is the value in obtaining property. Whether you are looking to flip this asset instantly, or you want to wait 10 or 20 years to sell, investing in real estate is a surefire way to see high returns.
At ODIMA Construction, we want to help you maximize your investment so you can see profitable returns. The first order of business is to consider the following elements before investing in real estate:
- Space – the size of the home and its layout are important factors when assessing the potential of that space.
- Materials – knowing the quality of the materials used to build the home can give you insight into its value and the amount of remodeling it will require.
- Permit Requirements – you will need to acquire a number of permits to renovate a property. Knowing what permits you need to be compliant with the regulations for your municipality is important before any renovation or construction can be done.
- Installation – the contractors you hire for your renovation project should be qualified and licensed. This means that you will need to incorporate pay for their work into your budget.
What Will Change When Upgrading Your Property?
The process of investing in real estate will see many changes. For example, if you buy an old bungalow and are looking to upgrade to a multi-dwelling unit, prepare to undergo the following changes:
- Demolition – part of your renovation process will be to demolish part of the home to accommodate your new layout plan. This often entails breaking down walls to create additional space.
- Adding Walls – once the demolition is complete, the next step is to erect some new walls to redefine your space.
- Remodeling Rooms – updating the rooms to reflect a modern style and taste will improve interior aesthetics and add significant value to the property.
- Adding Bathrooms – the more bathrooms home has, the better. Bathrooms are one of the main rooms that sell your home so adding a bathroom can up your home‘s value.
- Adding Windows – windows invite natural light into your home, provide an outdoor view and give your space a modern look.
- Remove the Front Door – don’t like where the front door is located? Get rid of it and seal the space to accommodate a new vision, or simply upgrade it with a better option.
- Electrical – rewiring the electrical components of the property allows more flexibility to add outlets and switches, and install a new electrical panel.
- Heating and Air – add a new efficient HVAC system for optimal comfort in your newly renovated space.
- Plumbing – if you have two separate plumbing systems, you can hire a plumber to combine them into one. The complexity of the project will depend on the plumbing system, however, this may be accomplished by simply connecting two sewer lines so it becomes one system with one utility bill.
- Decorating – the final step in redesigning a home is decorating it with modern fixtures and creating the finished look.
Invest in Canada Real Estate
Trust ODIMA Construction to offer the best property for your potential return on investment. We boast a team of highly qualified professionals who are well-versed in real estate marketing.
We’re proud to be your top choice and can help you make the most of your investment. Call today to learn more about our services!
FAQs
