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Chicago is a city full of opportunity. If you don't mind putting in the work, there are plenty of home remodeling projects that can (generally) earn you your money back. In this post, we'll explore some of those projects and provide some tips on how to get started. Let's get to it!
What remodeling projects are particularly profitable?
There are a few Chicago remodeling projects that can be particularly profitable. The first is fixing up a home to sell. Many people are looking for a move-in ready home, and they're willing to pay a bit more for one that doesn't require any repairs. So, doing some simple remodeling projects like painting, replacing light fixtures or flooring, and cleaning up the landscaping can make your Chicago home more attractive to buyers. Another option is to remodel a home and then rent it out. If you enjoy the advantages of being a landlord, consider this option if you really want to see some return on your investment! Often, just making cosmetic changes like painting and adding new appliances can be enough to attract renters.
Remodel a home in a trending area to resell!
There are plenty of websites that list Chicago homes for sale, and many of these houses could use some repairs and updates to bring them to life before listing them on the market again. But it's also important to look at neighborhoods that are undergoing revitalization. These areas often have older homes that can be remodeled for a fraction of the cost of a new home. Also, if there is already interest trending in these areas, they will be better places to try to make a profit on a home that has been recently remodeled. Some great neighborhoods to explore include Albany Park, Avondale, Logan Square, and West Town.
What should I think about when buying a home to remodel and resell?
What are some things you'll want to think about when buying a home to remodel and resell? As we mentioned above, it's important to think about the neighborhood in which the house is located. If the neighborhood is in decline, it might not be worth investing in a remodel. Another thing to consider is how much work needs to be done. If the home needs a lot of repairs, it might not be worth the investment, especially if the home isn't in a desirable location. You should also give some thought to which changes are most likely to increase the home value. For example, adding on a bathroom or bedroom can often yield a higher return than renovating the kitchen or bathrooms.
Who should I contact when buying a home to remodel and resell?
There are a few different people you can contact when looking for a home to remodel and resell for a profit. You can reach out to real estate agents, home builders, or property investment firms. And don't forget to obtain an accurate estimate of how much the remodels will cost so that you're not left with any surprises once you start working on the project!
If you're interested in Chicago remodeling projects as an investment opportunity, or if we can help you find some experienced, local remodelers, please reach out to us. We’re always happy to help.