What Are Some Rental Property Renovations That Will Increase My Property’s Value?
If you own both a residential home and a separate rental property, you know that renovating your rental property and it’s maintenance can impact the value of your properties. While both property types need regular maintenance and renovation, some differences exist between which renovations will increase a rental property’s value and those on your wish list for your home.
Many rental property renovations, upgrades, and maintenance projects will increase your rental property value, but you should avoid turning your rental property into your dream home. Those upgrades and trends might appeal to you, but the money spent on these upgrades will be reflected in something other than the increased property value.
Unlike a personal residence, a profitable rental property should be maintained and renovated based on what tenants and future property owners might want. Consideration of changes that will last the test of time should also be taken.
Therefore, we’ve compiled some top renovations to boost your rental property values – without breaking your bank account!
Which Home Renovations Will Be Best For My Rental Property?
Here are three renovation ideas that will please your renters and bring value to your rental property:
- Adding another bedroom is one of the fastest ways to boost your rental property’s value; it sounds expensive, but it doesn’t have to be. Many rental properties have a “bonus room” that isn’t considered a bedroom simply because it doesn’t have a closet. Or, if your rental property has an especially large bedroom, consider dividing it into two smaller ones.
- A minor kitchen or bathroom remodel is among the highest-ROI renovations you can take on as a property owner. In the long run, it recoups many costs and adds value to your eventual resale value.
- If your property has old carpet or dated linoleum, it might be worth a quick update — ideally to something more timeless and durable. Doing so can make your home more photogenic – for listing pictures – and more marketable. Your best bets are vinyl, hardwood, or laminate, though it depends on your home’s style, location, and budget.
Which Renovation Services Do I Offer?
We pride ourselves on the quality of our work and our communication through the process of renovating your property. When it comes to your project, working with a team of experienced professionals you can trust is vital.