Investment Property Remodeling Ideas
Remodeling an investment property can pay big dividends, depending on which ones you choose to do. The following list of home improvements have been shown to offer the most value to investors, whether you are renting out a home or selling one for profit.
Many tenants will consider the kitchen first when considering a new home to rent. According to experts, updates to the kitchen really pay off. Whether your flipping a property or renting it out, you’ll benefit from a kitchen remodel.
- Start with the small things first. A fresh coat of bright-colored paint will spruce up any kitchen. Power wash tile kitchen floors or have wooden floors refinished. Replace old overhead fluorescent lighting with a modern fixture. Install under-cabinet LED strips.
- Next, consider having countertops replaced or refinished, as needed. You might be able to get away with a new faucet instead of a whole new sink. Evaluate the large appliances to determine if they need to be replaced.
- Consider installing a broom closet in a kitchen corner if there isn’t one already there.
The next room that prospective buyers and tenants will look at is the bathroom. An updated bathroom will add value to your investment property, according to the experts. Some simple, fast and inexpensive bathroom remodel ideas include:
- Upgrade fixtures – Consider installing high-end, energy-efficient fixtures to add style and value to the bathroom. Upgrading fixtures such as shower heads, faucets, and lighting can give a bathroom a fresh, modern look.
- New shower head – A nice new shower head is easy to screw into place, and enables you to advertise a “rain shower” or similar when you market your investment property.
- Add storage – Adding storage, such as built-in shelves or a medicine cabinet, can make a small bathroom feel more organized and functional. This type of renovation is budget-friendly, yet make a big impact in the bathroom’s overall look and functionality.
- Repaint with neutral colors – Use neutral colors to make any bathroom look more spacious and relaxing. A neutral color palette appeals to a wider range of renters or buyers, making your investment property more marketable.
- Refinish tubs and shower stalls – If the tub or shower stall has seen better days, have a professional refinish it. These refinishing services are common nowadays and the results are very nice looking.
Finishing a basement is a great way to increase the livable space in an investment property and add value. A finished basement can provide additional bedrooms, a family room, a home office, or even a rental unit, depending on the property owner’s goals and local zoning laws. This renovation is particularly appealing because it often costs less per square foot than an addition to the main living area, and it maximizes the use of existing space.
When renovating a basement, it’s essential to take into account the local building codes and regulations. For instance, some areas require a minimum ceiling height, adequate ventilation, and emergency egress. Professional contractors and local building inspectors can provide guidance and ensure that the renovation is up to code.
Lighting is also a critical aspect of basement finishing, as basements can be dark and gloomy without proper lighting. A combination of natural and artificial lighting can be used to create a bright and welcoming living space.
Finally, flooring options should also be considered. Carpet and tile are popular choices, but a floating floor system or epoxy coating can also be an attractive and durable option.
Everyone is focused on outdoor living spaces these days. If your investment property has a deck or patio, spending the money on refinishing it or upgrading will pay off handsomely. For wooden decks, a simple sanding and staining or painting will make a world of difference. Add some kind of seating area with benches and chairs. Put the finishing touches on decks and patios by staging it with potted plants, flowers and a fire pit.
Tenants and buyers both appreciate a fenced in yard. Fencing adds privacy to any property and will enable you as the investor to charge more for the property. Fencing is costly, but there are lots of options available for materials now. In addition, if the property if very large, you don’t have to fence in the entire yard. You could fence in a small area and still reap the benefits of having fencing. Here are some fencing material options to consider, with pros and cons of each:
Wooden Fencing: Wood is a classic and versatile fencing material. It is relatively affordable, easy to work with, and can be stained or painted to match the aesthetic of the property. However, wood is also vulnerable to rot, termites, and weather damage. It also requires regular maintenance, such as staining and painting, to keep it in good condition.
Vinyl Fencing: Vinyl fencing is a low-maintenance alternative to wood. It is durable, weather-resistant, and does not rot or attract pests. Vinyl is also available in a variety of colors and styles, allowing you to customize the look of the fence to match the property. However, vinyl fencing can be more expensive upfront and is not as environmentally friendly as other fencing materials.
Aluminum Fencing: Aluminum fencing is a popular choice for investment properties because of its durability and low-maintenance requirements. Aluminum is resistant to weather damage and does not rust or corrode. It is also lightweight, making it easy to install. However, aluminum fencing is typically more expensive upfront than other fencing materials, and it may not have the same aesthetic appeal as wood or vinyl.
For more simple improvements check out the following blog post from EZLandlordForms: Simple Projects That Can Increase The Value Of Your Rental Property
Before embarking on any home improvement project for your investment property, consult with a local real estate agent. Certain home improvements are more highly valued than others, depending on the region and the demographic. You’ll want to focus on making home improvements that will appeal to your target market, including the price point that you are working toward.