When you want to increase the value of your home, there are some things to consider. Ultimately, it’s a balance between how much you should spend and what value that expense will bring to the property. The right upgrades can help you, whether you’re trying to create resale value or you want to attract the highest quality renters. Those tenants are likely to take care of your property. Learn with this post how to increase the value of your rental property investment.
What You Need to Know Before You Renovate
First, consider how much money you have to spend on upgrades and updates. Check out the market and your competition. You need to know if your property is in an area where other homes are selling or renting for more. Decide if there’s any value in making upgrades to your property, or if you’re already at the top of where you can be. Talk to us at Keyrenter McAllen if you need help making these decisions. We can evaluate your property and make suggestions.
What Renovations Add Value to a Home?
Plumbing fixtures are a great way to add value to your home. Faucets and sinks in the kitchen and bathrooms can be relatively inexpensive and will create a luxury appeal that looks upgraded. You can achieve the same results with countertops. It’s also a good idea to replace flooring and increase storage. If there’s no storage in the property, put a storage barn or shed in the yard. That is a basic upgrade that can create value for potential tenants who need more space.
Basics First, Cosmetics Second
Better windows and a good roof are essential. If you’re investing in upgrades to the kitchen and you’re trying to make the home look great cosmetically, but you’ve got a leaky roof or mold, that won’t be good. So, focus on the basics first, and then look at the cosmetic upgrades.
Knowing where you’re starting from, where you could go, and how much money it will take is the goal when you’re planning renovations.
We’d love to help you. There are numerous things you can do, and we work with specific vendors to get these things done efficiently and affordable. To hear more about how to increase the value of your home, please contact us at Keyrenter McAllen.