Jul 26, 2019
The mere thought of investing in a property that is supposed to generate revenue might not appeal to you. A renovation can be thought of a value addition. All kinds of investments add value to your property, in a direct or indirect manner.
So, when making an investment in your property, the question you might ask is which areas would best benefits from a renovation. Especially, if you want a value addition to it. It makes perfect sense to strategically spend some resources, since a spotless property would be rather attractive for an interested party, and allows you to charge a little extra for a more enhanced property.
Before you put money into remodeling rental property, it’s a good idea to run the numbers. Estimate the costs and the new rent amounts, and figure out how long the payback period will be. Make sure you’re evaluating whether you think the improvements are likely to last at least that long.
Also, consider whether some of the improvements might save you money in other ways. For example, Upgrading your light fittings with LED lights is also a cost-efficient way to amplify the appeal of your house. Lighting fixtures also add to the decor of your home. A backsplash is a panel behind the sink/cooker to protect your walls from splashes and from steam. This is possibly the most cost-effective upgrade out there; it does not take much to get a couple of good-looking tiles. There are also ways to fix these tiles on your own; installing a backsplash is not much of a challenge anyway.
Your doorknobs, handles or cabinets might have aged and not function properly. You can be sure that tenants who move in would notice. It would not be a satisfying experience for them if they have to struggle with handles that fall off, cabinets that get stuck in the track, or doors too stiff to open. A few changes here and there would make a tremendous difference in the long-term health of your property, and would even retain your tenants for a longer period.
These are the most obvious enhancements one could go in for, especially if one intends to put their property up for rent. Subsequent expenses could be avoided. You can expect few complaints from tenants.
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