If you are in the process of remodeling your rental home(s), you must realize the impact the improvement will have on the value of your house. We know so many investors who feel that their home value increases exactly by the amounts they invest in the improvements. Actually, this does not work like this. But there is something that you need to keep in mind; some improvements are more worthy than the rest when it comes to increasing the value of your rental home. Here are a few:
Front Door
A survey ranks the front door as the topmost home improvement. Why? The survey claims that a new front door can increase the value of your home by nearly 97% of the amount for which you bought the door. A reputed real estate inspector provides further insight and added that this is only so for the right sort of front door. He also said that at times, the only thing required is a fresh coat of paint, and that is it.
If you love your front door, you can replace the windows and/or siding. That should provide you with pretty much the same returns.
Kitchen
According to the survey, kitchens are another improvement that pay off quite well and pay more than what upgraded bathrooms do. Nearly 83% of the amount you invest in remodeling your kitchen is added to your home value. This is so even if you carry out minor improvements. A real estate agent told us that kitchens are really important. There are so many renters who are looking for an upgraded kitchen, so if yours is already improved, it will up your chances of getting a long-term renter and for more money.
A home designer told us that the average costs in remodeling a kitchen is around $19,000 if you replace cabinet doors, countertops, appliances, sink and paint.
Attic
Are you short of bedrooms in your rental home? Convert your attic into one because it is the third most worthwhile home improvement and can provide you with returns worth 84%. Even if you do not want an extra bedroom, you can still think about transforming your attic into a more useful space.
Before you begin remodeling your rental home, try a few of these remodeling tips and you will increase your rental home value along with your rental rates.
