Value renovations typically lead to value tenants. Besides location, the condition of your home will also dictate the type of renters you will get into the home. Consider what the current fads are and determine if they are improvements to stand the test of time. The goal is to offer what is in style while keeping it modern for a few years.
- Kitchen
Everyone knows the kitchen is typically the hub of gatherings. Right now, whites or other neutral colors are best. This will add $20,000 to $25,000 if the kitchen really pops. Make it feel inviting and bright. Renovations do not have to be expensive, but you do want to modernize the kitchen. Most of the renovation budget should go toward the kitchen.
- Bathroom
This is the second place used most by a family or individual, so it is another important room to invest in when adding value to an investment property. Consider double sinks and keep the bathroom light and bright. Keep it trendy and upgrade to get high quality tenants. Aim to blowing renter’s minds.
- Floors
Keep one type of flooring to make the investment property flowing and have the feeling it is bigger than it is inside the home. Try to stay away from carpet and keep the flooring modern. Use smart materials to avoid the typical scratches and damage see in most homes after renters are living in the home 2 to 3 years.
- Feature Wall
Match it with the flooring and walls. Can be considered personalizing but it can give the renters a cool look to remember. Do not add to all rooms but add to the larger living space to add pop to the home. Keep the color cool and calming to match the flooring and the room paint. If the flooring is gray, the accent wall should be a light or dark gray to add some pop.
- Curb Appeal
The outside matters. This can be a small part of the budget and just make sure it is clean. Remove trash and weeds to make the home look inviting. This part of the renovation only requires basic work to make a big difference. Be sure the property does not look cluttered, and the home has curb appeal. It is important in getting future tenants to view the inside of the property.