Once you’ve purchased a property, you’re allowed to do what you want with it, including making some cosmetic changes. With any property, whether a rental or your own, the proper renovations can increase the value of your property. You should take into consideration what types of upgrades are best for your property, including what makes sense to the area your property is located in.
Different types of properties will thrive better with certain renovations. For example, a vacation rental property will see a greater return on investment with added luxuries, such as a swimming pool/jacuzzi and maybe even a sunroom, since you can charge more for certain amenities. But this might be a waste of money with a normal rental property.
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Renovations vs. Remodels
Before you begin making any changes to your rental property, it’s important that you know the difference between renovations and remodels. Renovations are the cosmetic changes that you make to a home. This can be painting walls, putting new tiles on floors, and even installing a new roof. Remodeling a home requires some structural changes or changing the entire purpose of a room. This also includes adding on a new addition to a house.
Remodels are almost always more expensive than renovations, so it’s important to know if a certain remodel is likely to give you a return on your investment. Some remodels (and even renovations) can be unnecessary, and you’ll end up spending more money than needed.
Renovations That Increase Value
When renovating a property, there are some things that you’ll want to avoid. You don’t want to invest your time and money into a renovation that won’t increase the value of the property or will cause you to see a low return on your investment. If it’s your own home you’re wanting to renovate and you’re not planning on selling anytime soon, then you can make just about any kind of change you want. For those who own rental properties or are looking to sell their home in the near future, here are some of the best renovations for your property.
Kitchen Renovations
This is probably the most popular type of renovation. Because the kitchen is one of the main rooms of a house, upgrading your kitchen countertops is a good investment to increase the value of your property. Popular countertop materials include marble, quartz, and granite. You can also update your kitchen cabinets and hardware.
Bathroom Renovations
Just like in the kitchen, it’s a good idea to upgrade your bathroom countertops. You can even opt to get a completely different vanity for your bathroom. Updates to bathtubs/showers are another great way to increase the overall appearance of your bathroom and the value of the property.
A Finished Basement/Attic
If your property has a basement, then consider turning it into either another bedroom, playroom, or mini living space. The same can apply to your attic space, if possible. An extra, finished room attracts buyers and renters alike.
Hiring Help
While most renovations can be done without the help of a professional, most remodels cannot. However, when renovating/remodeling to sell or rent a property, it is best to hire a professional contractor to ensure that all home improvements are done correctly and adhere to all building codes.
If you’re renovating an older model home, it’s especially important to hire a professional since older homes may contain harmful and health-threatening substances if you’ve been exposed to it, such as asbestos. You should never try to remove anything like this on your own if you’re not sure what you’re doing.
If you’re looking to sell or rent a property, it’s important to choose renovations and remodels that will increase the overall value of the home. Like with any other kind of investment, you’re looking to make a profit so don’t rush into any kind of renovation or remodel.
