Your rental property is meant for one thing: income. Otherwise, you would just sell it or live in it! But as a rental property owner, you might want to consider a removal or renovation to increase your earnings. Worried this might be out of your budget? You’ll be relieved to discover that there are plenty of ways to execute an update or renovation economically.
Continue reading to learn some advice on how to increase rental property income through smart renovating, and who to call for commercial general contracting in Indianapolis.
Repairs and Replacements
Start by taking a look through your property. Do you see anything that is on its last leg, already broken, or exceedingly outdated? If so, you should fix or replace whatever needs attention. This includes electrical systems, appliances, plumbing, molding, baseboards, paint, doors, windows, locks, lights, patios, porches, decks, and anything else you can lay your eyes or hands on. This step alone can increase your rental income, instantly.
After making all necessary repairs and replacements, consider adding or updating some existing amenities. For instance, if the current shower head causes poor water pressure, update it to a more modern version. Update other simple plumbing fixtures too, like faucets and even cabinet handles and doorknobs. Other areas to update include light fixtures, lighting, and mirrors.
Next, consider the condition of your property. Does it need new flooring? Perhaps the carpets need replaced? Does it have outdated counters or bathrooms? Is the kitchen old or closed-concept? How’s the wall paint? There are likely several areas of improvement that can be conquered through renovations. Many will instantly update and increase the value of your rental property. Renovations can also include door and window replacement, conversions, space additions, and more.
Sometimes, a good, old fashioned deep cleaning is all your rental property needs to bring some income value back. Consider repainting, carpet shampooing, power washing, window washing, roof cleaning, and even landscaping services, to accomplish this.
Who to Call for Commercial Renovations in Indianapolis
Call Restoration By L & B, LLC at 317-454-3612 for affordable commercial renovation services in Indianapolis, Indiana and its surrounding areas. Our licensed and insured general contractors provide a wide range of services for both commercial and industrial properties, from general handyman services and remodels, to full-on renovations, additions, conversions, and more. Request an estimate, today!