Whether you are a real estate owner of a single family home or a massive, multi-unit housing complex, these six home remodeling renovations will have the most impact on your overall return on investment (ROI) by exponentially increasing your rental income.
Get More Rental Income Per Tenant With These 6 Renovations
A fresh coat of paint is the easiest and most instantly gratifying method of increasing your rental income. New paint makes a property look fresh, and even cleaner. Furthermore, it can displace leftover smells from prior tenants, if any. In addition to a fresh paint job, be sure you are also addressing drywall damages. Dents, depressions, nicks, holes, and cracked joints should be repaired to add more value to your paint job.
One of the first things potential renters see is the flooring. Whether carpet, laminate, tile, or hardwood, floors are an important element for them. So, start your renovations with professional carpet cleaning or replacement, or with full-on flooring replacement. Floor cleaning and flooring replacement are two key renovations that can instantly make your rental property worth more.
❸ Broken Stuff
Your next point of interest is to repair anything that is broken. Whether it just came to light a few days ago, or has been lurking around your To-Do list for years, making important repairs to your property is an effective and proven method of adding more value to your renters. Thus, you can increase the rent based on your property’s amenities and overall value. From indoor and exterior lighting to bollard posts, driveways, appliances, drywall, and more, fixing what’s broken is a good starting point for increasing rental income.
❹ & ❺ Kitchens and Bathrooms
Although flooring is one the main elements of a property that a potential tenant will focus on initially, their next priorities are usually the bathrooms and the kitchen. Focus on these areas when planning your renovation budget so that you can earn the most return on investment for your rental properties. Consider minor and major remodels, from painting cabinets and replacing hardware, to installing new fixtures, converting tubs into spacious showers, buying new kitchen appliances, and similar changes. Simply talk to a licensed contractor to learn how to constructively consider a residential kitchen remodel or easy ways to remodel a master bath.
❻ Basement Conversion
If you have an unfinished basement in your rental property, you have a gold mine of opportunities to increase your rental income. By remodeling a basement, you are instantly and drastically raising the true market value of your rental property. You will get more money per month, plus be able to resell it for a higher price when the time comes! Attics and other areas work well for this type of space conversion ROI.
Preparing to Sell Your Home? Consider some home renovations that will sell your house at a higher price!
Indianapolis Home Remodeling and Commercial General Contractors
Call Restoration By L & B, LLC at 317-454-3612 for affordable home remodeling services in Central Indiana and its surrounding areas. Our Indianapolis general contractors provide a wide range of services for both commercial and residential properties, from general handyman services and home remodels to full-on renovations, additions, conversions, and more. Request an estimate, today!