How to Increase Rental Income With 6 Renovations

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.

Tenant Improvement and Remodeling Contractors 317-454-3612
Tenant Improvement and Remodeling Contractors 317-454-3612

Get More Rental Income Per Tenant With These 6 Renovations

Paint

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.

Flooring

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.

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.

&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.

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!

Indianapolis Indiana General Contractors
Indianapolis Indiana General Contractors 317-454-3612

Include Potential Tax Increases in a Home Addition Remodeling Project

Home Remodeling and Repair 317-454-3612

Home Remodeling and Repair 317-454-3612

When it comes to calculating the total cost of adding a new addition to a home or property, many people neglect considering additional potential costs related to the project. Most are aware of the exemplary cost of adding a new addition or converting a space, such as construction costs, zoning and permit fees, debris and waste removal, supplies, and labor.

These standard costs are usually all there is for a small or moderate space addition, but for larger home addition remodeling undertakings, there is more than meets the eye. Continue reading to learn about the hidden costs after completing a home or property addition.

Property Taxes

Once a building inspection department signs off on a home addition after it is complete, the property tax assessor may re-evaluate the home’s worth to determine if more taxes should be paid annually for it. Large home addition projects most often increase a property’s value, subsequently moving homeowner’s into a different tax bracket. Increased home value means increased property taxes, plain and simple. The degree to which these property taxes increase is based on the increase of the home’s value. Along with increased property taxes, homeowners’ insurance costs increase as well. These are unforeseen but potential costs that should be added into a homeowner’s remodeling budget in terms of large-scale additions and space conversion. Examples of large-scale additions include adding a spacious deck or patio to a home or property, adding another level or story, building a guest house, and more.

Homeowners Insurance

It is encouraged to contact your homeowner’s insurance carrier once a large-scale home remodeling project is finished in order to discuss adding additional insurance coverage to your existing policy for fire damage and other structural damages for this area. By neglecting this duty, your new home addition may not be covered under your policy. They will determine how much coverage the space needs based on the overall cost of the project.

Restoration By L & B, LLC

Call Restoration By L & B, LLC at 317-454-3612 for information about space conversions and home additions in Indianapolis and its surrounding areas. Owner and licensed general contractor, Lee Elliot, is happy to answer all of your questions concerning home remodeling, renovation, restoration, and repair. We offer all of these general contractor services and more! And we will beat any competitor’s price, guaranteed! Call 317-454-3612 for professional home remodeling services in Indianapolis, IN today.