Real estate investing is at an all-time high, and this lucrative business venture has enticed entrepreneurs from all industries. If you’ve invested in a property and you’re looking for ways to exponentially increase the value of the space, consider these easy and often inexpensive renovation and upgrade options.
Open Concept Trumps Cramped Spaces
You’ve heard it in every home decorating and design show, and likely witnessed it in offices and homes alike, but it remains the same—open concept is king. If you want to improve the value and desirability of your real estate investment, switch closed off rooms into open concept spaces that make the most of square footage and available light. Open spaces that focus on functionality can be a great draw for many renters and buyers, and spending the money on renovations like these can be more than worth the investment.
A Fresh Coat of Paint
It’s easy and inexpensive; spending the money on a professional paint job for your real estate investment can be one of the most cost-efficient improvements you can make on any property. If budget limitations prevent you from hiring a professional painter, roll up your sleeves and start rolling on the paint yourself. Handle both the interior and exterior; you’ll be amazed what a fresh coat of paint can do to the overall look of your property. Regular painting maintenance will keep your investment in great shape and prevent costly overhaul repairs down the road.
Add Landscaping Features
Curb appeal is everything, so consider the exterior of your property. Is it in perfect condition? Perhaps you’ve been less than dedicated to maintenance. If your property’s yard is less than desirable, consider adding a few landscaping features. While many can handle landscaping additions on their own, there’s something to be said about consulting with a professional landscaping company. They can provide a vision for an otherwise blank canvas, and give vital advice about improving an outdoor space. The right landscaping features can immediately add value to a home. The addition of trees in the front yard can add up to $10,000 to your home pricing, and earth berms can help keep energy costs low as they help your property retain heat in the winter, and stay cool during those hot summer months.
A kitchen can sell a home. It’s the central hub of the house, and a definite priority on the checklists of potential renters and buyers. Install stainless steel appliances, consider investing in an eye-catching backsplash, and don’t underestimate the power of a few hardware changes. If you can’t currently afford an overhaul in cabinetry, a coat of paint and knob and handle pull changes can transform the look of any space.
Add a Bathroom
If you’re looking to rent to families, you’ll need to take the bathroom situation very seriously. Parents with kids know the importance of having multiple bathrooms, and if you can add even a half bath to the home for a few thousand dollars, you could see your home value skyrocketing. Look up estimates for bathroom additions, then examine rent rates for similar properties—you’ll likely find it’s more than worth the money you’ll pay.
Consider Flooring Upgrades
Want to immediately improve the look and durability of your property investment? Consider updating your flooring. If the property has carpet installed over old hard wood and you’d like to replace it, consider the cost requirements of refinishing the wood underneath. Hard wood floors are an often cited amenity for renters and home buyers, and spending the money to refinish old wood in need of a facelift can often be cheaper than shelling out the money for new carpeting every time your property has turnover.
Managing Upgrade Costs
There are quite a few upfront costs associated with these property improvements, but they’re generally worth their weight in gold. Shelling out the money now can mean huge dividends later, and make a long term investment a solid supplementary income for years to come.
After putting in a small fortune to increase the value of your real estate investment, always be sure to place the right tenants. Screen extensively, always meet the applicant in person, and be sure to call all references listed to make sure you have the full picture of an individual.