How to Choose the Most Cost-Efficient Options When Renovating a Rental Property

01.03.2020_Cost Efficient Renovations

Remodeling your rental property could attract new renters and keep current renters in place. When considering upgrades, you’ll want to invest in the right materials. Below is a list of common upgrades that are worthwhile in terms of cost and return on investment, in addition to the amount of work that is required.

Fresh Paint

Freshening up the paint is one of the most cost-effective remodeling projects for an investment property. Its important to pick neutral colors which will resonate with a wider range of prospective tenants. Even adding a fresh coat of white paint to the trim will make the home more appealing during showings.

Update Bathrooms

Replacing the sink faucets, shower heads, and fixtures is a low budget friendly way to update the look of a bathroom. Try changing up the tile flooring, adding a geometric or playful pattern can draw the eyes downward and make the room more inviting although, nothing too bold that would scare away the prospects. Also resurfacing old tubs or replacing old toilets can make the bathroom look as good as new.

Kitchen Upgrades

A minor kitchen makeover boasts a significantly more substantial return on investment than a major remodeling project. Replacing the cabinets doors and new hardware can more appealing to renters. Installing new kitchen sink hardware could also help.

Add An Outdoor Space

Outdoor living space is a big benefit for most prospects. If adding exterior square footage is feasible this could help draw in more potential prospects. A benefit of relocating to Florida, is the ability to enjoy the year-round beautiful weather.