Real estate expert, Chris Clothier, reveals what remodels, additions and transformations are going to have an attractive, modern and lasting effect on the home that will give you the best return on your investment.
Many home-owners want to upgrade certain features of their primary residence, but there are a lot of real estate investors that are looking to remodel their investment property as well. Some improvements can increase your property value and also allow you to generate a higher rent rate. But before you spend a lot of time and money renovating your investment property, make sure that your planned improvements are going to be well worth the effort!
If you’ve done any research, it is understood that the best return on investment comes from renovating kitchens and bathrooms, and everything else is secondary. But what other improvements will have a strong impact on your investment property? What remodels, additions and transformations are going to have an attractive, modern and lasting effect on the home? Even though you want to impress would-be renters and homebuyers, you also want to make sure that any changes made provide additional value to the property as well.
Here’s a helpful list of items and improvements that will take your renovation to the next level. You’ll attract a larger customer base while ensuring that the renovations you made are solid and worthwhile. Renovation projects are not for the faint-of-heart, so following these guidelines will ensure your efforts are well spent.
6 Improvements that Add Value & Style to Your Rental Property
In the Kitchen
Countertops — Outdated vinyl and laminate countertops are not going to cut it these days. If you’re wanting your rental property to make a good impression, invest in higher quality laminate or even ‘solid’ countertops. With new printing technology, vinyl is getting a facelift and can look much better than you remember. And solid surface is another great option. It’s man-made out of resins and other materials, but can have the look of granite and can also be seamless in design. Solid countertops are also popular in bathrooms as well, so you can have a consistent look throughout the home. Counters are an easy way to instantly make a space look higher end, and they’re impossible not to notice.
Space Saving Features — Kitchen space is incredibly important, especially because there are so many cooking gadgets these days that we are looking to tuck away. Adding a pantry, installing an in-cabinet microwave, and even just looking for ways to add additional storage and shelving is guaranteed to impress. Functionality and stylish storage in a kitchen should never be undervalued.
In the Bathroom
Modern Fixtures — Old fixtures can make a space feel outdated and swapping old fixtures is a quick and easy solution to updating a bathroom. Consider trading brass for pewter, or just changing ultra-shiny finishes for a more matte or brushed metal look. Even replacing something like the shower head to a more modern ‘rain’ shower head will make the bathroom seem more like a retreat. Sleek and modern fixtures in sinks, lighting, and showers really do help transform a space.
In the Whole Home
Natural Light — Natural light is a huge draw to any room, creating spaces that seem larger, fresh and welcoming. The more you can create it, the better! Start with cleaning your windows and doors to maximize light. If your windows have a lot of fading, cracks or condensation, you may want to consider replacing them, which can have even more benefits than just better lighting. While new windows aren’t cheap, they’ll improve the electric bill and definitely give a more updated look to a space.
Flooring — If you’ve ever lived with carpet, you probably know that there is a love-hate relationship there. While it can provide a sense of coziness and comfort, carpet can look dingy when heavily trafficked and can also hold dirt. While hardwood floors are optimal, there are a lot of options that give the look of hardwood that you can consider. For instance, Memphis Invest uses vinyl plank flooring in most of our renovated homes. It’s priced great, is easy to clean and maintain, and looks nicer longer than carpet.
In the Outdoor Space
Fence it In — If you have a yard, it’s best to fence it in. The exterior will have a sense of added security, privacy and safety, especially if you choose a wood fence over a chain-link fence.
Following these guidelines will ensure that you don’t waste your energy or money on upgrades that won’t pay off in the long run. Memphis Invest has been renovating properties for investors and residents for more than 15 years. Having an experienced turnkey company like Memphis Invest provides a valuable resource to real estate investors. With our network of project managers, vendors, and supply resources, we’re able to easily conquer renovation tasks within projected timelines and set budgets. Our turnkey properties are renovated and sold to investors looking to receive passive income through real estate investing and property management. Set up a call today if you’d like to discuss expanding your real estate portfolio!
Chris Clothier, author of The Turnkey Revolution, manages the development and implementation of sales and marketing for Memphis Invest. He helps potential investors define their purpose for investing in real estate and educates peer companies on best practices in the emerging turnkey real estate industry. He is a contributing columnist for BiggerPockets and an experienced speaker who regularly addresses audiences of real estate investors and business professionals.