Buying a rental property is a great investment idea, and you’re almost guaranteed to make money from it if you know what you are doing. The only way to make the most money from your investment is to increase its resale value while you own it.
The most efficient and effective way to increase its value is to remodel and upgrade it from time to time. There are several different renovation project ideas on the internet, and instead of getting lost in them, you should learn to identify the ones that will make you the most amount of bank.
The five upgrade ideas below are guaranteed to increase the value of your rental property:
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Security
Houses are increasingly offering better security features to make your tenants feel safer. Explore adding additional security to your property like boundary walls and security windows and gates.
These serve as an additional layer of security on top of traditional elements like cameras, beams, and house alarms. Establish the weak points on your property first and take it from there.
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Energy-Efficiency
Install a gas stove and a solar water heater on your property. These two relatively small changes will make the most impact on your property’s energy bill – which will make it an attractive property to tenants.
Those upgrades will reduce your property’s reliance on electricity and are regarded as renewable energy improvements. Another great upgrade to make is to install ceiling insulation. Insulation helps keep the house cool in summer and warm in winter – which also greatly reduces the home’s electricity consumption.
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Kitchen Remodel
Kitchen upgrades are an excellent way to increase the value of your property. These upgrades can be minor or major, either way, they will add to your bottom line at the end of the day. By keeping your house updated and hiring rental management companies in Etobicoke, you can ensure the best monthly return on your investment.
You can recoup, on average, around 60% of your remodel costs – all depending on the materials you use and where your property is located. Small, yet impactful projects include refinishing the cabinets and updating the light fixtures.
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Patio Upgrade
A well-designed patio can add up to 10% to the value of your property. Post-pandemic culture has leaned into the concept of outdoor entertaining as often as possible.
Finishing or repairing an existing outdoor area is the cheapest option, setting you back around $1800 for a modern design. That meagre investment can give you a return yield of over 400%.
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Interior Design
When considering ways to increase property values, don’t overlook the value of interior design. Focus your time, energy, and budget on adding trends that improve the overall aesthetic of your property.
Interior design projects don’t have to cost the earth, but they often make a significant impact on increasing the property’s value.
To End
Upgrading your rental property is always going to be a good idea. It will ensure that your investment stays in immaculate shape and can go on to make you much more money one day when you decide to sell it.
Images from SL Apartment by P|S Arquitetos – See the full story here
