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Remodeling Projects with the Most Bang for Your Buck

New Tile Being Installed in a ShowerOne of the most critical aspects of owning a profitable Aventura rental house is to spend less than you earned. It’s simple math, but it’s significantly more challenging to stick to in practice. As a result, owning a single-family rental property involves a number of costs, some of which, if you left unchecked, might soon exceed your rental income. At the same time, it’s vital to keep your property in good condition and do all you can to keep those property values going up. To avoid overspending while increasing your property’s value, you’ll need to plan out your priorities and choose property renovations that provide the most value boost for the least amount of money. Here are a few of the greatest remodeling projects that contribute a lot of value to a property without the high price tag.

Tile Backsplash

Installing a stunning tile backsplash in a kitchen is an effective and affordable project, depending on the type of tile you buy. But an appealing backsplash can give an older kitchen a rapid facelift and make the whole room feel updated.

Kitchen Updates

An upgraded kitchen is normally on the top of any tenant’s wish list, but a full kitchen remodel can be time-consuming and high-priced. As another option, you could update different elements as they wear out or begin searching shabby, like replacing outlets and light fixtures, refacing cabinets, or replacing countertops. Even new faucets and cabinet hardware can make a significant difference in everyone’s favorite room.

Exterior Lights

If your rental property has a patio or deck, convert it into the best seat in the house by incorporating some new exterior lighting. Outdoor gathering areas are a significant point of interest for renters right now, so whatever you can do to create a comfortable, attractive space will only boost your property’s value.

Attic Insulation

On the more practical side of things, laying insulation to your attic can both improve your property’s energy efficiency as well as increase your property values. Your tenants will enjoy the lower utility bills, which may be the main selling point when the time comes to advertise.

New Doors

A new front door or garage door (or both) are very small upgrades with a huge payoff. Stylish doors contribute instant curb appeal, while a steel door also brings additional security and privacy to your property. Pick good-quality doors with architectural elements for an even greater value boost.

Stone Veneer

By establishing a stone veneer to your rental property’s exterior, you may get a custom look without the costly price tag. And you don’t have to do the entire front of the house to increase the property values. Think about updating just the lower half of the front exterior, or maybe an entryway or pillars. Stone veneer is one upgrade that truly lives up to the maxim “a little goes a long way.”

Bathroom Updates

A new vanity, shower, lighting, mirrors, or faucet instantly updates an older bathroom. Aside from kitchens, it’s the one room in the house that offers generous returns for relatively minor updates. If you can’t afford to re-do the whole thing, think about updating the most dated elements or adding modern touches (including a trendy wall paint) to give it an updated feel.

Finished Basement

Finally, if you have extra room in your budget and an unfinished basement, you might consider finishing it. Stretching finished square footage to your property is an ideal approach to increase its value, not to mention the nice bump in rental rates you can anticipate, too. It may require some planning, but a finished rental home may bring in the profits and the value you’ve been aiming for from the start.

 

Do you need more information on how to maximize your rental income and property values? Our local Aventura property managers have the expertise to help you. Contact us online to learn how we help rental property investors like you grow property values.

 

 

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