One of the key objectives of owning a profitable Norristown rental house is to spend less than you bring in. It’s fairly simple math but much more challenging to stick to in practice. This is because owning a single-family rental property comes with a long list of expenses, some of which can easily surpass your rental income – if you let them. At the same time, it’s imperative to keep your property in good condition and to do what you can to keep those property values going up. To avoid overspending but still improve your property’s value, you’ll have to plan out your priorities and choose property renovations that provide the maximum value boost for the lowest possible price. Below are some of the greatest remodeling projects that contribute a lot of value to a property without the high price tag.
Tile Backsplash
Installing a beautiful tile backsplash in a kitchen is a short project, and depending on the type of tile you pick, commonly not too costly. But a gorgeous backsplash can provide an older kitchen with an immediate facelift and make the whole room seem updated.
Kitchen Updates
An upgraded kitchen is typically on the top of any tenant’s wish list, but a full kitchen remodel can be time-consuming and expensive. Instead, you could update different elements as they wear out or start to look shabby, such as replacing outlets and light fixtures, refacing cabinets, or replacing countertops. Even new faucets and cabinet hardware can make a big difference in everybody’s favorite room.
Exterior Lights
If your rental property has a patio or deck, transform it into the best seat in the house by installing some new exterior lighting. Outdoor gathering places are a significant attraction for renters presently, so everything you can do to maintain a comfortable, attractive space will only boost your property’s value.
Attic Insulation
On the more practical side of things, putting insulation in your attic can both improve your property’s energy efficiency as well as increase your property values. Your tenants will appreciate the lower utility bills, which can become a significant selling point when the timing is right to advertise.
New Doors
A new front door or garage door (or both) are fairly small upgrades with a tremendous payoff. Lovely doors deliver immediate curb appeal, while a steel door also provides greater security and privacy to your property. Select good-quality doors with architectural elements for an even more significant value boost.
Stone Veneer
Get a custom look without the costly price tag by adding stone veneer to your rental property’s exterior. And you don’t need to do the entire front of the house to increase the property values. Try updating just the lower half of the front exterior, or maybe an entryway or pillars. Stone veneer is one upgrade that definitely 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. Apart from kitchens, it’s the one room in the house that offers huge returns for relatively little updates. If you can’t afford to re-do the whole room, consider updating the most dated elements or incorporating modern touches (including a trendy wall paint) to give it an updated feel.
Finished Basement
Lastly, if you have adequate room in your budget and an unfinished basement, you may try finishing it. Adding finished square footage to your property is the best 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 make the profits and the value that you’ve been hoping for all along.
Do you want additional advice on how to maximize your rental income and property values? Our local Norristown property managers have the expertise to assist you. Contact us online to learn how we help rental property investors like you grow property values.
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