Now is one of the best times for you to remodel your single family Rental Property because mortgage interest rates are still historically low and thanks to recent news it’s likely we will not see a rate increase at all this year.
The big question is what investment should you make in your Rental if you want to increase the value of your property?
Should you add a deck, more closet space, improve the kitchen or have a new roof put on your home?
In this article we will break down some of the best renovations you should consider making to your Rental Property.
What Is The Cost Vs. Value?
During the process of making renovations to your Rental Property one of the biggest things you must ask yourself is what is the cost vs. the value of the renovations or improvements you want to make to your Rental?
Thanks to a recent article by Remodeling Magazine we know that the average return on investment you can expect from major renovations to your rental property.
· Adding a backyard deck – This improvement will bring you a return of about 80 cents on the dollar.
· Kitchen remodel – Making a minor kitchen renovation to your home will also bring you a return of about 79 to 80 cents on the dollar.
· Adding an attic bedroom – One of the smartest investments you can make, this investment will bring you a return of about 77 cents on the dollar as well.
What about Multi-Family Renovations
When making additions or renovations to your multi-family rental properties it’s best to consider making the following renovations:
· Add wood flooring.
· Upgrade the kitchen.
· Improve the interior lighting.
Get Property Management
For effective property management contact RPM Central Valley today by calling us at (209) 572-2222.