Make Your Residential Real Estate Property Stand Out In The Block
The primary goal of most real estate investors is to purchase a house at a low price and charge a high amount of rent after doing so. While there are many perks to obtaining immediate cash flow, a property’s long and short-term appreciation should also be considered so that when the time is right, you can sell your property for more than you originally paid for it. For this reason, you should seriously consider exploring great ways to increase the overall value of your property not only to prepare for possible resale but also to obtain the best rental income. Here are some key ways to greatly enhance the overall value of your residential property.
Create a More Modern Kitchen
The kitchen is the heart of any home. Not only is the kitchen a place where families can cook meals together, in many homes, it’s the place where everyone eats and shares important details about his/her day. Because of the universal importance of the kitchen, this area of the house must be upgraded to include modern appliances and features that immediately capture a potential tenant or homebuyer’s attention. According to a recent Cost vs. Value Report, an excellent kitchen upgrade has the potential to significantly increase your rental income and overall ROI.
Make Sure to Remodel the Bathrooms
The kitchen is not the only room in the house that should be upgraded. Although they may be small, the bathrooms shouldn’t be left out of your renovation. Similar to the kitchen remodel, the bathrooms should include modern fixtures, brighter lightening, upgraded tile, and a fresh coat of paint on the walls. Other touches of luxury that you can add are heated floors, a double sink, and a jacuzzi. If it’s within your budget, you may also want to increase the size of your bathroom. According to a report by Remodeling Magazine, you should expect to pay about $18,000 for a revolutionary bathroom upgrade. While this may be a substantial upfront cost, your investment will pay off in the long run.
Add a Bedroom to the House
Depending on your budget, the renovation can also include adding another bedroom to your residential property. The most strategic way to accomplish this addition is to convert an unused office, dining room, or living room into a bedroom. In most cases, you will probably need to add a door for privacy if you choose to transform an existing room into a sleeping quarters. If you have a lot of money left over at this point in the remodeling process, you also have the option of building an additional room onto your house. The addition of a bedroom in any form could ultimately lead to tens of thousands of dollars in increased appreciation down the road.
Don’t Forget to Enhance the Landscape
The renovation process wouldn’t be complete without sprucing up the front and back yards. To create an outdoor shady oasis that potential tenants and homebuyers are sure to love, plant some shade trees where your property receives a lot of sun. Some other ways to ensure that your property keeps a competitive edge is to construct a beautiful outdoor patio, fireplace, or deck. These creative additions are sure to earn you a great ROI.
Important Residential Renovation Tip
When you are on your journey to enhance your residential real estate’s appreciation, make sure that you don’t upgrade your house too much to where it’s over the median value of properties in your neighborhood. The trick is to add an appropriate amount of upgrades to your house so that you can obtain the neighborhood’s median value in a buyer’s or seller’s market. When potential tenants and buyers notice that your property stands out in the block, they will be more likely to pay more to rent or buy the house.
A Rental Property Management Company Can Help
After significantly increasing the value of your residential real estate to obtain the best rental income and/or profit from reselling the property, you need an experienced Rental Property Management company on your side. Located in Jacksonville, Florida, Quest Real Estate, LLC is your trusted partner for buying and selling real estate, renting your house to tenants, and handling the day-to-day operational of managing a property. If you are searching for a Rental Property Management company that you can completely trust, give Quest Real Estate, LLC a call today at 904-373-9171.