Home improvement projects can be an effective way to boost your investment home’s value and attract high-quality tenants while you put your creative spirit to work. The greatest thing about home upgrades is that they can fit every budget and timeline. Here are some tips to enhance your home’s value in a cost-efficient fashion.
Set a Budget
As a real estate investor, you want to maximize your profits or break even, at worst. Setting a budget from the get-go not only helps to keep you from overspending, but it can also help you cut costs. In addition, sticking to a budget will put you in a better position to make sound financial decisions and allow you to complete the project on time.
Home Improvement Ideas
Whether you are planning to list your home soon or simply considering what home projects to do next, it is important to know which ones will add the most value to your property. Following are some cost-effective projects to consider that have a high return on investment:
Kitchen Upgrades – Updating appliances will not only catch the eye of potential tenants, but also increase your investment home’s value when the time comes to sell it. Alternatively, minor kitchen upgrades that include new cabinets and modern finishes are sometimes all that is needed to impress sellers and regain some of the original investment.
Hardwood Flooring – Adding new hardwood flooring to your home can provide an average return of 106%. Homebuyers know that hardwood flooring is sturdy and timeless, making it an appealing feature.
Vinyl Siding – Curb appeal is the best way to lure in homebuyers. By giving your vinyl siding a facelift, you can expect a return of around 63%.
Hire a Home Improvement Company
Hiring a contractor to manage and execute a home improvement project can oftentimes be your best decision, especially if you are taking on bigger projects. Check your local business directory or search the internet for competent and affordable house improvement companies and contractors in your area.
Make sure to get at least three quotes from different companies and contractors. And remember to do your due diligence on their track record and experience.
Are you ready to invest in real estate and see the value it can provide? RLG would love to help you! Call us today to learn more!