In today’s Real estate market it is difficult to sell a house for what it is worth. Refurbishing and changing the structure of a home for resale may not be a good money making move, however, renting a property may be the answer. People are not buying homes like they used to in today’s economy yet they still need a place to live so they are renting until they can buy a home. If you have some old properties that are for rent and it needs some fixing up there are some things to think about.
You need to think about what the neighborhood is like and how much the property is valued at. What type of work would be needed. I know of one property I have seen recently was in a neighborhood where homes sold for less. The homes were not high end but the home that needed some work just to be able to rent it out needed some repairs. Only one room in the house had carpet and it was thrashed, The floors were in poor condition and the heater needed to be replaced. It definitely could use some fresh paint and some other minor repairs.
When you look at the home that you want to rent out, you may not want to place gold fixtures and marble floors in it. Thinking practically is the best way to go. I have recently worked on a few rental properties and found that some new carpet and some paint go a long way with less costly tile and light fixtures help to spruce up the dullest of homes.
In one house I have recently seen, the kitchen was the ugliest room of the house. The cupboards were in poor condition and the doors had been removed and the whole kitchen looked like it had been painted over a thousand times. Did I mention it was the ugliest kitchen I had ever seen. What is amazing is that all it needed was the paint stripped and refinished and new doors put on to improve the look of the kitchen.
Refurbishing your rental property is not like remodeling where walls are being ripped out or constructed and rooms being added. It is simply improving what you have with the least amount of cost. The whole goal is to make money not lose money by doing a refurb. Even if it is to improve your own home you do not want to put more dollars in to your home than you can get out of it.
Keeping things simple is the key to home improvements. Adding elaborate fixtures and costly tiles may not be the best way to go. Although adding a room increases the rental value of a home because the more rooms you have the more it can rent for or even sell for, it may make it worth while. Even with that you want to add the right type of room. Adding a bedroom will improve the value of your home more than an enclosed porch. Adding a bathroom will improve the value to your home over a fire place or adding a room for a hot tub.
Thinking about what type of improvement to increase the value of the property is what I suggest before making any major changes. Feel free to call Mallory Construction for free tips and a free estimate on what can be done to refurbish your property. . .