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Remodeling Projects with the Most Bang for Your Buck

New Tile Being Installed in a ShowerOne of the primary objectives of owning a profitable Beverly Hills rental house is to spend less than you receive. It’s basic math, really, but much difficult to stick to in practice. This is due to owning a single-family rental property includes a lengthy list of expenditures, some of which may rapidly surpass your rental income – if you allow them. At the same time, it’s necessary to keep your property in good condition and do everything you can to keep those property values going up. To avoid overspending but still improve your property’s value, you’ll need to plan out your priorities and choose property renovations that give the most value boost for the least possible cost. Here are a couple of the best remodeling projects that provide a lot of value to a property without the high price tag.

Tile Backsplash

Installing a pretty tile backsplash in a kitchen is a quick job, and depending on the type of tile you choose, usually not too expensive. But a beautiful backsplash can give an older kitchen an instant facelift and make the entire room feel updated.

Kitchen Updates

An upgraded kitchen is usually on the top of any tenant’s wish list, but a full kitchen remodel can be time-consuming and costly. As an alternative, you could update different elements as they wear out or begin looking outdated, like replacing outlets and light fixtures, refacing cabinets, or replacing countertops. Even new faucets and cabinet hardware can create a great difference in everybody’s beloved room.

Exterior Lights

If your rental property has a patio or deck, convert it into the best seat in the house by placing some new exterior lighting. Outdoor gathering areas are a significant attraction for renters today, so whatever you can do to make a comfortable, attractive space will only boost your property’s value.

Attic Insulation

On the more practical side of things, adding insulation to your attic can both improve your property’s energy efficiency as well as increase your property values. Your tenants will enjoy the lower utility bills, which may become a strong selling point when the moment arises to advertise.

New Doors

A new front door or garage door (or both) are very small upgrades with a huge payoff. Gorgeous doors give immediate curb appeal, while a steel door also adds increased security and privacy to your property. Choose good-quality doors with architectural elements for an even higher 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 have to do the entire front of the house to increase the property values. Think about updating just the lower half of the front exterior, or probably an entryway or pillars. Stone veneer is one upgrade that actually lives up to the maxim “a little goes a long way.”

Bathroom Updates

A fresh vanity, shower, lighting, mirrors, or faucet instantly updates an older bathroom. Besides kitchens, it’s the one room in the house that offers substantial returns for relatively little updates. If you can’t afford to re-do the whole thing, try updating the most dated elements or adding modern touches (including a trendy wall paint) to give it an updated feel.

Finished Basement

Ultimately, if you’ve got sufficient room in your budget and an unfinished basement, you may try finishing it. Adding finished square footage to your property is an excellent approach to increase its value, not to mention the nice bump in rental rates you can expect, too. It may take some planning, but a finished rental home may bring in the profits and the value that you’ve been looking for all along.

 

Would you like more tips on how to maximize your rental income and property values? Our local Beverly Hills property managers have the expertise to guide you. Contact us online to learn how we help rental property investors like you grow property values.

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