Rental Renovations that Pay Off
If you have invested in a rental property and are looking for ways to increase the value of your home, we have a few ideas. Our Property Managers in Destin did some research and found that some renovation projects have a higher payoff than others. So, what improvements offer the best return on your investment?
On average you can expect to see a 10-30% return on your investments on long-term rental properties. Some of the tops producers include adding wood flooring, kitchen upgrades, and improved lighting. Keep in mind that these remodels will have to be upgraded after a certain amount of time, so add in gradual wear and tear when calculating overall ROI.
Other popular renovations that offer a surprisingly lower ROI include adding a deck, a master suite, or a home office remodel. In most cases, these additions don’t add enough value to the cost of the home to cover the cost of the project.
On the other hand, if your rental home needs repairs it’s important to finish those projects as soon as possible. Unfinished repairs can keep a house empty for months, which is not a good situation. If you have extra money to spend, make sure the home is in great condition before considering an add-on.
If all this talk about ROI and research seems complicated, that’s because it is! We have professional Property Managers in Destin that are devoted to calculating the potential of long-term rentals, short term rentals, and how to make an investment more valuable. Call us today!