Rental Renovations That Pay Off
If you own a rental property in Destin, you may be wondering what projects or improvements you could make that will pay off in resale value and potential rental income. Well, you are in luck because Remodeling Magazine just released its 2015 “Cost vs Value” report which helps break down the odds of what’s worth the money and, well, what’s not.
For single-family rental homes, it’s hard to find rental renovations that justify their immediate cost. That said, given some time adding a deck and minor kitchen repairs have potential to recoup the money put into the project.
Multi-family homes on the other side can expect a 10 to 30 percent return on investment when wood floors are installed, kitchen upgrades are made and lighting is improved.
So, what’s the bottom line? Our Destin property managers want you to be careful when committing substantial amounts of money to any project. Don’t remodel just for the sake of remodeling. Do some research, or contact your manager to find a project that will be a slam dunk from a rental standpoint and a sales perspective.