Rental Property Remodeling Tips in Phoenix
It’s no secret that creating visually impactful changes to a rental property is important, yet there is a fine line between smart remodeling and renovations, and wasted dollars.
Remodeling projects, such as a fresh coat of paint throughout the interior, can make a rental property more appealing to potential renters. However, with a remodeling project, like an additional bathroom or bedroom that adds significant value, you can potentially garner a higher rental income as landlords often base the rent on the home’s value.
But don’t get rid of your remodel receipts just yet. For landlords, they can often be additional money in the pocket.
Here are several tips to help you avoid the pitfalls of spending too much money, and can help give you the most bang for your rental property buck:
More Living Space and Value
Wasted space, like an under-utilized attic or overly large garage, can be untapped potential. Talk to a professional contractor to explore your options. For instance, you might want to consider turning vacant square feet into a master bedroom, den or an expansion to the kitchen.
Added living space not only increases your income property’s value, but your monthly rent as well.
A simple, two-piece bathroom could be the decisive factor that sways some renters toward your property. Think about adding a full bathroom if your remodeling budget allows. Choose durable products that don’t break the bank, such as vinyl flooring, Berber carpeting in neutral browns or grays, and washable eggshell or satin latex paint.
Windows, Doors and Siding
While the interior space is definitely important, none of it will matter if you don’t get potential renters through the door in the first place. And while on the topic of doors, remember, they are an integral part of any home. Choose something solid, with up-to-date iron-inlayed glass for a secure feel, and up-to-date, durable hardware.
Additionally, new siding shows renters that the home matters to you, and new windows say the residents also matter. Finally, ensure the house is asbestos and mold free; that the electrical wiring isn’t faulty; and, that the plumbing, stairways and home’s structural integrity is up to current code.
No matter what type of repairs, improvements or additions you make, always hold on to the receipts. If anything, you can write off expenses against the income, or factor depreciation into the update costs and the home’s value.
At Republic West Remodeling, our remodeling services in Phoenix include: whole home remodeling, kitchen remodeling, bathroom remodeling, outdoor living spaces, master bedrooms, living rooms and dens, home office and garage remodeling, home additions and rental property remodeling tips and services. Contact us today for details.