If you own both a residential home and a property you rent out, you know that renovations and maintenance can impact the value of your properties. While both property types need regular maintenance and renovation, some differences exist between which renovations will increase a rental property’s value and those on your wish list for your home.
Many renovations, upgrades, and maintenance projects will increase your rental property value, but you should avoid turning your rental property into your dream home. Those upgrades and trends might appeal to you, but the money spent on these upgrades will be reflected in something other than the increased property value.
Unlike a personal residence, a profitable rental property should be maintained and renovated based on what tenants and future rental property owners might want. A renter will have a very different set of criteria, making determining which renovations you should focus on can be challenging.
Therefore, we’ve compiled some top renovations to boost your rental property values – without breaking your bank account!
Which Home Renovations Will Be Best For My Nashville Rental Property?
Here are three renovation ideas that will please your renters and bring value to your rental property:
- Adding another bedroom is one of the fastest ways to boost your rental property’s value; it sounds expensive, but it doesn’t have to be. Many rental homes have a “bonus room” that isn’t considered a bedroom simply because it doesn’t have a closet. Or, if your rental property has an especially large bedroom, consider dividing it into two smaller ones.
- A minor kitchen remodel is among the highest-ROI renovations you can take on as a property owner. In the long run, it recoups many costs and adds value to your eventual resale value.
- If your property has old carpet or dated linoleum, it might be worth a quick update — ideally to something more timeless and durable. Doing so can make your home more photogenic – for listing pictures – and more marketable. Your best bets are vinyl, hardwood, or laminate, though it depends on your home’s style, location, and budget.
Which Renovation Services Does Ascension General Contractors Provide?
When it comes to renovating your home or rental property – or both! – we do it all. Our company was founded with expertise in handling repairs. Our experience and renovation industry relationships give us the unique ability to guide you through the sometimes complicated process of working with repairs and renovations during the claims process.
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Ascension General Contractors is a full-service general contracting company with extensive experience in both residential and commercial property repair and renovation.
We pride ourselves on the quality of our work and our communication through the process of your claim, repair, or remodel. When it comes to your home, working with a team of experienced professionals you can trust is vital.
Contact us at (615) 802 9025 or online today to discuss your Nashville home renovation.