Remodeling Projects That Can Increase Your Rental Property’s Value
Owning a rental property is a great way to generate some passive income, but even if you’re making a profit on your current rental, there are plenty of ways to boost your profit margin and increase the value. Remodeling projects are the easiest way to increase value of a rental property and depending on the project, you could see a sizable increase, especially in the Nashville Rental Market.
In case you’re looking for ways to boost the value of your rental property, here are some of the best remodeling projects to help you do just that.
1. New Door Trim
Door trim is often overlooked as a way to add value to a property but with the right type, you can easily add value to your home. Exterior door trim ideas that are stylish and durable are the perfect way to add value without having to undergo a massive remodel that is too large an investment.
2. New Counter Tops
One of the best and most reliable ways to scale up the value of your rental property is to install new counter tops. Whether you’re remodeling your kitchen or bathroom, acrylic counter tops are a great choice. Marble slab counter tops are very trendy at the moment as well.
Acrylic solid surface counter tops, in particular, are drawing a lot of interest on the market currently. Acrylic is known for its durability as well as having enough stylistic versatility to match whatever kind of aesthetic you have in your interior design.
3. Aging in Place Features
Safety and comfort for the elderly and disabled are at a premium right now. Many elderly folks are looking to age in place rather than move into a nursing home. By adding safety features like stylish new handrails, non-slip flooring, fog-less mirrors, or touch-less faucets, you can make your property more attractive to the older demographic as well as residents who may have elderly parents or visitors on a regular basis.
4. Heated Flooring
Heated flooring is not only a more effective and energy-efficient way to heat your home, but it’s also a super quick install and very cost-effective. Heated flooring eliminates cold spots, reduces noise, and is much less likely to agitate people with allergies to airborne pollutants since it doesn’t disturb the air at all.
It’s also estimated that heated flooring costs about 25% less to operate than regular forced-air heating, making it an all-around great choice for adding value.
There are Plenty of Ways to Increase the Value of a Rental Property
Boosting the value of your rental is as simple as choosing from a litany of potential remodeling projects that are currently trending. New counter tops, new door trim, and heated flooring are likely to appeal to anyone who comes across your property.
Aging-in-place features like non-slip flooring, touch-less faucets, fog-less mirrors, and high-quality handrails will also appeal to the elderly demographic and those with elderly parents or visitors.
By implementing one or more of these ideas, you can easily boost your rental property value and generate more income for yourself this year and beyond. The Property Management Connection is a licensed General Contractor that can help with property updates or complete remodeling, no matter how big the project is. PMC works with several vendors that they know and trust to get you the best return on your investment. If you're looking to make updates to your rental property or are interested in working with a Property Manager, call their office at (615) - 840 - 2845.
Skylar Ross is a contributor to the Innovative Materials blog. He is a content writer for the construction and home improvement industries with an interest in landscaping, outdoor remodeling, and interior design. Skylar is focused on educating homeowners, contractors, and architects on innovative materials and methods of construction that increase property value, improve sustainability, and create a warm and welcoming ambiance.