No matter what your future plans are for your home, remodeling projects are generally a good fit. If you plan to keep it as a rental, upgrades can help you rent it out for more and better attract prospective tenants. If you're looking to sell your home, a remodel can boost its value ahead of listing.
Start with your rental's essentials
Before you start planning your kitchen remodel or master bathroom renovation, take the time to go through a checklist of your home's essentials to ensure all of its critical needs are met. If your home needs a new roof, you should prioritize that before anything else. The same thing goes for any major repairs—plumbing, foundation, structural—or replacement projects, such as installing a new air conditioner.
You probably don't need us to tell you this, but your home's air conditioner is essential. If it stops working, you'll need to replace it—fast. To keep your home's current air conditioner running right, schedule a spring checkup.
If your HVAC technician tells you that the system is on its last legs, you should strongly consider replacing it before summer arrives. An energy-efficient and reliable air conditioner is one of the best long-term upgrades you can make to your home. Your renter will certainly appreciate it!
While a new kitchen, bathroom, or backyard will help you rent your home for more and boost its value, major problems could cut off your income altogether. In other words, take care of the tedious but necessary changes before moving onto the exciting stuff.
Complete a mid-range kitchen remodel
It's no secret: we all love upgraded kitchens. In the last twenty years, the kitchen has become the center of life in the American home, which is why renters and buyers alike look for aesthetically pleasing, functional kitchens built for everyday use and life. If you're ready to reinvest into your investment home, it's hard to go wrong with a kitchen remodel.
It's important to keep in mind that this isn't your kitchen. While other homeowners might splurge on something nice or go with something eclectic that they really love, you should focus on practical upgrades with wide-ranging appeal. The key here is finding high-quality materials at lower prices. There are several ways you can do this: you can shop at wholesale granite stores, talk to your contractor about their suppliers, or buy in bulk if you're remodeling multiple properties or units at once.
Again, avoid luxury in favor of practicality, and make the right compromises. For example, tile floors are often expensive and time-consuming to install. A laminate or vinyl floor might be a better choice: they are easy to install, less expensive, and can stand up to a good deal of use (or abuse!).
Work on the bathrooms
With the kitchen remodel finished, turn your attention to the master bathroom. The right changes here can really boost the value of your home.
The same theme of moderation applies here, too. Unless you're working with a luxury condo, your renter doesn't need or expect an oversized jacuzzi tub. For most people, a nice shower with new tile and a glass door is just as, or more, impressive. If you want to keep your costs down, keep the general layout intact instead of focusing on upgrading the shower, vanity, and flooring.
In both the kitchen and the bathroom, don't neglect the little things. New faucets, fixtures, paint, wallpaper, and lights can be a massive difference-maker for your project, and they require a relatively small upfront investment on your part. Talk to a local plumber in your area. If you live in Illinois, call a Chicago plumber.
Some decorative touches can help give your rental a sense of space and style, helping prospective renters—or buyers—more easily picture themselves at home in the space.
Take your home to the next level
Home Remodeling Projects Infographic
Are you ready to start improving your home? Check out this helpful infographic-