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The Most Profitable Home Renovations:
First: Kitchen. This is often the first thing people look at when checking out a new property. Opening the kitchen and creating an open floor plan is often the easiest “bang for the buck,” but renovating a kitchen doesn’t need to be expensive. Oftentimes painting existing cabinetry and changing the hardware can be sufficient. Sale sections at Home Depot also work well!
Second: Flooring. Luxury Laminate Flooring is essential, especially in a rental. When flipping real estate, it’s OK to go higher end with real hardwood floors depending on the area – but for a rental, most laminate flooring is just as good, cheaper, and more durable.
Third: Bathrooms. Again, this doesn’t need to be overly expensive. New vanities are fairly inexpensive. You can often keep existing tile and re-glaze it a different color to make it more modern.
Fourth: Lighting. Add recessed lighting – It makes a massive difference. If you have popcorn / acoustic ceilings, scrape them and add recessed lighting at the same time to save on labor. Dimmable lights also go a long way.
Fifth: Landscape. This is frequently overlooked but it’s an easy way to add to the curb appeal on your home and stand out from everything else. For a rental property, DO NOT plant intricate landscape that tenants could neglect. Instead, chose tenant-proof landscape options: gravel, mulch, and low-maintenance greenery. Succulents are great.
Sixth Bonus Tip: Baseboard. 4” baseboard around the new floors and around windows/doors adds a sophisticated, upscale vibe to the home for an extremely inexpensive price.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
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