Which rental renovations give you the biggest bang for your buck, turning a few thousand dollars of materials and labor into hundreds of more dollars of rent per month and tens of thousands more in home value? Today, we’re going through each tier of rental renovations: easy and cheap ($5,000 or under), moderately challenging and expensive ($25,000 – $50,000), and hard/pro-level ($50,000+). This will give you a roadmap of high-ROI rental renovations you can make right now to increase your property’s value and rent.
Why are these rental renovations (AKA value-add) so important right now? Because with so many investors and homebuyers sitting out of the market, you can take your pick of homes with overlooked potential and turn them into high-value investment properties. This not only makes tenants happier due to new renovations and upgrades but also gets you higher rents and wealth-building equity to boot.
We’ll start with some easy ones—painting, tiling, adding backsplashes, etc.—and work our way up to the pro-level renovations like adding square footage and turning a single-family home into a multifamily. Based on your experience, you can go either route, but both have enormous potential to turn your initial investment into a killer real estate deal.
In This Episode We Cover:
How to increase your property’s value (and rents) with high-ROI rental renovations
The easiest (and cheapest) upgrades to make that take little time
What to look for when buying a home for “value-add” and signs of money-making potential
The one appliance you should NEVER include in your rental property
The easy bathroom conversion that will massively boost your home’s equity
Pro-level rental renovations that could make you six figures
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-564
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