How Local Investors Increase The Value Of Their Phoenix Rental Property
Simple and affordable upgrades can significantly increase the value of your property. This is important, especially when you are getting your property appraised for an equity home loan or looking to sell the property. There are quick and cheap ways to raise the value of your property. Here is how some local investors increase the value of their Phoenix rental property.
This is one of the most important rooms in a house. Many families spend most of their time in the kitchen than in any other room. A simple kitchen-remodeling project involves replacing cabinets and appliances. As simple as it may sound, this project may cost as much as $15,000. Phoenix homeowners can save substantial amounts of money on kitchen improvement projects by resurfacing cabinets instead of replacing them. They can also buy used appliances instead of buying new ones. Homeowners can expect substantial returns on their kitchen remodeling projects if the results look professional.
The bathroom is another room in a house that gets lots of traffic and attention. Even simple bathroom remodeling projects can increase the value of your property. A bathroom-remodeling project may involve painting the walls and installing new hardware and appliances such as a shower, towel racks, and toilet paper dispensers. These can really improve the appearance of the bathroom and increase the value of your property. Major bathroom improvement projects could involve creating more storage space by replacing the tub or toilet as well as replacing the floor.
You can convert unused attic, basement, or garage spaces into living spaces. Conversions create extra usable space in the house increasing its value more than other home improvement projects like putting up new paneling and replacing floors and carpets. Make sure the new living spaces have adequate heating and cooling. In addition, eliminate leaks on the walls and roofs before starting the conversion. Be practical with the new living spaces by planning before you start building. For instance, extra garage space can make a better wood working shop than a living room.
By undertaking simple remodeling projects, local investors increase the value of their Phoenix rental property. If you have a house with two bedrooms and an unused office space, you can add a closet in the office space and convert it into a bedroom, making it a three-bedroom house. As a general rule, simple changes that add to the living space or improved functionality of the home will bring you the best return as well as improve the perceived value by potential renters.