Increasing your property’s value with the most efficient home improvement projects is something to think of. Whether you’re looking to sell your rental, refinance it, or simply allow your renters to enjoy an updated look, here are some top rental improvement projects to consider.
Renovate your Kitchen and Bathroom
The kitchen and bathroom are the top rooms to invest in your next remodeling project. A bathroom upgrade offers an average of 70.1% ROI, while a kitchen upgrade offers an average of 80.5%. The highest ROI renovation projects use bold designs and professional installation. Don’t settle for a new coat of paint, but reimagine your home with new kitchen cabinets, new bathroom fixtures, and new flooring materials.
Upgrade the HVAC
Is your old furnace or air conditioner holding back your property? Update your HVAC system for a great ROI and increased energy efficiency. Expect up to 50% ROI on a new furnace or air conditioner. Many new systems also dramatically decrease your energy usage and offer you personalized ways to keep your property comfortable for the renters, including smart thermostats. Work with an HVAC professional in your area to make sure your property gets the right system installed.
Update the Plumbing
Here are just a few common ways that a professional plumber can help in repairing or updating your property:
- Seal leaking pipes and faucets
- Install energy-efficient faucets and appliances
- Adjust your water heater thermostat
- Clean your drains
Most of these plumbing updates require a licensed plumber for the safe installation of a new shower, sink, or other features. (Working with a licensed contractor or plumber in Albuquerque for these projects is highly advised.)
Benefits of Increased ROI
Why is an increased ROI so important? Not only do many of these property improvement projects make your property more attractive to potential renters, but they also increase its value. An increased value gives you these benefits:
- Removed PMI
- Refinancing options
- Increased listing price
Your private mortgage insurance will remain until you own a certain percentage of your home or significantly raise the value of your property. These home improvement projects may offer enough return to remove this additional insurance cost from your mortgage.
Refinancing is a great way to enjoy a low-interest loan for your personal or business needs. Added home value gives you more leverage for taking out a second mortgage for your next big project.
Finally, you want the highest cost possible when selling your home. Update your kitchen, bathroom, HVAC, or plumbing to enjoy a higher listing price and more money in your pocket when you sell.
Start Your Home Improvement Project Today
These high ROI home improvement projects require help from a professional. Don’t work with dangerous electricity, difficult plumbing, or time-consuming finishing projects. Invest in professional services from contractors in your area.
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