When investing in a Buy & Hold strategy, you need to be particularly savvy about any remodeling projects you plan for your investment property. You will want to think about what remodels will leave you with the highest ROI, what remodels will attract renters, and what remodels will eventually attract buyers when you ultimately sell the property. Certain remodeling projects can have a major impact on your ROI by improving the look and function of your property without costing you a fortune. The best remodeling projects for rental properties include:
Replacing the exterior siding – While renters don’t tend to be particularly picky about what the outside of their apartment or rental home looks like, new siding can significantly improve the curb appeal of your property and, on average, pays back 78%. New siding is a cost-effective way to get renters inside your doors and to also ramp up the final sale price of your property down the line.
A midrange kitchen remodel – Perhaps the most important room in any rental property is the kitchen. Studies have found that families and couples are spending more time in the kitchen and dining area than ever before. An out-of-date kitchen is an automatic veto for many renters looking for places to live in California. By making moderate updates that will improve the look of the kitchen, you can significantly improve the value of your home and attract more renters. Kitchen updates to consider can include new countertops, laminate floors, upgraded appliances, or new cabinet handles.
Vinyl replacement windows – New windows increase the value of your home substantially by improving both the look and livability of your property. Renters have a tendency to examine a property’s windows as a sort of litmus test for how well maintained a property is. Old windows scream that an apartment will be freezing in the winter and too hot in the summer. They also drastically affect the aesthetic of a home. New windows are a great choice for attracting both renters and buyers.
Learn more about remodel ideas that have the best ROI by contacting ZINC Financial today. Our experts can also answer all of your questions about our Buy & Hold loans which allow investors to rent out their properties for a period of 48 to 60 months before reselling for maximum gains.
