Top 5 Renovations to Boost Your Home or Rental Property’s Value

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Whether you plan on selling a property or are looking to increase the value of your rental property to improve your return on investment (ROI), renovating can boost your home's value and attract higher-income buyers or renters.

Periodic upgrades help maintain a property and contribute substantially to its appeal, often translating into a sale or increased monthly cash flow. I am presenting a functional yet stylish home is one of the best ways to stand out among competing properties and close a deal quickly.

When deciding to renovate, you must select what you will improve and your budget. So, what are the most appealing renovations that will boost your home's value in today's market?

1. Refresh Your Kitchen

The kitchen is the heart of the home and one of the most frequented rooms in the house. Up-to-date kitchens with all the amenities are highly desirable. While you may not need or want to spend to install a gourmet kitchen, updating cabinets, new flooring, and installing new commercial-grade appliances can be worth the investment. Central kitchen remodels can allow you to recoup as much as 56% of the cost.

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Even minor upgrades like repainting walls and ceilings, refurbishing trims, or resurfacing kitchen cabinets instead of replacing them can make a noticeable difference. If you're considering replacing appliances but can't afford commercial-grade models, opt for energy-efficient ones to make daily tasks more convenient and cost-effective for tenants. Other valuable upgrades include updating your countertops. Consider modern style countertops to give your home a sleek, contemporary look that appeals to today's buyers. You could also add a kitchen island for extra counter space or a walk-in pantry for storage. Thoughtful upgrades will carry you a long way in impressing future buyers or renters.

2. Improve Your Curb Appeal

The first impression any buyer or renter will have is influenced by the outside of the property when they visit. Improving the exterior of your property shows that you care about it and its maintenance. Ways to improve curb appeal include:

Cutting and weeding your lawn or yard
Improving greenery by adding seasonal flowers and tidying up shrubs and walkways
Landscaping
Adding new siding or trim, including stone veneer, for a classic appearance
Painting the outside of your property
Adding a new door to your garage
Adding a deck, patio, or porch
Adding porch or patio furniture
Adding a pool or hot tub
Adding an outdoor kitchen with cabinets, countertops, a sink, a grill, and a fridge
Adding an outdoor canopy or awning for shade

3. Add Livable Footage

Not surprisingly, after the Covid pandemic, many people longed for slightly larger homes. If your property has an unfinished basement or attic, remodeling it with drywall and flooring can offer buyers and renters space for a home office, an extra bedroom, or a family room. Knowing 'What Type of Joint Compound to Use for Drywall' is essential for achieving a professional finish in such projects. Choosing the right compound ensures smooth seams and enhances the overall appearance of the remodeled space. Other options include enclosing a porch with windows and a small stove to add a sunroom and increase livable square footage.

Ensuring that your home's walls are freshly painted and refurbished or updated flooring will also automatically boost the property value when potential clients call.

If you have a large yard, another alternative is to add an Accessory Dwelling Unit so that if your buyer or renter has a parent or an adult child they'd like to house nearby, there's still some independence. ADUs can also function as studios or offices.

4. Add a Home Office or Exercise Room

If you have an ample walk-in closet or pantry that you may not need, why not convert it to a home office or dedicate the space to a small home gym? Ideally, you'll want at least 100 square feet, but by adding soft lighting or a small window, if possible, some adjustable shelving, and a tabletop, you've got an office where the door can remain open, but that can be closed and locked if needed. Depending on the location, this type of space can also be remodeled as a separate laundry room, mud room, small walk-in library, extra storage space, or even a small service bathroom.

5. Think Security

People like secure homes. Install or upgrade your security system with smart locks that use key fobs or cards instead of traditional locks and keys. Consider burglar bars, electric fences, a security gate, alarm systems, bright lighting, and video cams. Look for the weak points or blind spots around your property and plan accordingly. Establishing the best system for your type of property is essential, including if you own or rent property. A security system for an apartment complex is just as vital as if you have an independent family home to protect.

What Boosts Your Home’s Value?

Considering upgrading your home or an investment property, consider what would attract a buyer or renter and make them want to live there. Does the property need more relaxation space or amenities that ease daily chores? Aim for convenience and beauty. Whether or not you recoup your renovation investment will be decided by your area's market and what's trending in it.

Not all buyers or renters envision what a property could become, so some well-planned renovations can help them decide, "This is it!"

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