6 Easy Renovations to Open Up Small Rental Property Spaces

Posted by Chris Clothier on Tue, Jun 27, 2017

No one likes to feel cramped in their home, and the same is true of tenants when it comes to their rentals. As an owner and investor, one of the best things you can do for your rental properties is to get into the mind of the tenant—see what they value, learn what they love, and tailor your properties after their needs.

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Topics: property renovations

Planning Smart Property Renovations for Spring & Summer

Posted by Chris Clothier on Wed, Apr 29, 2015

One would think that with the relatively sluggish recovery of the real estate market in many parts of the country, with both homebuying and home building on the low side overall, home improvement would be similarly stunted.

And yet, that’s not the case — a study by the Joint Center for Housing Studies at Harvard, property renovations are booming with nearly $300 billion in sales. It could be the highest spending this year since 2007. That’s good news!

The study points to millennials as key to the home improvement market — as well as real estate investors: 

"While currently lagging previous generations in forming households and buying homes, the Millennials will eventually give a dramatic lift to home improvement spending. More immediately, the growing presence of Millennials in the rental market is encouraging property owners to invest in updates to their units.”

So if property owners should be investing in updates, what kind of updates are best for your budget and your value? Consider these investments:

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Topics: property renovations

Boosting Real Estate Value Through Outdoor Amenities

Posted by Chris Clothier on Wed, Apr 8, 2015

Spring is here! Things are warming up around the country little by little, and that means investors should be turning their thoughts to Spring and Summer trends for real estate, particularly when looking for new tenants and buyers. Besides regular maintenance and renovations, perhaps it’s time to consider increasing value through outdoor amenities.

Generally speaking, good amenities and drawing points not only help your property stand out as desirable, but that added value can be extra cash in your pocket, either from a sale or from monthly rent payments. Outdoor retreats have become popular among homeowners — and investors might need to take a page from their book, especially in prime outdoor seasons.

So what kind of outdoor amenities can boost your property value and help your success in real estate investment?

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Topics: property renovations

How Far to Take Your Investment Property Renovations

Posted by Chris Clothier on Tue, Mar 10, 2015

Your investment property is not your home.

There, I said it.

It’s something every investor knows, but that doesn’t stop some from getting tripped up when they get a vision in their minds of what they want their investment property to be.

We have to hold ourselves back at times when we are renovating properties that real estate investors will purchase from us as investments.  It is easy to justify each dollar as a smart investment, but harder to make each dollar pay off in return.

It’s not a bad thing to want your property to be the best possible version of itself, but focusing too hard on shaping it into your vision of perfection can end up draining your time and money faster than you can think. Before you know it, it’ll take several years of renting to even begin to make up for the cost of property renovations.

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Topics: property renovations, renovation costs

Getting the Most Out of Your Investment Property Bathroom Remodel

Posted by Chris Clothier on Fri, Nov 14, 2014

Property renovations can get very expensive very quickly. Real estate investors need to prioritize their renovations to get the most for their time and money. Research shows that the most bang for your buck can be found in the overhauling of two rooms in particular — the kitchen and the bathroom.  There two unfortunate points connected to that little bit of research.

1.  Bathroom remodels and kitchen remodels, just by the nature of what goes into them, can cost a lot of money to renovate. 

2.  Both of these rooms in the house involve plumbing. Any work that involves tampering with plumbing is going to drain your money.

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Topics: property renovations

Home Renovation and You: Making the Most of Remodels

Posted by Chris Clothier on Wed, Nov 20, 2013

The property you just bought, hoping it will be a successful real estate investment, probably needs some work done. Naturally, if there are major problems with the property, those should be addressed first. Things like electrical work, major systems replacements, foundation work, roof replacement or anything that compromises the safety of your property need to be addressed before anything else.

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Topics: real estate investing, home remodeling, property renovations