One of the best ways increase the value of your property value is to do improvements on your house. You may have a bunch of projects in your place, so which ones should you prioritize? It depends on a number of factors, but for the most part, the following gives you a list that you should consider.
1. Adding a bedroom
Adding a bedroom is the best way to increase the value in your rental. Depending on the location of your property, it can increase your rents by $500-$700 per month in many places in Boston. Adding a bedroom can be tricky and you certainly don’t want to add a bedroom that would make the apartment a fire hazard. Also you should be extremely careful about renting out a basement unless it is property zoned with proper fire exits. To qualify as a bedroom, it must have a window and a built in closet. The window needs to be a proper size for a bedroom to allow fire fighters access to the room. Many properties in Boston are old and oddly shaped. Many times you may be able to use a part of a giant living room or oversized bathroom to make an extra bedroom.
Food is coming back into the discussion in a big way and more and more renters are getting into cooking again. Spicing up the kitchen with new appliances, cabinets, and granite counter tops is an excellent way to attract people willing to pay higher rents. However, kitchens are also not cheap rooms to redo. To make for affordable renovations try to think clean look versus luxurious. A good cleaning and some upgrades will make the kitchen go a long way.
Even though people don’t spend much time in the bathrooms, it is always difficult to get people to pay more rent when the bathroom is gross. Hire a good company to clean the bathroom and make the necessary upgrades to keep it clean and tidy. Once again a clean bathroom can go a long way.
Renters want their place to look nice and be bright. Most places in Boston have hardwood. The best way to class up a place is to get the floors redone and polished. Many old Boston apartments were built to last and some have beautiful hardwood. The problem is with so much usage, the wood becomes dull and shows marks. If you hire a good company to buff the floors, it will make a huge difference. Good, clean floors make the whole place look great. Add some lighting features to brighten up the place. This is most important with apartments that don’t have a lot of natural light.
Seems silly, but if you have a big lot you may want to consider paving more of it to create two parking spaces. Parking is very difficult to find in the city and car spots rent out for $100 or more in many parts. You certainly have to make sure that your property is zoned properly to pave more spaces. If it turns out that you are allowed to add spaces, that can be an easy way to make more profit.