January 20, 2016
For property managers looking to increase the value of their home or apartment, updating their kitchen through renovations is a good place to start. While we can’t say for certain what will improve a home’s value, beginning with new appliances or cabinets can help.
The following are some factors that go into a home or apartment’s rent:
- The location
- The age of the home or apartment
- The renters profile
- Any nearby competition
While they won’t be able to change the age or location of the home or apartment, they’re still able to compete with nearby homes through renovations. Depending on the location, the increase of a home or apartment’s value will vary. In Los Angeles, the property manager saw an increase of 20% after renovations.
A great way to see a return on their renovations is by upgrading to wood or wood-like floors throughout a property. Improving their floors is the best way to see a return on their property investment. After renovating floors, property managers should work on updating and redesigning their kitchen. If their interested in some inexpensive alterations, consider enhancing the light fixtures.
Along with improving the inside of the property, property managers need to take into consideration the outside. It’s important to take care of the landscape, any common areas and signage on the lawn.
Another great way to increase the rent per month is by installing washer and dryers into the home or apartment. Being able to do your laundry in the comfort of your own home may not sound like a luxury, but it certainly is!
For property managers or homeowners interested in updating their kitchens, contact Discount Kitchens Etc. at (781) 337-8123, or contact us online using the contact form to the left for more information.