You just bought an Colorado investment property and are wondering about making improvements to it. So what improvements should you make to your property in order for it to be worth more to you now in rent and later in value?
Let’s start with the really important things – systems:
If your property needs updates done to HVAC, electrical, plumbing, well/septic or sewer in order to bring them up to code, you have no choice, you must do them. The more important thought is that if they are replaced they will be more energy efficient and cost you less money in the long run. Plus their improvement will be a huge selling point later.
Siding, doors, windows:
Outside is another place to look. Changing siding, doors and windows will give you a huge return on investment, make the property more energy efficient, safer and keep future tenants happy. They aren’t always expensive fixes, but they are worth every penny.
Finish unfinished areas for more living space:
Attic spaces, basements, or other rooms that could be used as bedrooms, offices or bonus rooms. They mean more money in rent and more money because of the living space additions. Baths are another huge addition that add value even just new counter tops, Adding even a half bath adds about 10.5% to the value of your home, full baths twice that. If you have the space to add one, do it.
Update your kitchen:
Just doing simple updates like painting, refacing or painting cabinets, replacing flooring or changing counter tops will add a lot of value. People look for updates in kitchens, so do what you can there even just updating the counter tops. If you have a bigger budget, gut and replace. Don’t forget to update appliances too. Old ones are a problem and new ones energy efficient.
Any additional storage that you can provide or build into your property will add value. Closets, built in cabinetry or shelving, storage areas. It all adds up.
Updating an investment property is a good idea, one you should not ignore! If you need more personalized suggestions for upgrades to your Colorado Investment Property give Tena D. a call today! 303-452-5853