Rental Property Rehab
Renovating a turnkey home can give you a high return on your investment. That being the case, renovations are an important part of sound turnkey property management. If you already have some money tied up in your turnkey real estate investment anyway, you might as well try to get as much of your money back out of it as possible, and renovations are a great way to do that. There are three renovations in particular which will be particularly effective in fulfilling that purpose. One of them is kitchens, another one is bathrooms, and living rooms are high yield also.
Renovating the kitchen in a turnkey home can make it a lot easier to rent out, and for a lot higher price. Truly, that is the goal for all of these renovations, and that is how you will get your money back from your investment. When you perform these renovations, you will save a lot of money by doing them yourself. Nice counter tops, lots of cabinet space, and islands are all very desirable in the kitchen. You should make sure the flooring in the kitchen is nice as well. You can often get a loan for this and the other renovations we will be discussing.
Renovating the bathroom in a turnkey home can yield many of the same rewards that renovating the kitchen can. Just as you should do in the kitchen, you should pay plenty of attention to the flooring in a bathroom. In both rooms, you will want to make sure that the flooring is easy to clean and resistant to water damage. Obviously, however, there are also some differences. The bathroom fixtures themselves should all match, and in the master bathroom, his and hers sinks are nice if you have room for them. A spa tub is another luxury which your potential future tenants are sure to find very appealing.
While we are on the subject of the master bath, we should also point out that you might also want to consider renovating the master bedroom in your turnkey home. As a matter of fact, you might consider renovating the other bedrooms as well. Trendy colors of paint on the walls and luxurious (but easy to maintain) carpet on the floors can go a long way. Ceiling fans and visually appealing light fixtures are also a nice touch. In fact, these particular renovations won’t even cost you much.