Value Add Salt Lake City Utah
Closing on a single family residence in Salt Lake City next week and this will be my first property. We plan to live in the house for 2 or 3 years and then renting it out. To make sure that I hit the 20% mark (to avoid any further mortgage insurance) what are good ways to add value to the property?
I’m thinking of refinancing at that time to lower the mortgage payment to make sure that it is a cash flowing property. We are going to redo the back yard it’s currently dirt and weeds, we are thinking of redoing the cabinets and doing granite counter tops.
What are some other ways to add value rather than hoping the market continues to go up?
Thank you for your help!!
Most Popular Reply
Do the low-hanging fruit first: update the blinds, sand and paint cabinets (don't always need to be fully replaced), build/update fencing in yard (having a private back yard is a huge value add), paint dark rooms brighter colors, replace older floors with inexpensive and durable laminate. I did some of these mellow upgrades to my South Salt Lake house over the 4 years I lived there and sold it for 70% more than I bought it.