Updated over 3 years ago on . Most recent reply
Best bang for your buck renovations
Scenario: You bought a house for 5% down as an owner occupied loan. You want to gain as much equity and/or rentability as possible doing DIY projects around the house. The plan is to turn this into an airbnb.
Are you putting in fancy tile to make it more attractive in the bathrooms? Are you getting granite countertops for durability? More than likely the renovations will not get us above 20% equity in the home so refinancing will not be an option. What are your go to big money projects?
The home is from 1920. No CAC. Boiler and radiators. Unfinished hardwoods. No updates in kitchen or bathrooms. Plain backyard. Great Character to work with. What are you changing and upgrading?
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This is pretty general so my answers will be too without full details/photos/your market conditions/etc.
Typically, kitchens and baths will give you the biggest bang for your buck on value. Curb appeal is another, so having good presentation in front and then rear yards is important and valuable.
Flooring/painting are also good value adds. For rentals, you do want durability so avoiding carpet is a plus and quality counter tops that last is also beneficial.