I wanted to ask the community: What are examples of your strategic renovations to demand higher rents, higher appraisals, or even a higher sale price?
For example: with rentals, will you refinish hardwood or just use carpet? How much energy/money do you put into the exterior of the home?
Personally, my chosen strategy is the BRRRR method, so I'll rip up carpet, refinish hardwood if it's there, take down wallpaper, repaint the walls, refinish cabinets, countertops (never granite), put in a washer/dryer, etc. I just would like an updated, clean feel to it without spending an entire arm and leg on it. I haven't got to my first refi quite yet, so I am very interested how cost effective and appraisal demanding my renovations will turn out to be.
I'd love to hear your strategies for making the most of your deals! :)
The answer to this totally depends on your market and the neighborhood where the subject property is.
It really just depends on what the comps support and what type of finishes and level of rehab they have.
The comps that support your ARV are what should be used to determine the scope of work for your rehab.