Favorite/Cheapest Ways to Add Value

Favorite/Cheapest Ways to Add Value

Rental Property Investor · Member since 2020 · 24 posts · 18 votes

Hello BP

Considering buying our first home as a primary residence.

We want to start a family and move into a house we can call home.

With interest rates so low, we can get a great rate on a 15-year mortgage.

However, we do not plan to stay in this home for the next 15 years.

Our plan is to try to rent it out or sell it when we are ready for another upgrade.

That being said, what are your favorite ways to add value to a home that is already in good shape?

What do you see the best returns on?

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Member since 2020 · 3 posts · 5 votes
5y

You can get different answers based on what 'value' means to you and that changes over time.  

1. Value as in increasing the selling price of the prop - but you are not selling for at least a decade.  Answer: Fresh flooring, paint, bath fixtures, updated kitchen.  And the lights  and switch plates like mentioned above.  Cleaned up landscaping.  At least 2 baths. Finished basement. New doors and doorjambs 

2. Increasing your pleasure while living in it?  Great kitchen. Nice lighting. Outdoor entertainment upgrades, new doorknobs. new switches, outlets and faceplates.

3. Increasing the rent.  Fresh paint, flooring, add a bedroom - this can be converting a room so that it meets basic bedroom code - window, closet, door.
4. Increasing the speed that you can rent it?  Get it super clean, no smells, new lights, switch and outlet face plates.

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  • Member since 2020 · 42 posts · 10 votes
    5y

    Inexpensive ways: modernize via painting and updating finishes

    Larger commitment ways: 

    Evaluate your bed to bath ratio - sometimes an additional bathroom is significant.

    Add an ADU (adds about 75% of your main homes cost per square foot, per square foot added by the ADU)

  • Member since 2020 · 10 posts · 1 vote
    5y

    Amberly can you elaborate on the bed to bath ratio point?

  • Member since 2020 · 25 posts · 21 votes
    5y

    Soooooo.  Have you ever been to a Habitat for humanity - Restore? , thrift store or second hand store?  In the right area you can pick up "rental" quality and some times really high quality items on the cheap.  Light fixtures, fans, even large appliances.  One time I picked up an entire pallet of high quality white beveled subway tile for $300. Let me tell you lots of my rentals got pretty back splashes for little more than the price of mastic and a few hours of work.   

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