Renovating A Rental Apartment For Resale

- Brett Frank, a licensed real estate salesperson with Compass, said that based on experience and conversations with other brokers, a 15 percent premium can be made on a renovated apartment. Since your rental property is a source of income, the key is to concentrate on the right finishes, durable products and materials, and quick project completion.

- Increase property value: When you improve the available features of the rental property, youll increase the resale value. Improve renter satisfaction: By including newer and higher quality appliances, updating the countertops or making any other improvements, youll not only give future tenants a great experience, but these products will likely require less maintenance. This means fewer calls to you to come fix a broken dishwasher that keeps leaking. This increases renter satisfaction and makes them more likely to renew their lease. Deduct renovation costs from your taxes: If youre simply making repairs to maintain your rental property, any costs you incur for the fixes can likely be deducted from the propertys taxable income.

This particular example perfectly highlights why Renovating A Rental Apartment For Resale is so captivating.

- A newly updated property helps attract potential renters. Read these tricks for renovating a rental property and making more each month.

- Upgrading bathroom fixtures, adding ... high-quality residents. Converting an attic into a living space can add significant square footage to the property, increasing its rental and resale value....