Here is the #1 most profitable improvement to make in 2022
If you’re considering making some improvements to your rental home(s) or unit(s), you may have visions of granite countertops and shiny stainless steel appliances in the kitchen, or brand new bathroom faucets and showers. But you may be surprised to learn that none of these are considered to be the number one home improvement in 2022.
According to a recent National Association of Realtors (NAR) “Remodeling Impact” report on home renovations, it turns out that the work that pays off the most is either adding or refinishing hardwood flooring.
One of the reasons for this is because wood floors tend to feel more “hygienic” than carpet. In addition, for residents who have children and/or pets, clean up on wood versus carpet is much easier.
Wood flooring also shows very well – and, with so many potential tenants starting their property search online, it can help to capture attention, and in turn, fill more of your vacancies much faster.
Admittedly, while there can be significant costs involved with installing hardwood flooring (as well as the vinyl or laminate versions), the NAR report stated that homeowners recouped approximately 147% of their investment for refinished flooring, and 118% of what was spent on new wood (or wood-like) floors upon the home’s sale. With that in mind, going this route could improve the equity you hold in your real estate investment(s), too.
Are you tired of managing and maintaining your residential rentals in Central Florida? If so, you may want to consider turning over these tasks to a local, experienced Orlando property management team.
The right property manager will not only take on responsibilities like day-to-day maintenance, responding to emergencies, collecting rent from tenants, and showing (and filling) vacant homes or units, but they will also provide you with the numerical figures regarding your income, expenses, and other pertinent details all in one easy-to-read financial statement.
So, if you would like more information, contact Central Florida Property management at (407) 429-4834 or send us an email via our secure online contact form by going to https://cflpropmanagement.com/contact-us/. We look forward to hearing from you.
This is the Most Profitable Home Improvement – Can You Guess What It Is? By Clare Trapasso. April 6, 2022. https://www.realtor.com/news/trends/most-profitable-home-improvement-homeowners-can-make/
Remodeling Impact. National Association of Realtors. https://www.nar.realtor/research-and-statistics/research-reports/remodeling-impact