What Are the Best Renovations to Make to Your Miami Rental Property?
Are you planning on updating your Miami Rental Property but you’re also interested in renovations that will increase your property value as well? If so, you’ve come to the right place!
In this article, we will share with you several renovations that you should consider making to your property.
So, the No. 1 thing we want to spend the majority of our money in our budget on is our kitchen—not surprising. That’s the hub of the home. That’s where most people spend most of their time, which is why we really want to make it nice.
What you want to do is use a light-colored kitchen (at least right now in 2019). That’s kind of what’s happening. We use white cabinets with a light countertop, as well. It’s very modern, very sleek.
If you’re doing a flip, you want to use a stone countertop. We’re also using white quartz—again, super light, super bright. That’s what’s in right now. That’s what the people want.
It’s also a neutral tone, so it’s not going to offend anybody or turn people off. Everybody kind of likes it, and everybody can design their kitchen around a neutral white kitchen. So, that’s a recommendation I have for you, and spending all of your money here is a great way to really jack up the value.
For example, our average kitchen for a rental property (brand new cabinets, countertops, sink, taps, appliances, etc.) is around $8K to $10K on average. If we’re doing a flip, you know it’s probably about $12K to $15K, because we’re getting better quality appliances—fridge and stove and stuff. We’re spending a little more there, but that’s where the returns are really going to come.
Spending 10 grand in our kitchen, it’s going to add like $20-$25,000 to the value of the property. So, it’s very, very smart to put a lot of money here.
The second place you want to spend it is—again—not really surprising.
The second place a lot of people spend a lot of time in homes is the bathroom. I recommend using double sinks. You’ve heard of his and her sinks—or his and his or hers and hers. Right?
We want to use double sinks. This is what really attracts the buyers and the renters. And again, make that color palette very light.
We typically use a white hexagon floor with black grout. We’re using white subway tiles around the tub. We’re using a cool IKEA floating vanity in our properties—very trendy, very cool.
That’s the palette we use across all properties (even flips). You can see how important to me it is to have a really nice home.
Tangent over. Let’s get back to the third thing you want to spend your money on flooring. This is also the order of importance, OK?
So, for flooring, I really like seamless floors. Something that’s a huge pet peeve of mine is when there is one type of flooring in the kitchen, another type of flooring in the living room, another type of flooring in the bedrooms, upstairs, etc. I hate that! I like one flooring throughout the whole house. It makes it seamless.
The house has a flow. It seems bigger, it seems brighter, and that’s what you want when trying to sell a property or find a tenant. You want to make things look bigger, look better than they are. So, we use a light-colored floor.
Contact Miami Property Management, LLC
To learn more about rental property renovations or the property management services we can offer you contact us today by calling (305) 428-3904 or click here to connect with us online.
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