AS THE OWNER of an investment property, one of your main priorities should be to add value to that property.
You’ll generate more revenue, attract better tenants, and later command a higher resale price.
Landlords and property owners commonly upgrade their buildings, of course. But, thanks to the wide range of innovative materials and upgrades available today, there’s never been a more lucrative time than now.
Want to take maximum advantage of today’s value-add options?
Synthetic Fiber Cement Shingles
Regular asphalt shingles are being phased out with increasing frequency all across the world.
Compared to synthetic fiber cement shingles, asphalt shingles are far less durable despite similar costs.
Synthetic fiber cement shingles are
✔ stylistically diverse
✔ incredibly durable
✔ a great place to start adding value to your property.
Innovative Frame Structures
Wood, sheetrock, and metal frames were once the gold standard when it comes to building frames.
New materials like ICFs (insulated concrete forms) offer far more value for a similar or lower cost in many cases.
ICFs prove vastly more energy-efficient and durable whilst possessing the same stylistic versatility found in more common materials like wood.
This makes them a superior alternative to insulated structural panels.
Modern Trendy Countertops
Tenants often place a high value on countertops.
Consider swapping out old laminate or granite countertops for materials that are more popular, such as:
– another sleek, solid surface
Make sure to remodel the kitchen countertops as well as the bathroom countertops with your chosen material.
Exciting New Sinks
Sink designs tend to age quickly. So swap out those dated, standard grade chrome sinks for something with more flavor.
You can easily find more upscale options like brushed nickel or oil-rubbed bronze.
Keep your sinks and faucets uniform throughout the property.
You’ll avoid upsetting the decor.
Storage is a valuable commodity for many renters (particularly in urban settings) so upgrade yours however you can.
Bigger cabinets, pullout pantries, closet organization systems, and in-wall storage can all go a long way towards adding serious value to your property.
Eye-Catching New Windows
Modern-looking windows add tons of aesthetic value.
If your property is in a noisy area, consider replacing your current windows with double pane windows. These windows help to muffle noise and also improve energy efficiency.
Takeaway: Adding Value Has Never Been Easier
Different locations and demographics will respond differently to certain materials, so assess your overall statistics before making any final choices.
The fact remains: with this many new materials and property upgrades on the market, boosting your property value has never been easier or more exciting.
Most of the materials we’ve listed here, however, are almost guaranteed to boost your investment property value in any location.
From the roof to the windows, countertops, storage areas, framing, and more, you have a nearly endless list of value-adding investment property upgrades to choose from.
You want to add value.
But the IRS wants to tax it.
You can always keep the IRS at bay when you add a 1031 exchange to your long-term real estate investments.
How it works:
→ Follow Corey’s advice. Add value.
→ Generate more revenue
→ Sell at a higher price
→ Do a 1031 exchange. (No Taxes)
→ Move 100% of your value into your next investment property
It’s that easy.