Posted on: 7 April 2016
After you purchase a rental property and manage to rent it out, you may not want to change anything and just focus on maintenance and repairs that keeps everything the same. However, this can prevent you from experiencing much growth with your real estate investment. It is ideal to put away some of the money that you earn from your rental to reinvest with the purpose of earning even more money. One of the best improvements that you can make to such a property is hardwood flooring.
Increase Property Value
Replacing old carpet with new carpet may increase your home's value temporarily, but not for long. Adding hardwood floors can make a huge difference in the property's value, and you will usually be able to make back 100% to 200% of what you spent on the flooring when you sell. You will also likely be able to raise your rental price. It is possible to rent the property out for a decade or two and still have the same floors. The cost of touching up hardwood is also far more affordable than replacing carpet every few years.
Most rentals are basic because the owners do not put that much time and effort into making it look nice. Rentals are designed to produce income for people, so spending thousands of dollars on upgrades would only cut into these profits. But, it is possible to find valuable upgrades, such as hardwood flooring. By getting hardwood in your rental, you will have an uncommon feature to boast, which is a natural attractor.
Not only is hardwood somewhat rare among rental homes, but it also looks luxurious, especially when it is new flooring. Creating a luxury look in your rental can help you increase the rental rate, which will help you generate more income on a monthly basis. So not only are you raising your property's value, but you are improving your ability to rent to individuals at a higher price compared to if you had carpet instead.
Shared Areas Is Enough
Although you might think that you need to go all the way with hardwood to enjoy the benefits, you really only need to put them in shared areas. The front entrance, dining room, living room, and hallways are all spaces that you can install hardwood flooring and enjoy the major benefits. Hardwood is an especially good option for the entryway and hallways, as these are such high-traffic areas and hardwood is so resilient.
While it is ideal to maximize profits in your rental home, you should not pass up on the opportunity to upgrade to hardwood floors, such as when you are between tenants and need to replace the carpeting. Look at hardwood flooring options at a company like Ambrose Randa Hardwoods.Share