“Less is more.” ~ Ludwig Mies van der Rohe
If you just purchased a home in less than optimal condition to flip or rent as an investment, you’re probably ready to start swinging the hammer. FREEZE!
Did you know that these 5 home “improvements” actually devalue a home?
Even if you don’t plan to sell the home for a profit, they’ll hurt your chances of getting the home rented out sooner rather than later…
- A Bad Coat of Paint:
Fresh paint is a must, but not bold paint. Bold color choices are suited for certain personality types and will limit your audience of potential tenants. Not everyone loves a bright yellow kitchen! Stick to neutrals, as tenants will more easily be able to match their furniture and belongings.
- Cheap Fixtures:
Installing low-quality or cheap fixtures that become a permanent part of the house (shower heads and sink faucets) can really hurt you. We know that it’s going to be a few dollars more for the next grade of quality, but it will make your home look much more luxurious and durable.
- “Luxury” Headaches:
Pools, hot tubs and extravagant landscapes are considered things of luxury, but they come along with maintenance – something many renters aren’t interested in investing in or keeping up with. After all, it’s not their home.
- Overly Specialized Spaces:
Don’t turn the garage into a four-season sun room. When you are upgrading spaces, think “functionality” above all else. Renters need to be able to envision their life (and their daily tasks and needs) easily occurring in your home.
- Over-the-Top Kitchens and Baths:
Kitchens or baths that are too taste-specific will not appeal to every tenant. As with paint, think neutral and as with specialized spaces, think functional. No need for extensive tile work or bright red appliances.
Okay, now you are ready to begin renovations! Did you know that Graystone Investment Group has an in-house construction crew in addition to our real estate associates and financial specialists?
We are able to get investment properties rehabbed and ready for tenants if necessary and can even get the property approved for Section-8. We provide this work at rates that are typically 30% lower than the average contractor would charge and we work extra hard to have the property occupied within 90 to 120 days!
Contact our team if you’d like to learn more. Fill out the Investor Profile Sheet to get started today.
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