In today’s real estate market, more and more people are investing in residential properties as passive income. Whether you own condominiums across the country or you’ve just purchased your first rental home, understanding how to turn your investment into profit is important. One means of increasing the value of your property is with the help of remodeling contractors in West Palm Beach. While this means more money upfront, increasing the value of your property translates to higher return on this investment. To keep it simple: the higher your appraised property value, the more you can charge in rent.
If you’re looking to improve the value of your rental property, here’s five things you should focus on first.
The first thing your potential residents look for when walking through your rental property are structural issues. Cracks, holes, broken fixtures, and other issues in your rental space can make it difficult to fill vacancies. Taking care of these small projects with remodeling contractors in West Palm Beach ensures they repairs are done properly the first time. By addressing these minor concerns promptly, you also build your tenants’ confidence in you as a property owner.
Invest in Impact Windows
Florida’s subtropical climate means we are at-risk for hurricanes and other severe weather conditions. Protect your property and residents by installing hurricane-resistant windows. These windows are designed to withstand high winds and damage caused by flying debris. Unlike hurricane shutters, which can be clunky, difficult to maneuver, or ineffective when you need them most. Improperly installed shutters may tear away from your residential property, potentially damaging both the interior and exterior. Replacing your windows with impact resistant glass greatly reduces these risks.
Roof Inspection and Repairs
Whether you are purchasing a new property or ensuring your existing property is in top condition, the roof is a good place to start. Remodeling contractors in West Palm Beach like those at Dean Mitchell Group are able to provide a comprehensive inspection. If repairs are necessary, we can provide expert service to quickly complete your roofing job. Additionally, if your roof is more than 20 years old, it may be time to replace it, which we can also do for you.
Mold Inspection and Mitigation
Has your property recently experienced water damage caused by flooding? Even if it you don’t think mold is present, getting an inspection between residents is a good idea. Mold is difficult to locate if you don’t know where to look or how to identify the early signs. Leaving mold issues unaddressed may lead to legal issues down the road, as you may be liable for any illness caused by exposure.
Install Central Air Conditioning
If you’re considering remodeling for your residential rental property, central air conditioning should be a part of your plans. Not only does it help to control the energy consumption across your rental property, but it’s a major perk for Floridian renters. Window units can be too small for your space, leading to uncomfortably hot summer days. Renters are willing to pay extra for the convenience and luxury of central air conditioning.