Ready to buy an investment property in Chicago? You will likely want to make some renovations and improvements before selling or renting the house. Check out these 5 projects to add value to your investment property in Chicago!
By adding value to the investment property you own in Chicago, you will, in turn, be adding cash into your pocket over time. Properties with new amenities and features will fetch a higher monthly rent, and hopefully, help you resale the property for a higher price when the time comes.
A fresh coat of paint can instantly change a room. Stick with something neutral and light. Gray is currently a popular choice for interiors. Painting the entire house can get a little expensive, but it can completely alter the home’s appearance. If cost is an issue, consider doing a few of the main living areas, taking care of the bedrooms a few months down the road.
Curb appeal is a huge factor in renting and selling the property. Whether or not people realize it, the outside of the home can make a huge difference in the level of interest you see for your property in Chicago. You can make some improvements to the porch, replacing things like the front door, address numbers, and steps. Paint or replace the mailbox if you have one, and plant some flowers if it’s the right time of year. But setting the tone from the get-go of how the yard should look, you will create a precedence for tenants, hopefully attracting ones who appreciate what you have done to the home, and will take pride in keeping up the area in which they live.
Immediately rip out anything old, dirty or stained. If you are renting the property, consider a durable, easily cleaned surface throughout. Many rentals will have a tile floor, but you don’t have to settle for the standard white squares. You can step it up to add a more sophisticated look throughout. There are many laminate options that look nice and that won’t break the bank either. You might add carpeting in the bedrooms. In which case, pick something neutral, durable and well priced. If this is a long-term investment for you, you might find yourself replacing the carpets a few times as tenants move in and out.
Another simple upgrade to consider is new fixtures. New faucets, doorknobs, hinges and other items found throughout the home can easily be updated after a quick trip to the hardware store. Keep things simple and classic as to appeal to a wide range of people.
Lighting is an incredibly important element of a house. If the house doesn’t have many windows, consider adding a skylight or light tube into the ceiling if possible. People love natural light, and it will instantly make the place more appealing to potential renters. Put the light switches on dimmers so people can customize the “feel” of the lighting in the home.
Out Of The Box
Adding one simple thing to create a feeling of luxury or to help your property stand out from the rest, isn’t a bad idea either. You will create buzz for your home, ensuring it always has a tenant in residence. This could be something like a hot tub in the backyard, a wine fridge in the kitchen or a jacuzzi tub in the master bedroom. Choose something that makes sense for the demographics in your neighborhood. Think of what they would love to see in a rental while adding some excitement to the home.