When waiting for the upswing in the property market, there are a few things you can do to upgrade your rental property and increase its market value significantly. In this post, we are going to look at the best ways to upgrade your rental properties to increase rental income.
Unlike the standard improvements for residential properties, rental properties need to achieve the right balance during the upgrade process such as boosting the overall value of the property while being careful not to spend too much money without realizing much ROI. Below are some planning tips to help you out.
increase rental income
Get the correct measurements for the areas where the countertops are to be installed
The first step is to select the ideal countertop slab for your kitchen makeover and figuring out how many square feet of material you will need for the entire project. You can calculate the total square feet by multiplying the width of the space by the length. If you are going to spend money on improving your rental property, you better make sure that you are spending on precise areas. Ensure that the overhang is accounted for when setting up a budget for the materials needed.
Set a budget for the stone slabs needed to complete the project
Just as we have seen on the previous point, when thinking on ways how to increase rental income, you should note that kitchen countertop slabs are priced per square foot. Having a price difference of five dollars per square foot might not seem as much, but if you need more than 100 square feet of material, the total cost will set you back by a whopping $500.
This is the reason why setting up a budget before you start shopping is mandatory. This way, you will only be directed to countertop materials that will fit in your budget so that you will not be attracted to something that is way out of your budget. Adding new stone kitchen countertops & cabinets will increase the rental value.
You can rent the property for more money if you install quality New Orleans countertops such as quartz or granite. Countertops are the first thing people notice when they get into your kitchen.
Choose your kitchen countertops based on the type of property you have
When replacing the counters in a rental property, your primary concern should be durability of the material of your choice. If your aim is to increase rental income, you want to get a material that will stand the test of time, will not etch or stain and will enhance the functionality of the kitchen.
You will also want to go for a material that does not need regular maintenance or sealants. Natural stone countertops in New Orleans last longer than cheaper alternatives. The best candidates for such purposes are granite, quartzite or marble countertops.
increase rental income
Analyze the functions of the kitchen area
The purposes of the space will also influence the kitchen component selection process. For example, bathroom areas will require different needs from the kitchen areas. In the kitchen, you will need a material that can withstand heat, water, drinks, and food spills. You will also be required to mind the pots, pans, and other kitchenware that will be dragged continuously on the surfaces. Marble may not be a perfect option for kitchen countertops in rental properties because although it is gorgeous, it is a porous material that is highly susceptible to etching.
Mind the design element of the kitchens
When thinking of how to increase rental income, you have to ensure that the countertop colors and patterns blend in with the rest of the kitchen’s fixations. For example, quartz countertops will look exquisite for any modern kitchen plan but might look totally out of place in a country-style or traditional kitchen design.
Finally, ensure that the material of your choice has a broad appeal. Before renting out your property, ensure that you have a neutral, classic material that is most likely to appeal to most potential tenants. Granite & quartz kitchen countertops are in high demand from renters.
If you need help in deciding the best facelifts to increase rental property income in New Orleans, contact Stone Interiors. We will help you with design consultation, supply of all types of countertops, fabrication and installation. Reach out!
