My client called me to say she wanted to make updates to her 1983 1 bed, 1 bath condo in Courthouse, Arlington VA. She asked if I would lead the design of the remodel Of course, I agreed! First, we framed the goals of the remodeling job to increase tenant and future buyer demand; be timeless; look more high end than the money spent; be durable to withstand rental wear and tear; and lead to an increase in the monthly rent.
We started with the kitchen and bathroom, the most important features of any property. After gutting the kitchen, we increased the opening to the family room, added beautiful light grey quartz counter tops and shaker style white cabinets, complimented by stainless steel appliances and new modern light fixtures. The bathroom was also gutted and rebuilt with a contemporary grey vanity with a quartz counter top, white subway tile bathtub surround and large rectangular ceramic floor tiles.
The entire condo was refreshed with a soft grey, high light reflecting paint and clean white trim and ceiling. Door handles were replaced with brushed nickel and new light fixtures illuminated the hallway. Rather than engineered hardwood floors, we installed a dark luxury vinyl plank that is scratch resistant and makes a striking statement when you enter the condo. Adding a sliding white barn door to enclose the washer and dryer was the final touch.
How did these changes add wealth to her real estate portfolio? She had three rental applicants within a week and an annual rent increase of 18%. The increase in the current monthly rent alone will cover her remodeling costs in less than 7 years. If she decides to sell in the future, other than paint, she will not need to make any other investments.
Do you have a rental property or a home that needs a refresh to increase its value? Call me and we will get to work and provide you with an analysis so you can make smart decisions to increase your real estate wealth.
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