Do you have a duplex property? Are you finding it difficult to come up with ways that’ll add to its value? Well, read on for valuable information on how to add value to your duplex property.
There are several reasons why an investor would want to add value to their duplex property. One big key reason is maximizing the profit of their investment. While many investors are able to do this very well some haven’t. To understand why one has to look at how investors who maximize their profit and those that don’t choose to add value to their duplex.
This in mind, this post seeks to help investors maximize their profit by properly adding value to their duplex property. It is with this that we will be sharing with you details on how you can correctly add value to your duplex property. The areas we’ll focus on are;
- Increase Rentable Square Footage
- Combine or Subdivide Units
- Repairs and Maintenance
Increase Rentable Square Footage
Increasing rental square footage greatly increases the value of a duplex. As a property investor, you should always make sure that common areas in your property are not bigger than the personal areas. Why? Well, whether big or small, common areas don’t allow you to fully capture the true value of your duplex. Personal space, on the other hand, allows you to not only add value but also increase rentable square footage as well as total rental income.
Combine or Subdivide Your Duplex Unit
If you are dealing with a slightly small duplex as an investor, you should consider combining two units. What this does is instantly increase the value of your duplex. Furthermore, it allows you to configure your duplex to suit the current property market. It’s not just small units, if you have to have a slightly large duplex, you should consider subdividing it. Doing so allows you to add rental income value of your duplex.
Make Necessary Repair and Maintenance
One way you can add value to any duplex is making necessary repairs and maintenance. This is more so important if you are dealing with an outdated duplex property. Reviving your property can drastically increase your monthly rent. You can aspect your outdated duplex to bring in a rental income same as that brought in by modern build duplex.