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They maintain profitability by setting competitive rental prices, reducing vacancies through effective marketing, and ensuring tenants renew leases by offering well-maintained properties.

Yes, in most cases, finishing a basement is worth the cost. The project adds valuable, usable square footage to your home and typically provides a return on investment (ROI) of 70% to 75%. For example, an average basement refinishing project costing $32,000 could add between $22,400 and $24,000 to your property's value. The final value added depends on factors like your location, the quality of materials and workmanship, and the features you include, such as a living space, bedroom, or bathroom. To be officially counted in your home's total square footage, the finished space must comply with all local building codes, including requirements for points of egress. However, in areas prone to flooding, a finished basement might be seen as a liability by potential buyers and could potentially decrease your home's value.

It’s often a good idea to take care of any health and safety repairs before an appraisal to make sure the mortgage can move to underwriting without having to pay for another appraisal. Replace any broken glass, fix uneven or sloping floors, ensure all steps have appropriate handrails, and have a professional get rid of mold, asbestos, and lead paint. Beyond these repairs, you can update appliances or fixtures and focus on aesthetic improvements like new paint to add the most value before scheduling an appraisal.

Whether a scullery is worth it depends on how much you like to cook and entertain. If you frequently host gatherings—a scullery is likely worth the money. If you’re looking for ROI, it’s not so clear. It may not add significant value to your home, as it doesn’t increase square footage and may repurpose space that a buyer would have preferred to remain as-is (like a laundry room).