How do you calculate ROI from value add Renos/non required maintenance etc

Hearing alot of Buzz words and fluff talk about doing ROI upgrades to ones IP but havent seen anyone explain with what approach/rules people are really applying to this or if there is a best practice approach that yields optimal results or Do not list for either of the following -

a - Spending X funds to increase a IP vaule to X+Y value for equity/resale value - this in essence I think every one gets the concept but what i the top ROI add on projects people can do(both structurally and cosmetically).

b- Spending X funds to increase a IP rental yield - how are people working out if the X will produce a good ROI. What time frames you one look to recoup the cost, and/or how are people measuring the end result based on previous/unimproved rental yield compared to after addition work has been done etc
 
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