Many investors know that developing your Morrisville rental properties is an important way to keep them attracting tenants. Even so, property improvements are also the key to adding value to your investment. When it comes to home improvements, go for the ones that can give your property significantly more value. For rental property owners, knowing which improvements offer the best return on investment is critical to your business’s long-term success and profitability.
Kitchen: Before you make any upgrades to your rental property, consider first the construction costs versus the expected gain in property value. In a recent nationwide survey, most home sellers indicated that kitchen updates offered the best return on investment (ROI) for the money spent. Nonetheless, the rise of property values isn’t solely based on an upgraded kitchen. Minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet are all affordable ways to renovate without draining your bank.
Bathroom: If the rest of your property is up to date and well maintained, you can opt for small renovations to your bathrooms. In so doing, your property’s value will definitely shoot up. Consider covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Mount a new vanity and mirror, or consider painting the room a fresh, light color. Tile would be the better choice to use as a replacement for old vinyl flooring. Tile is not that far from laminate flooring in terms of price, and it comes with a lot of long-term benefits — one of which is not needing to be replaced as often as other materials.
Stone Veneers: Interior and exterior upgrades are key to adding value; therefore, don’t forget your property’s curb appeal! First impressions matter. Especially when it comes to the success of a rental property and its resell. Hence, don’t forget to show some love to your property’s exterior. Adding a stone veneer to the front exterior of your property is a really good way to getting a return on investment. According to a 2020 report, replacing vinyl siding with stone veneer around an entryway, pillars, or lower third of your property’s front-facing exterior walls helped sellers recoup almost all of the cost of installing it. If this is an upgrade you want to get done before selling, know that doing so can make your Morrisville rental home more marketable, allowing you to charge a higher monthly rent.
Doors and Windows: If you want a guaranteed and high return of investment, upgrade your garage doors and windows. If your rental property has a garage, it would be wise to replace the door if it already looks worn or damaged. A new garage door might be an inexpensive upgrade, but don’t underestimate its contribution to boosting your property’s resale value, very much like stone veneers. The same thing is true of replacing old windows with new vinyl windows. With new windows comes instant aesthetic improvements, security, and energy-efficiency. These benefits should encourage homeowners to pursue home improvements, especially when something as simple as replacing old windows can lead to a high return on investment.
Property improvements and upgrades can be expensive and time-consuming. But they are essential to long-term rental property investing success. By planning your home improvements and putting them in your budget, you can make sure that your Morrisville rental property stays competitive and continues to rise in resale value.
Are you looking to build a rental property that is appealing to both renters and buyers? Give Real Property Management Raleigh a call at 919-481-0008 to speak with a Morrisville property manager today. We can help you evaluate your property’s current condition and suggest budget-friendly ways to ensure that your property stays competitive in rental and resale markets.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.