If you are the same as most other investors, you have already learned that improving your Morrisville rental properties is a really important tactic for successfully enticing quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The pertinent thing to really understand about home improvements is that some add more value to a property than others. For Morrisville property managers, knowing which improvements guarantee the best return on investment is necessary to your business’s long-term success and profitability. Here are some of the top renovations that industry experts say will guarantee the best return for the cost.
Garage Door: If your rental property has a garage, among the easiest and most cost-effective ways to add value and increase curb appeal is to replace or upgrade the garage door. It’s not necessary to go excessively expensive on your new garage door to get this benefit, either. Even a common garage door of good quality will, again and again, get a high return on your investment and significantly improve the look of your property. Pro tip: Pair your new garage door with a smart opener to enrich and add even more tenant desirability.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is particularly on the top of the list of really super affordable updates that offer big returns. Mostly, the upgrade that will add the most value to your property is manufactured stone veneers. According to a 2021 Bankrate report, replacing vinyl siding with stone veneer around an entryway, pillars, or the lower third of your property’s front-facing exterior walls benefits sellers to recoup most of the total cost of installing it. Electing to do this upgrade before trying to sell may hold even more exceptional profit potential, making your rental home more marketable and allowing you to charge a higher monthly rent.
Kitchen Remodel: For your rental property’s interior, the top upgrade that will hugely maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a freshly done nationwide survey, practically all home sellers stated clearly that kitchen updates offered the best return on investment (ROI) for the money spent. However, that doesn’t follow that you have to re-do the entire kitchen to get your property values to rise. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can uplift your property’s interior without breaking your budget.
Updated Bathrooms: The same is true for bathrooms, where unless your property’s facilities are unusually dated or appalling, even small renovations can affect big jumps in value. Mull over covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Integrate a new vanity and mirror, or see about painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even more significant upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a much nicer feel than laminate flooring, even while the price tag isn’t that much higher.
Small Updates: As you iron out everything about your rental property improvements, don’t pass over the small upgrades that can make a massive difference. By way of illustration, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Specifically, adding some outdoor lighting, painting the front door a fabulous new color, or replacing worn-out window blinds can all confer high returns relative to the cost. The same goes for light switches and outlet covers, cabinet hardware, door knobs, and other small details. These small updates are rather cheap while crucially improving the look and feel of your rental property. Pro tip: Upgrade to a smart thermostat, smart locks, and other tech-friendly features to attract tenants as soon as possible!
Applying good and suitable property improvements and upgrades is vital to your investment’s long-term rental success. By arranging and putting these and other home improvements into your Morrisville rental property’s operating budget, you can always make certain that your property stays competitive and continues to take in rapid increases in resale value.
Would you want more information about how to make a rental property that both renters and buyers will love to dwell in? Give Real Property Management Raleigh a call at 919-481-0008 today. We can truly help you evaluate your property’s current condition and recommend economical approaches to always make sure that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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