Most investors recognize that enhancing their Morrisville rental properties is essential for attracting tenants. Furthermore, such improvements can lead to a higher investment value.
Some property enhancements can markedly raise its value. Rental property owners must know which renovations yield the best ROI to ensure long-term success and profitability.
Kitchen
Start by evaluating the construction costs against the expected rise in property value when planning renovations for your rental property. A recent survey across the nation revealed that most home sellers consider kitchen updates to have the highest ROI.
That doesn’t mean you need a full kitchen overhaul to see an increase in property values. Instead, small updates like refacing cabinets, replacing appliances, or installing a new countertop, sink, or faucet can refresh your property’s interior without stretching your budget. This allows you to make major improvements without spending too much.
Bathroom
In bathrooms, the same rule applies: even minor renovations can greatly increase value as long as your facilities are up-to-date and pleasant to look at. Consider revamping old, worn tile tub and shower surrounds with a new fiberglass overlay. Put in a new vanity and mirror, or contemplate painting the room in a fresh, light color. Upgrade worn vinyl flooring with tile for a more significant improvement.
The long-term benefits of tile are more significant, as it lasts for decades without needing replacement and feels more luxurious than laminate flooring, despite a slightly higher price. This reassures you that your investment will be long-lasting.
Stone Veneers
First impressions play a key role in renting a property. So, why not give the exterior of your property a facelift? Adding manufactured stone veneer to the front exterior is one of the best upgrades you can make. Not only does it update your property’s look, but it also yields a great return on investment by increasing tenant desirability.
According to a cost vs. value analysis, replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior walls helped sellers recoup nearly all of their installation costs. Upgrading your rental home before selling can improve profits by making it more attractive and enabling you to charge higher rent.
Doors and Windows
Certain remodeling areas can yield the highest return on investment. Examples include garage doors and windows. Plan to replace the garage door on your rental property when it becomes worn or damaged.
Though it appears small, a new garage door can significantly boost your property’s value, like stone veneers. Similarly, replacing old windows with vinyl ones enhances aesthetics, safety, and energy efficiency. Such home improvements can significantly help fill a vacant rental property.
Property improvements often demand significant time and money. Despite the costs, these upgrades are key to the long-term success of your rental property investment in Morrisville. Planning and budgeting for regular improvements ensures your rental property stays competitive and increases in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Raleigh at 919-481-0008 or contact us online. In Morrisville, our property managers can assess your property and offer budget-friendly solutions to keep it competitive.
Originally published: July 8, 2022
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