Most investors know that renovating their Fuquay-Varina rental properties is important for tenant attraction. These improvements also open the door to raising the property’s value.
Specific home upgrades can substantially boost the value of a property. Rental property owners must know which renovations yield the best ROI to ensure long-term success and profitability.
Kitchen
When thinking about renovations for your rental property, start by balancing the construction costs with the expected increase in value. A recent nationwide survey found that most home sellers believe kitchen updates provide the highest ROI for the money spent.
That doesn’t mean you need a full kitchen overhaul to see an increase in property values. Rather than a full remodel, minor updates like refacing cabinets, replacing appliances, or installing a new countertop, sink, or faucet can rejuvenate your property’s interior affordably. This empowers you to carry out meaningful upgrades without financial strain.
Bathroom
Bathrooms also benefit from this principle, with small renovations leading to considerable value increases if your amenities are current and attractive. Think about upgrading old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or think about painting the room in a fresh, light color. Exchange worn vinyl flooring for tile to enhance the upgrade.
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. Thus, why not upgrade the exterior of your property as well? 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. Making upgrades before selling can boost profits by making your rental property more marketable and enabling higher rents.
Doors and Windows
Remodeling certain areas can provide the highest return on investment. Examples include garage doors and windows. For rental properties with garages, it’s wise to replace the garage door when it looks worn.
A new garage door might appear minor, but it can greatly enhance your property’s value, similar to stone veneers. Likewise, swapping old windows for new vinyl ones improves looks, safety, and energy efficiency. Such projects can provide substantial benefits in filling a vacant rental property.
Upgrading properties can be expensive and take a lot of time. Nonetheless, these improvements are vital for the long-term success of your rental property investment in Fuquay-Varina. 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 Excellence at 919-827-1107 or contact us online. Property managers in Fuquay-Varina can help evaluate and suggest economical solutions to keep your property competitive.
Originally published: July 8, 2022
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