If you are the same as all investors, you already grasp well that improving your Fuquay-Varina rental properties is a focal method to charming and attracting quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The significant thing to learn about home improvements is that some add more value to a property than others. For Fuquay-Varina property managers, ascertaining which improvements endow the best return on investment is relevant to your business’s long-term success and profitability. Here are various kinds of the top renovations that industry experts say will give the best return for the cost.
Garage Door: If your rental property has a garage, one of 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 required to buy a premium on your new garage door to get this benefit, either. Even a usual garage door of good quality will frequently tender 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 increase even more tenant appeal and allurement.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is similarly on the top of the list of rather low-cost updates that offer big returns. In most instances, 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 aided sellers to recoup most of the cost of installing it. Selecting this upgrade before you prepare to sell may hold even major 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 greatest upgrade that will possibly maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a current nationwide survey, all home sellers advised that kitchen updates offered the best return on investment (ROI) for the money spent. On the other hand, that doesn’t mean you need to re-do the entire kitchen to see your property values increase. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can freshen 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 ugly, even small renovations can bring about attractive increases in value. Think of covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Affix a new vanity and mirror, or think of painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even serious upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a greater classy feel than laminate flooring, although the price tag isn’t that much higher.
Small Updates: As you organize your rental property improvements, don’t omit the small upgrades that can make a big difference. For instance, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Equally, adding appealing outdoor lighting, painting the front door a splendid new color, or replacing worn-out window blinds can give high returns relative to the cost. The same goes for light switches, outlet covers, cabinet hardware, door knobs, and other small details. These small updates are affordable while essentially 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 quickly!
Preparing suitable property improvements and upgrades is necessary for your investment’s long-term rental success. By organizing and putting these and other home improvements into your Fuquay-Varina rental property’s operating budget, you can make it a point that your property stays competitive and continues to reap huge increases in resale value.
Would you want more information about how to choose a rental property that both renters and buyers will desire? Give Real Property Management Excellence a call at 919-827-1107 today. We can help you evaluate your property’s current condition and advise cost-saving methods to make sure that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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