If you are similar to the majority of investors, you already apprehend that improving your Dunnellon rental properties is a pertinent practice to draw-in quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The crucial thing to grasp in terms of home improvements is that some add more value to a property than others. For Dunnellon property managers, taking into consideration which improvements offer the best return on investment is focal to your business’s long-term success and profitability. Here are only a few of the top renovations that industry experts say will offer 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 a necessity to go extremely expensive on your new garage door to get this benefit, either. Even a regular garage door of good quality will certainly present 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 boost and encourage even more tenant interest.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is indeed on the top of the list of considerably economical updates that offer big returns. In most circumstances, 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 certainly helped sellers to recoup most of the cost of installing it. Choosing this upgrade before you orchestrate to sell may hold an even larger 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 most ideal upgrade that will likely maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a recently done nationwide survey, the majority of home sellers stated that kitchen updates offered the best return on investment (ROI) for the money spent. Even so, that doesn’t specify you need to re-do the entire kitchen to let your property values soar. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can update 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 unpleasant to look at, even small renovations can elicit big jumps in value. Think about covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Place a new vanity and mirror, or think about painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even grander upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a significantly more classy feel than laminate flooring, while, on the other hand, the price tag isn’t that much higher.
Small Updates: As you iron out everything in your rental property improvements, don’t neglect the small upgrades that can make a crucial difference. For illustration, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. In addition, adding a good deal of appealing outdoor lighting, painting the front door a nice new color, or replacing worn-out window blinds can all tender 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 cost-effective while inevitably 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 straight off!
Implementing the right property improvements and upgrades is important to your investment’s long-term rental success. By providing and putting these and other home improvements into your Dunnellon rental property’s operating budget, you can make sure that your property stays competitive and continues to take in increases in resale value.
Would you still want more information about how to bring about a rental property that both renters and buyers will look for? Give Real Property Management Diversified a call at 352-854-2221 today. We can help you evaluate your property’s current condition and point out cost-effective practices to always guarantee that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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