Investors generally know that upgrading their Dunnellon rental properties is key to making them appealing to tenants. Moreover, these enhancements act as a pathway to increasing the investment’s 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
When thinking about renovations for your rental property, start by balancing the construction costs with the expected increase in value. In a recent survey conducted nationwide, the majority of home sellers agreed that kitchen updates offer the best ROI for the money spent.
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 empowers you to carry out meaningful upgrades without financial strain.
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 refreshing 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 assures you that your investment will withstand the test of time.
Stone Veneers
First impressions are crucial when renting out a property. So, why not give the exterior of your property a facelift? An outstanding upgrade is applying manufactured stone veneer to the front exterior of your property. It will not only enhance your property’s appearance but also deliver a solid return on investment as tenants find it more appealing.
A cost vs. value analysis found that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of the front exterior walls enabled sellers to recover nearly all 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
Focusing on particular remodeling areas can maximize your investment returns. Garage doors and windows are prime examples. For rental properties with garages, plan to replace the garage door when it appears worn or damaged.
A new garage door, while seemingly small, can notably increase your property’s value, much like stone veneers. Similarly, replacing old windows with vinyl ones enhances aesthetics, safety, and energy efficiency. These upgrades can greatly aid in filling a vacant rental property.
Investing in property upgrades can require both time and money. Despite the costs, these upgrades are key to the long-term success of your rental property investment in Dunnellon. 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 Diversified at 352-854-2221 or contact us online. Property managers in Dunnellon can help evaluate and suggest economical solutions to keep your property competitive.
Originally published: July 8, 2022
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