Investors generally know that upgrading their Central rental properties is key to making them appealing to tenants. Moreover, these enhancements act as a pathway to increasing the investment’s value.
Particular home improvements can notably enhance the property’s value. Knowing which renovations have the best ROI is important for rental property owners to achieve long-term success and profitability.
Kitchen
As you consider renovating your rental property, first weigh the construction expenses against the projected increase in property value. Most home sellers in a recent nationwide survey agreed that kitchen updates deliver the best ROI for the money.
This doesn’t imply that a complete kitchen overhaul is necessary to boost your property values. Instead, simple updates like refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can refresh your property’s interior without a hefty budget. This lets you make substantial improvements without going over budget.
Bathroom
This same principle applies to bathrooms; even small updates can significantly increase value if your facilities are modern and appealing. You might want to replace old, worn tile tub and shower surrounds with a new fiberglass overlay. Add a new vanity and mirror, or think about giving the room a fresh, light paint job. Swap out worn vinyl flooring for tile for an even more impressive upgrade.
The long-term advantages of using tile are even greater because it lasts for decades without needing replacement and feels more upscale than laminate flooring, despite a similar cost. This assures you that your investment will withstand the test of time.
Stone Veneers
First impressions are crucial when renting out a property. Thus, why not upgrade the exterior of your property as well? A top-notch improvement is adding manufactured stone veneer to your property’s front exterior. Besides giving your property a new look, it also ensures a great return on investment by attracting more tenants.
A cost vs. value analysis showed that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior helped sellers recoup nearly all 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. If your rental has a garage, consider replacing the garage door when it shows signs of wear.
A new garage door might appear minor, but it can greatly enhance your property’s value, similar to stone veneers. Replacing old windows with vinyl ones instantly boosts 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. However, these improvements are important for the lasting success of your rental property investment in Central. By planning and budgeting for regular updates, your rental property stays competitive and appreciates in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Baton Rouge at 225-389-6860 or contact us online. Our property managers in Central can evaluate your property and recommend cost-effective strategies.
Originally published: July 8, 2022
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