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Which Renovations Give You the Best Return On Investment?

Contemporary Blue Kitchen with Renovated Windows, Cabinets, and CountertopsQuite a lot of investors realize that improving your Ballard rental properties is a vital technique to always keep them attracting tenants. Still, property improvements are necessary for adding value to your investment. The most critical thing to realize about home improvements is that some add more value to a property than others. For rental property owners, identifying which improvements grant the best return on investment is crucial to your business’s long-term good results and profitability.

Kitchen: With respect to planning to improve or renovate your rental property, from the very first you should take into consideration the construction costs versus the expected gain in property value. In a recent nationwide survey, several home sellers indicated that kitchen updates gave the best return on investment (ROI) for the money spent. Although that doesn’t indicate you must entirely re-do the entire kitchen to finally see your property values going up. But even minor updates, particularly refacing cabinets, replacing appliances, or keeping a new countertop, sink, or faucet can modernize your property’s interior without breaking your budget.

Bathroom: This is also true for bathrooms, where unless your property’s facilities are exceptionally dated or unsightly, even small renovations can work out to superb jumps in value. Take into consideration covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Place a new vanity and mirror, or consider painting the room a fresh, light color. Replace worn vinyl flooring with tile for a still bigger upgrade. The long-term benefits of employing tile are even greater given that tile tends to last for decades without needing replacement and has a lot more upscale feel than laminate flooring, though the price tag isn’t that much higher.

Stone Veneers: On top of interior improvements, make sure you take care of your property’s curb appeal. First impressions are critical to both a successful rental property and resell. Think about accomplishing extra updates to your property’s exterior. One upgrade that grants the best return on investment is using manufactured stone veneer to some parts of your property’s front exterior. As mentioned in a 2020 report, replacing vinyl siding with stone veneer around an entryway, pillars, or lower third of your property’s front-facing exterior walls helped sellers recoup roughly all of the cost of installing it. Applying this upgrade before you plan to sell may secure even greater profit potential, making your Ballard rental home more marketable and helping you to charge a higher monthly rent.

Doors and Windows: Some of the other areas that present the highest return on your remodeling dollars: garage doors and windows. If your rental property has a garage, it’s nice thinking to create a plan to replace the door anytime it begins to look worn or damaged. A new garage door is a relatively inexpensive update, although it extends one of the huge increases in a property’s resale value, like stone veneers. This is also true of replacing old windows with new vinyl windows. New windows can not only impart instant aesthetic improvements but in fact, they are indeed safer and make your property more and more energy-efficient. With all these benefits, replacing old windows is one home improvement that will bring about the best returns on investment when you’re inclined to sell the property.

Property improvements and upgrades can definitely be expensive and time-consuming. However, they are essential to long-term rental property investing success. By creating and putting regular home improvements into your Ballard rental property’s operating budget, you can definitely see to it that your property stays competitive and keep on seeing great increases in resale value.

Would you like more information about how to create a rental property that both renters and buyers will want? Act fast and give Real Property Management Uintah a call at 801-889-1517 to speak with a Ballard property manager today. We can help you evaluate your property’s current condition and suggest budget-friendly ways to ensure that your property stays competitive in rental and resale markets.

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