If you are the same as a multitude of investors, you already perceive that improving your Ballard rental properties is a really important way for attracting quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The critical thing to comprehend concerning home improvements is that some add more value to a property than others. For Ballard property managers, understanding which improvements grant the best return on investment is important to your business’s long-term success and profitability. Here are a number of the top renovations that industry experts say will grant 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 vital to go very expensive on your new garage door to get this benefit, either. Even a typical garage door of good quality will usually give 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.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is supplementarily on the top of the list of cost-effective updates that offer big returns. In many situations, 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 enable sellers to recoup a great deal of the cost of installing it. Choosing this upgrade before you choose to sell may hold even huge 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 biggest upgrade that will maybe maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a newly done nationwide survey, a multitude of home sellers prescribed that kitchen updates offered the best return on investment (ROI) for the money spent. Nevertheless, that doesn’t mean you need to surely re-do the entire kitchen to see your property values rise. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can beautify 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 deformed, even small renovations can give rise to exciting jumps in value. Deem covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Fit a new vanity and mirror, or think about painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even enhanced upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a much more expensive feel than laminate flooring, whereas the price tag isn’t that much higher.
Small Updates: As you try to plan your rental property improvements, don’t ignore the small upgrades that can make a vast difference. For instance, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Thus, adding a bunch of appealing outdoor lighting, painting the front door an amazing new color, or replacing worn-out window blinds can all impart 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 low-cost 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 immediately!
Plotting the appropriate property improvements and upgrades is principal to your investment’s long-term rental success. By planning and putting these and other home improvements into your Ballard rental property’s operating budget, you can see to it that your property stays competitive and continues to give the highest increases in resale value.
Do you want more information about how to indeed make a rental property that both renters and buyers will seek? Give Real Property Management Uintah a call at 435-214-4686 today. We can help you evaluate your property’s current condition and suggest cost-saving procedures to make sure that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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