The majority of investors know that upgrading your Lexington Park rental properties on a consistent basis is an important way to keep them attracting tenants. Nonetheless, property improvements are also the key to adding value to your investment. A key factor to home improvement is knowing which ones actually add more value to the property. For rental property owners, knowing which improvements offer the best return on investment is critical to your business’s long-term success and profitability.
Kitchen: Contemplating an upgrade to your rental property? First, weigh the construction costs versus the expected gain in property value. In a recent nationwide survey, most home sellers indicated that kitchen updates offered the best return on investment (ROI) for the money spent. Regardless, there are other ways to make your property value rise besides kitchen renovation. On the contrary, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can add significant value to your property without draining your funds.
Bathroom: If your property is not in immediate need of huge repairs and maintenance, then small renovations to the bathrooms can bring a lot of value to your property. Consider covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Set up a new vanity and mirror, or consider painting the room a fresh, light color. Old vinyl flooring can easily be exchanged with tile. The obvious choice for many, tile is a great material that comes with long-term benefits. It isn’t that much more expensive as opposed to laminate flooring, and it definitely lasts longer than most of its counterparts; consequently, it won’t need constant replacement.
Stone Veneers: It’s easy to fall into the trap of improving your interiors; just don’t forget about your property’s curb appeal, too! First impressions can lead to the success of a rental property and its resell. So, you have to think about updating your property’s exterior, too. If you want a guaranteed return on your investment, add a stone veneer to your property’s front exterior! According to 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 almost all of the cost of installing it. This particular renovation can be done before selling so that you can make your Lexington Park rental home more marketable, allowing you to charge a higher monthly rent.
Doors and Windows: Want to get the most out of your upgrades? Garage doors and windows offer a high return on investment! If your rental property has a garage, make sure the door doesn’t look worn or damaged before you feel the need to replace it. Like stone veneers, garage doors offer big increases in a property’s resale value. A new garage door should be on top of your inexpensive replacements list. The same thing is true of replacing old windows with new vinyl windows. Other than aesthetics, new windows offer security, and energy-efficiency, too. With this, old window replacement should be on top of everyone’s home improvement list because of the high return of investment it offers.
Property improvements and upgrades can be expensive and time-consuming. But they are essential to long-term rental property investing success. Plan your budget and improve your Lexington Park rental property so that you can make sure that your property stays competitive and keeps growing in resale value.
Are you on the lookout for rental properties that are appealing to both renters and buyers? Give Real Property Management Gold a call at 301-392-2172 to speak with a Lexington Park 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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