If you are as good as most investors, you already understand that improving your Lexington Park rental properties is an important practice for attracting quality tenants without any hassle. At the same time, regular property improvements are also the key to adding value to your investment. The critical thing to determine as regards home improvements is that some add more value to a property than others. For Lexington Park property managers, finding out which improvements lend the best return on investment is vital to your business’s long-term success and profitability. Here are just a few of the top renovations that industry experts say will lend the best return for the cost.
Garage Door: If your rental property has a garage, included among 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 required to go too pricey on your new garage door to get this benefit, either. Even a basic garage door of good quality will conventionally bestow 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 provide even more tenant appeal and attraction.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is also on the top of the list of those cost-effective updates that offer big returns. Normally, 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 effectively helped sellers to recoup almost all or most of the cost of installing it. Doing this upgrade before you try to sell may hold even greater 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 top upgrade that is proven to greatly maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a recently done nationwide survey, multiple home sellers expressed that kitchen updates offered the best return on investment (ROI) for the money spent. Although, that doesn’t follow that you need to wholly re-do the entire kitchen to effectively see your property values shoot up. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can beautifully fix 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 really bad-looking, even small renovations can cause incredible jumps in value to happen. Check about covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Add together a new vanity and mirror, or take on painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even grander 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 elegant and posh feel than laminate flooring since the price tag isn’t that much higher.
Small Updates: As you carefully plan your rental property improvements, don’t neglect the small upgrades that can make a distinct difference. For example, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. In particular, adding various appealing outdoor lighting, painting the front door an exquisite new color, or replacing worn-out window blinds can all garner 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 a whole lot less expensive while hugely 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 rapidly!
Orchestrating the right property improvements and upgrades is pivotal to your investment’s long-term rental success. By providing for and putting these and other home improvements into your Lexington Park rental property’s operating budget, you can always guarantee that your property stays competitive and continues to reap major increases in resale value.
Do you desire to have more information about how to put together a rental property that both renters and buyers will fancy? Give Real Property Management Gold a call at 301-392-2172 today. We can help you evaluate your property’s current condition and effectively apply money-saving systems to check that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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