Many investors realize that improving Greenfield rental properties is vital to maintaining tenant interest. These improvements also open the door to raising the property’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
When planning renovations for your rental property, begin by comparing the construction costs to the potential increase in property value. A recent survey across the nation revealed that most home sellers consider kitchen updates to have the highest ROI.
Yet, this doesn’t mean you have to entirely renovate the kitchen to enhance 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 empowers you to carry out meaningful upgrades without financial strain.
Bathroom
In bathrooms, the same rule applies: even minor renovations can greatly increase value as long as your facilities are up-to-date and pleasant to look at. Think about upgrading 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. Replace old vinyl flooring with tile to achieve an even better upgrade.
The long-term benefits of tile are even more notable, as it lasts for decades without needing replacement and offers a more upscale feel than laminate flooring, with only a modest increase in cost. This assures you that your investment will withstand the test of time.
Stone Veneers
First impressions are crucial when renting out a property. So, why not refresh the exterior of your property? 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 found that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of the front exterior walls enabled sellers to recover nearly all installation costs. Enhancing your property before selling can raise profits by making it more marketable and allowing for higher rent prices.
Doors and Windows
Certain remodeling areas can yield the highest return on investment. Two key areas include garage doors and windows. Plan to replace the garage door on your rental property when it becomes worn or damaged.
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. Home improvement projects like these can be very beneficial when filling a vacant rental.
Upgrading properties can be expensive and take a lot of time. However, these improvements are important for the lasting success of your rental property investment in Greenfield. 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 Greater Milwaukee at 262-309-6961 or contact us online. Our property managers in Greenfield can assess your property’s condition and recommend cost-effective solutions.
Originally published: July 8, 2022
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