If you are indeed like other various investors, you have already discovered that improving your Greenfield rental properties is a relevant technique for capturing quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The integral thing to grasp well concerning home improvements is that some add more value to a property than others. For Greenfield property managers, being aware of which improvements yield the best return on investment is pivotal to your business’s long-term success and profitability. Here is a list of the top renovations that industry experts say will yield 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 important to spend so much on your new garage door to get this benefit, either. Even a normal garage door of good quality will customarily endow 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 give even more tenant charm and appeal.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is likewise on the list of pretty affordable updates that offer big returns. Typically, 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 helped sellers to recoup most of the cost of installing it. Considering this upgrade before you choose to sell may hold even enhanced 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 principal upgrade that will maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a recent nationwide survey, various home sellers determined that kitchen updates offered the best return on investment (ROI) for the money spent. But really, that doesn’t follow that you need to actually re-do the entire kitchen to see your property values move up. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can greatly refresh 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 nasty, even small renovations can make huge jumps in value. Seriously think about 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. Replace worn vinyl flooring with tile for an even better upgrade. The long-term benefits of using tile are even better since tile tends to last for decades without needing replacement and has a lot more grand feel than laminate flooring, as the price tag isn’t that much higher.
Small Updates: As you coordinate your rental property improvements, don’t disregard the small upgrades that can make a notable difference. As an example, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Over and above that, adding some appealing outdoor lighting, painting the front door a pretty new color, or replacing worn-out window blinds can all grant 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 moderately priced while seriously 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 speedily!
Designing suitable property improvements and upgrades are beneficial to your investment’s long-term rental success. By conscientiously planning and putting these and other home improvements into your Greenfield rental property’s operating budget, you can make certain that your property stays competitive and continues to achieve the greatest increases in resale value.
Would you care to receive more useful information about how to turn a rental property that both renters and buyers will look to have? Give Real Property Management Greater Milwaukee a call at 262-309-6961 today. We can professionally help you evaluate your property’s current condition and apply cost-efficient processes to safeguard that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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