If you are exactly like numerous investors, you already have an idea that improving your Big Rapids rental properties is a significant way to effectively pull in quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The important thing to comprehend with reference to home improvements is that some add more value to a property than others. For Big Rapids property managers, simply knowing which improvements contribute the best return on investment is substantial to your business’s long-term success and profitability. Here is a list of the top renovations that industry experts say will contribute 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 a requirement to go really extravagant on your new garage door to get this benefit, either. Even a normal garage door of good quality will consistently bring 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 improve even more tenant appeal like a magnet.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is, as well, on the top of the list of really affordable 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 enabled sellers to recoup actually most of the cost of installing it. Doing this upgrade before you think of selling may hold even additional 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 dominating upgrade that will feasibly maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a recently updated nationwide survey, numerous home sellers recalled that kitchen updates offered the best return on investment (ROI) for the money spent. Although, that doesn’t signify you need to categorically re-do the entire kitchen to actually have your property values rise. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can upgrade 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 disgusting, even small renovations can lead to welcome jumps in value. Check about covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Settle in a new vanity and mirror, or try painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even more exceptional 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 greater posh feel than laminate flooring, while the price tag isn’t that much higher.
Small Updates: As you devise your rental property improvements, don’t skip the small upgrades that can make a key difference. Take one example, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. In like manner, adding various appealing outdoor lighting, painting the front door a favorable new color, or replacing worn-out window blinds can all furnish 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 cost-saving while naturally 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 asap!
Putting in place the proper property improvements and upgrades is focal to your investment’s long-term rental success. By designing and putting these and other home improvements into your Big Rapids rental property’s operating budget, you can establish that your property stays competitive and continues to know sharp increases in resale value.
Would you be interested in more useful information about how to really create a rental property that both renters and buyers will want to dwell in? Give Real Property Management Investment Solutions a call at 616-419-4578 today. We can certainly help you evaluate your property’s current condition and suggest economical ways to make sure that your property stays competitive in rental and resale markets.
<em>Originally published: March 12, 2021
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