Many investors realize that improving Fair Oaks 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 thinking about renovations for your rental property, start by balancing the construction costs with the expected increase in value. According to a recent national survey, most home sellers agree that kitchen updates yield the best ROI for the money invested.
Nevertheless, this doesn’t require a total kitchen renovation to improve your property values. Rather, modest updates like refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can rejuvenate your property’s interior without a big budget. This enables you to achieve significant upgrades without exceeding your budget.
Bathroom
Bathrooms also benefit from this principle, with small renovations leading to considerable value increases if your amenities are current and attractive. Think about updating old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or think about painting the room in a fresh, light color. Swap out worn vinyl flooring for tile for an even more impressive upgrade.
Tile’s long-term benefits are even more impressive since it lasts for decades without needing replacement and has a more upscale feel than laminate flooring, with only a slightly higher 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. It will not only enhance your property’s appearance but also deliver a solid return on investment as tenants find it more appealing.
A cost vs. value analysis showed that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior helped sellers recoup nearly all installation costs. By upgrading before selling, you can increase profits by making your rental home more appealing and commanding higher rents.
Doors and Windows
Focusing on particular remodeling areas can maximize your investment returns. Garage doors and windows are prime examples. If you own a rental with a garage, consider replacing the door when it becomes worn.
Though it seems minor, a new garage door can greatly boost your property’s value, akin 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 Fair Oaks. 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 Folsom Lake at 916-850-2844 or contact us online. Property managers in Fair Oaks can help evaluate and suggest economical solutions to keep your property competitive.
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