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How much will your Washington DC property rent for? Find out FREE here.

How much will your Washington DC property rent for? Find out FREE here.

Which Renovations Give You the Best Return On Investment?

Contemporary Blue Kitchen with Renovated Windows, Cabinets, and CountertopsMany investors know that developing your Michigan Park rental properties is an important way to keep them attracting tenants. Even so, property improvements are also the key to adding value to your investment. A key factor to home improvement is knowing which ones actually add more value to the property. For rental property owners, knowing which improvements offer the best return on investment is critical to your business’s long-term success and profitability.

Kitchen: Before you make any upgrades to your rental property, consider first the construction costs versus the expected gain in property value. In a recent nationwide survey, most home sellers indicated that kitchen updates offered the best return on investment (ROI) for the money spent. Having said that, your kitchen doesn’t need to automatically be renovated just for your property value to rise. There are minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet that can add so much value to your home without breaking your budget.

Bathroom: If your property is not in immediate need of huge repairs and maintenance, then small renovations to the bathrooms can bring a lot of value to your property. Consider covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Mount a new vanity and mirror, or consider painting the room a fresh, light color. Old vinyl flooring can easily be exchanged with tile. Tile is a really popular choice among many since it has a lot of long-term benefits. For one, it lasts a long time without needing constant replacement. And, it’s not even that much more expensive than laminate flooring!

Stone Veneers: While interiors are great, it’s best not to overlook the property’s curb appeal. First impressions can lead to the success of a rental property and its resell. That is why it’s just as important to update your property’s exterior, too! Adding a stone veneer to an area of your property, preferably the front exterior is a great return on investment. According to a 2020 report, replacing vinyl siding with stone veneer around an entryway, pillars, or lower third of your property’s front-facing exterior walls helped sellers recoup almost all of the cost of installing it. This particular renovation can be done before selling so that you can make your Michigan Park rental home more marketable, allowing you to charge a higher monthly rent.

Doors and Windows: There are specific upgrades that offer a high return of investment, such as garage doors and windows. If your rental property has a garage, it would be wise to replace the door if it already looks worn or damaged. Even though it’s inexpensive, a new garage door can quickly raise your property’s resale value in the same way that stone veneers can. The same thing is true of replacing old windows with new vinyl windows. Offering more than just aesthetics, new windows offer both security, and energy-efficiency, too. Replacing old windows is one home improvement that is not only necessary but highly profitable since it can lead to high returns on investment.

Property improvements and upgrades can be expensive and time-consuming. But they are essential to long-term rental property investing success. Planning your budget and constantly maintaining your Michigan Park rental property gives you more assurance that your property stays competitive in the market while increasing in resale value.

Do you want to know more about rental properties that attract both renters and buyers? Give Real Property Management DC Metro a call at 202-269-0303 to speak with a Michigan Park property manager today. We can help you evaluate your property’s current condition and suggest budget-friendly ways to ensure that your property stays competitive in rental and resale markets.

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