If you are just like a lot of investors, you already grasp well that improving your Michigan Park rental properties is a vital means to getting quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The really important thing to perceive about home improvements is that some add more value to a property than others. For Michigan Park property managers, perceiving which improvements furnish the best return on investment is great for your business’s long-term success and profitability. Here are many of the top renovations that industry experts say will furnish 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 mandatory to go high-grade on your new garage door to get this benefit, either. Even a customary garage door of good quality will mostly lend 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 appeal and attraction.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is, in like manner, on the top of the list of comparatively inexpensive updates that offer big returns. Usually, 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 allowed sellers to recoup most of the cost of installing it. Implementing this upgrade before you choose to sell may hold even serious 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 most crucial upgrade that will conceivably maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a newly updated nationwide survey, a lot of home sellers reported that kitchen updates offered the best return on investment (ROI) for the money spent. Despite that, that doesn’t mean you need to re-do the entire kitchen to make your property values go up. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can refurbish your property’s interior without jeopardizing your budget.
Updated Bathrooms: The same is true for bathrooms, where unless your property’s facilities are unusually dated or awful, even small renovations can prompt bigger jumps in value. You can try covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Provide a new vanity and mirror, or consider painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even significant 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 more extravagant feel than laminate flooring, notwithstanding the price tag isn’t that much higher.
Small Updates: As you arrange your rental property improvements, don’t pass up the small upgrades that can make a fundamental difference. Case in point, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Adding various appealing outdoor lighting, painting the front door a decent new color, or replacing worn-out window blinds can all provide 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 not expensive while certainly 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 as quickly as possible!
Applying the right property improvements and upgrades is primal to your investment’s long-term rental success. By plotting and putting these and other home improvements into your Michigan Park rental property’s operating budget, you can be certain that your property stays competitive and continues to show steep increases in resale value.
Would you like to get more information about how to develop a rental property that both renters and buyers will seek to dwell in? Give Real Property Management DC Metro a call at 202-269-0303 today. We can help you evaluate your property’s current condition and suggest affordable yet effective means to make sure that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.