Almost all investors know that enhancing your Exeter rental properties is an important way to keep them attracting tenants. Regardless, property improvements are also the key to adding value to your investment. Prior to pursuing any home improvement, take the time to look at which ones will actually add significant value to your 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: Contemplating an upgrade to your rental property? First, weigh 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. A fully updated kitchen, however, isn’t the only way to see your property values rise. Instead, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can give your property’s interior a new look for less the cost.
Bathroom: Consider investing in small renovations in your bathroom, especially if there aren’t any pressing repair concerns to your property. Though small, these renovations can lead to a rise in the property’s value. Consider covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Put up a new vanity and mirror, or consider painting the room a fresh, light color. Shabby vinyl flooring can be substituted with tile. Tile is not that far from laminate flooring in terms of price, and it comes with a lot of long-term benefits — one of which is not needing to be replaced as often as other materials.
Stone Veneers: Interior improvements are important, but so is your property’s curb appeal. First impressions play a part in the success of a rental property and its resell. Thus, don’t overlook updating your property’s exterior. One of the best ways to see a return of investment in upgrades is to add a stone veneer to your property’s front exterior. 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. Going for an upgrade like this before selling will most likely lead to making your Exeter rental home more marketable and allow you to charge a higher monthly rent.
Doors and Windows: Want to get the most out of your upgrades? Garage doors and windows offer a high return on investment! If your rental property has a garage, come up with a plan to replace the door as soon as it displays any hints of being worn or damaged. Like stone veneers, garage doors offer big increases in a property’s resale value. A new garage door should be on top of your inexpensive replacements list. The same thing is true of replacing old windows with new vinyl windows. Other than aesthetics, new windows offer security, and energy-efficiency, too. That being said, replacing old windows should be one home improvement to prioritize since it offers a high return of investment, as well!
Property improvements and upgrades can be expensive and time-consuming. But they are essential to long-term rental property investing success. Plan your budget and improve your Exeter rental property so that you can make sure that your property stays competitive and keeps growing in resale value.
Looking for tips to help you build a rental property that attracts both renters and buyers? Give Real Property Management Seacoast New Hampshire a call at 603-343-2202 to speak with an Exeter 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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