Most investors know that renovating their Jones rental properties is important for tenant attraction. Moreover, these enhancements act as a pathway to increasing the investment’s value.
Certain home renovations can greatly increase a property’s value. Rental property owners should recognize which renovations offer the highest ROI for sustained success and profitability.
Kitchen
Before renovating your rental property, assess the construction costs relative to the anticipated boost in property value. Most home sellers in a recent nationwide survey agreed that kitchen updates deliver the best ROI for the money.
Yet, this doesn’t mean you have to entirely renovate the kitchen to enhance your property values. Minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can revitalize your property’s interior without breaking the budget. This empowers you to carry out meaningful upgrades without financial strain.
Bathroom
Bathrooms follow the same rule, where minor upgrades can substantially boost value if your property’s amenities aren’t outdated or unattractive. You might want to replace old, worn tile tub and shower surrounds with a new fiberglass overlay. Add a new vanity and mirror, or consider repainting the room in a fresh, light color. Replace worn vinyl flooring with tile for a superior upgrade.
Tile offers substantial long-term benefits, lasting for decades without needing replacement and providing a more upscale feel than laminate flooring, without much higher cost. This guarantees that your investment will remain durable.
Stone Veneers
When renting a property, making a great first impression is essential. Hence, why not improve the exterior of your property too? One of the best enhancements you can make is adding manufactured stone veneer to the front of your property. Besides giving your property a new look, it also ensures a great return on investment by attracting more tenants.
In a cost vs. value analysis, swapping vinyl siding for stone veneer around entryways, pillars, or the lower third of the front exterior allowed sellers to recover almost all installation expenses. Enhancing your property before selling can raise profits by making it more marketable and allowing for higher rent prices.
Doors and Windows
Targeted remodeling can lead to the greatest return on your investment. Two notable areas are garage doors and windows. For rental properties with garages, it’s wise to replace the garage door when it looks worn.
A new garage door, while seemingly small, can notably increase your property’s value, much like stone veneers. Likewise, swapping old windows for new vinyl ones improves looks, safety, and energy efficiency. Such projects can provide substantial benefits in filling a vacant rental property.
Investing in property upgrades can require both time and money. Yet, these upgrades are essential for the long-term success of your rental property investment in Jones. By budgeting for regular upgrades, you ensure your rental property remains market-competitive and gains value.
To create a rental property that will attract both renters and buyers, call Real Property Management Elevate at 405-876-7611 or contact us online. Property managers in Jones can evaluate your property and suggest affordable solutions to keep it competitive.
Originally published: July 8, 2022
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