Investors generally know that upgrading their Menasha rental properties is key to making them appealing to tenants. These upgrades also contribute to the growth in the value of their investment.
Certain improvements can significantly elevate a property’s value. Understanding which renovations provide the best ROI is crucial for rental property owners to secure long-term success and profitability.
Kitchen
As you consider renovating your rental property, first weigh the construction expenses against the projected increase in property value. A recent nationwide survey found that most home sellers believe kitchen updates provide the highest ROI for the money spent.
This doesn’t imply that a complete kitchen overhaul is necessary to boost your property values. Instead, simple updates like refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can refresh your property’s interior without a hefty budget. This lets you make substantial improvements without going over budget.
Bathroom
This same principle applies to bathrooms; even small updates can significantly increase value if your facilities are modern and appealing. Consider refreshing old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or consider a fresh, light coat of paint for the room. Replace old vinyl flooring with tile to achieve an even better upgrade.
The long-term benefits of tile are even more notable, as it lasts for decades without needing replacement and offers a more upscale feel than laminate flooring, with only a modest increase in cost. This gives you confidence that your investment will endure.
Stone Veneers
The initial impression matters greatly when renting a property. Therefore, why not enhance the exterior of your property? One excellent upgrade is installing manufactured stone veneer on the front exterior of your property. It will not only refresh your property’s look but also offer a high return on investment by making it more attractive to tenants.
In a cost vs. value analysis, switching vinyl siding for stone veneer around entryways, pillars, or the lower third of your front-facing exterior walls helped sellers recoup almost all installation costs. Upgrading prior to selling can enhance profits by increasing your rental home’s marketability and permitting higher rents.
Doors and Windows
Remodeling specific parts of your home can offer the best returns. Garage doors and windows are two examples. For rental properties with garages, plan to replace the garage door when it appears worn or damaged.
A new garage door might appear minor, but it can greatly enhance your property’s value, similar to stone veneers. Similarly, updating old windows with new vinyl ones improves aesthetics and enhances safety and energy efficiency. These upgrades can greatly aid in filling a vacant rental property.
Investing in property upgrades can be expensive and time-consuming. Even so, these upgrades are crucial for the long-term success of your rental property investment in Menasha. Regularly planning and budgeting for home improvements keeps your rental property competitive and growing in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Lakeshore at 920-305-7077 or contact us online. Our property managers in Menasha can evaluate your property and recommend cost-effective strategies.
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