If you are like almost every other investor, you already are aware that improving your West Covina rental properties is a beneficial way to effectively attract quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The relevant thing to glean and understand about home improvements is that some add more value to a property than others. For West Covina property managers, considering which improvements impart the best return on investment is very important to your business’s long-term success and profitability. Here are several of the top renovations that industry experts say will surely impart 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 required to go luxurious on your new garage door to get this benefit, either. Even a normal garage door of good quality will generally deliver 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 add up even more tenant appeal.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is certainly on the top of the list of cut-rate updates that offer big returns. In nearly all cases, 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 aided sellers to recoup a good deal of the cost of installing it. Singling out this upgrade before you organize to sell may hold even vast 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 best upgrade that will most likely maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a brand new nationwide survey, almost every home seller urged that kitchen updates offered the best return on investment (ROI) for the money spent. Nonetheless, that doesn’t certainly mean you need to doubtless 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 refresh your property’s interior without breaking your budget.
Updated Bathrooms: The same is true for bathrooms, where unless your property’s facilities are unusually dated or horrible, even small renovations can provoke huge jumps in value. Assess covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Put in place a new vanity and mirror, or assess painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even bigger upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has much more fancy feels than laminate flooring, while the price tag isn’t that much higher.
Small Updates: As you get ready for your rental property improvements, don’t ever forget the small upgrades that can make a considerable difference. By way of illustration, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. So, adding a great deal of appealing outdoor lighting, painting the front door a fine 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 low-cost while at the same time they improve 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 without delay!
Organizing the appropriate property improvements and upgrades is salient to your investment’s long-term rental success. By preparing and putting these and other home improvements into your West Covina rental property’s operating budget, you can nail down that your property stays competitive and continues to receive large increases in resale value.
Do you like to have more information about how to execute a rental property that both renters and buyers will seek? Give Real Property Management Fairmate a call at 626-691-9749 today. We can help you evaluate your property’s current condition and suggest appropriately priced systems to always ensure that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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