Most investors recognize that enhancing their West Covina rental properties is essential for attracting tenants. These improvements also open the door to raising the property’s value.
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
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.
Nevertheless, this doesn’t require a total kitchen renovation to improve your property values. Rather, modest updates like refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can rejuvenate your property’s interior without a big budget. This lets you make substantial improvements without going over budget.
Bathroom
Bathrooms also benefit from this principle, with small renovations leading to considerable value increases if your amenities are current and attractive. Consider revamping 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 worn vinyl flooring with tile for a superior upgrade.
Tile’s long-term benefits are even more impressive since it lasts for decades without needing replacement and has a more upscale feel than laminate flooring, with only a slightly higher cost. This guarantees that your investment will remain durable.
Stone Veneers
When renting a property, making a great first impression is essential. Therefore, why not enhance the exterior of your property? A top-notch improvement is adding manufactured stone veneer to your property’s front exterior. Not only does it update your property’s look, but it also yields a great return on investment by increasing tenant desirability.
A cost vs. value analysis showed that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior helped sellers recoup nearly all installation costs. By upgrading before selling, you can increase profits by making your rental home more appealing and commanding higher rents.
Doors and Windows
Certain remodeling areas can yield the highest return on investment. Two notable areas are garage doors and windows. If your rental has a garage, consider replacing the garage door when it shows signs of wear.
Replacing the garage door may seem minor, but it can significantly enhance your property’s value, like stone veneers. Replacing old windows with vinyl ones instantly boosts aesthetics, safety, and energy efficiency. Such home improvements can significantly help fill a vacant rental property.
Upgrading properties can be expensive and take a lot of time. Even so, these upgrades are crucial for the long-term success of your rental property investment in West Covina. 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 Fairmate at 626-691-9749 or contact us online. Property managers in West Covina can evaluate your property and suggest affordable solutions to keep it competitive.
Originally published: July 8, 2022
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