Most investors know that renovating their Magnolia rental properties is important for tenant attraction. Moreover, these enhancements act as a pathway to increasing the investment’s value.
Specific home upgrades can substantially boost the value of a property. Rental property owners should recognize which renovations offer the highest ROI for sustained success and profitability.
Kitchen
When thinking about renovations for your rental property, start by balancing the construction costs with the expected increase in value. According to a recent national survey, most home sellers agree that kitchen updates yield the best ROI for the money invested.
This doesn’t imply that a complete kitchen overhaul is necessary to boost 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 gives you the ability to make important improvements without overspending.
Bathroom
The same applies to bathrooms, where even small improvements can cause substantial value increases if your facilities are modern and appealing. Consider revamping 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.
The long-term benefits of tile are more significant, as it lasts for decades without needing replacement and feels more luxurious than laminate flooring, despite a slightly higher price. This reassures you that your investment will be long-lasting.
Stone Veneers
The initial impression matters greatly when renting a property. So, why not give the exterior of your property a facelift? One excellent upgrade is installing manufactured stone veneer on the front exterior of your property. This upgrade not only revitalizes your property’s appearance but also boosts its appeal to tenants, providing a good return on investment.
According to a cost vs. value analysis, replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior walls helped sellers recoup nearly all of their installation costs. Upgrading your rental home before selling can improve profits by making it more attractive and enabling you to charge higher rent.
Doors and Windows
Remodeling certain areas can provide the highest return on investment. Garage doors and windows are prime examples. 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. Similarly, replacing old windows with vinyl ones enhances aesthetics, 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. Nonetheless, these improvements are vital for the long-term success of your rental property investment in Magnolia. 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 Republic at 281-362-5001 or contact us online. Property managers in Magnolia can help evaluate and suggest economical solutions to keep your property competitive.
Originally published: July 8, 2022
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