Most investors know that renovating their Suwanee rental properties is important for tenant attraction. Additionally, these upgrades can significantly boost the value of their investment.
Certain home renovations can greatly increase a property’s value. Rental property owners must know which renovations yield the best ROI to ensure long-term success and profitability.
Kitchen
Before renovating your rental property, assess the construction costs relative to the anticipated boost in property value. In a recent survey conducted nationwide, the majority of home sellers agreed that kitchen updates offer the best ROI for the money spent.
However, this doesn’t mean you need to fully remodel the kitchen to increase 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 allows you to make major improvements without spending too much.
Bathroom
The same applies to bathrooms, where even small improvements can cause substantial value increases if your facilities are modern and appealing. Consider refreshing 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. Upgrade worn vinyl flooring with tile for a more significant improvement.
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 gives you confidence that your investment will endure.
Stone Veneers
The first impression is vital in renting a property. Hence, why not improve the exterior of your property too? An outstanding upgrade is applying manufactured stone veneer to 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, 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. Upgrading your rental home before selling can improve profits by making it more attractive and enabling you to charge higher rent.
Doors and Windows
Certain remodeling areas can yield the highest return on investment. Garage doors and windows are two examples. Plan to replace the garage door on your rental property when it becomes worn or damaged.
Though it appears small, a new garage door can significantly boost your property’s value, like stone veneers. Similarly, updating old windows with new vinyl ones improves aesthetics and enhances safety and energy efficiency. Such projects can provide substantial benefits in filling a vacant rental property.
Property improvements and upgrades can be both costly and time-consuming. Yet, these upgrades are essential for the long-term success of your rental property investment in Suwanee. Planning and budgeting for regular improvements ensures your rental property stays competitive and increases in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Executives Greater Atlanta at 678-504-8580 or contact us online. Property managers in Suwanee can evaluate your property and suggest affordable solutions to keep it competitive.
Originally published: July 8, 2022
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