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Which Renovations Give You the Best Return On Investment?

Contemporary Blue Kitchen with Renovated Windows, Cabinets, and Countertops

If you are like most investors, you already understand very well that improving your Suwanee rental properties is an imperative measure to captivating quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The focal thing to appreciate and grasp well regarding home improvements is that some add more value to a property than others. For Suwanee property managers, apprehending which improvements deliver the best return on investment is pertinent to your business’s long-term success and profitability. Here are most of the top renovations that industry experts say will deliver 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 really necessary to go extreme on your new garage door to get this benefit, either. Even a traditional garage door of good quality will often confer 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 develop even more tenant appeal.

Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is likewise on the top of the list of affordable updates that offer big returns. Almost always, 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 almost all of the cost of installing it. Deciding on this upgrade before you prepare to sell may hold even higher 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 main upgrade that will mostly maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In the latest nationwide survey, some home sellers specified that kitchen updates offered the best return on investment (ROI) for the money spent. But, that doesn’t mean you need to re-do the entire kitchen to see your property values grow and increase. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can truly freshen up 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 downright ugly, even small renovations can set in motion remarkable jumps in value. Consider covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Bring in a new vanity and mirror, or think of painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even greater upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a much more high-end feel than laminate flooring, even while the price tag isn’t that much higher.

Small Updates: As you organize your rental property improvements, don’t forget the small upgrades that can make a principal difference. For instance, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. On top of that, adding various appealing outdoor lighting, painting the front door a beautiful new color, or replacing worn-out window blinds can all bring back 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 reasonably priced while fundamentally improving 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 in an instant!

Devising careful property improvements and upgrades is great for your investment’s long-term rental success. By coordinating and putting these and other home improvements into your Suwanee rental property’s operating budget, you can see to it that your property stays competitive and continues to discover dramatic increases in resale value.

 

Do you want to get more beneficial information about how to have a rental property that both renters and buyers will want? Give Real Property Management Executives Greater Atlanta a call at 678-504-8580 today. We can effectively aid you to evaluate your property’s current condition and introduce economical ways to guarantee that your property stays competitive in rental and resale markets.

 

Originally published: March 12, 2021

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