Many investors realize that improving Raleigh rental properties is vital to maintaining tenant interest. Moreover, these enhancements act as a pathway to increasing the investment’s value.
Specific home upgrades can substantially boost the value of a property. Knowing which renovations have the best ROI is important for rental property owners to achieve long-term 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.
Yet, this doesn’t mean you have to entirely renovate the kitchen to enhance 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
Bathrooms follow the same rule, where minor upgrades can substantially boost value if your property’s amenities aren’t outdated or unattractive. You might want to replace 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. Swap out worn vinyl flooring for tile for an even more impressive upgrade.
The long-term benefits of tile are even more notable, as it lasts for decades without needing replacement and offers a more upscale feel than laminate flooring, with only a modest increase in cost. This ensures that your investment will last.
Stone Veneers
The first impression is vital in renting a property. Thus, why not upgrade the exterior of your property as well? One excellent upgrade is installing manufactured stone veneer on the front exterior of your property. It will not only enhance your property’s appearance but also deliver a solid return on investment as tenants find it more appealing.
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. Upgrading your rental home before selling can improve profits by making it more attractive and enabling you to charge higher rent.
Doors and Windows
Focusing on particular remodeling areas can maximize your investment returns. Two key areas include garage doors and windows. For rental properties with garages, plan to replace the garage door when it appears worn or damaged.
A new garage door might appear minor, but it can greatly enhance your property’s value, similar to stone veneers. Similarly, replacing old windows with vinyl ones enhances aesthetics, safety, and energy efficiency. Home improvement projects like these can be very beneficial when filling a vacant rental.
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 Raleigh. By planning and budgeting for regular updates, your rental property stays competitive and appreciates in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Wake County at 919-747-3488 or contact us online. Property managers in Raleigh can help evaluate and suggest economical solutions to keep your property competitive.
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