If you are like many countless investors, you already know by heart that improving your Kissimmee rental properties is a necessary way to entice quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The noteworthy thing to apprehend in connection with home improvements is that some add more value to a property than others. For Kissimmee property managers, realizing which improvements offer the best return on investment is beneficial to your business’s long-term success and profitability. Here are several top renovations that industry experts say will give 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 highly extravagant on your new garage door to get this benefit, either. Even an average garage door of good quality will largely guarantee 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 guarantee even more attention from tenants.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is also on the top of the list of comparably affordable updates that offer big returns. Ordinarily, 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 supported sellers to recoup almost, if not all, of the cost of installing it. Picking this upgrade before you choose to sell may hold even better 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 major upgrade that will plausibly maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a fresh nationwide survey, countless home sellers stated that kitchen updates offered the best return on investment (ROI) for the money spent. Except, that doesn’t connote you need to re-do the entire kitchen to see your property values rise. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can brighten 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 frightful in appearance, even small renovations can cause splendid jumps in value. Try simply covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Add in a new vanity and mirror, or even paint the room a fresh, light color. Replace worn vinyl flooring with tile for an even major upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a more chic feel than laminate flooring, although the price tag isn’t that much higher.
Small Updates: As you plan out your rental property improvements, don’t neglect the small upgrades that can make an essential difference. Specifically, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Likewise, adding appealing outdoor lighting, painting the front door a new color, or replacing worn-out window blinds can all deliver 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 economical while 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 right away!
Providing the right property improvements and upgrades is substantial to your investment’s long-term rental success. By orchestrating and putting these and other home improvements into your Kissimmee rental property’s operating budget, you can make sure that your property stays competitive and continues to know considerable increases in resale value.
Would you love more information about how to devise a rental property that both renters and buyers will be looking for? Give Real Property Management South Orlando a call at 407-982-2000 today. We can help you evaluate your property’s current condition and offer affordable methods to warrant that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.