Many investors understand that making improvements to their Kissimmee rental properties is necessary to keep them appealing to tenants. Furthermore, such improvements can lead to a higher investment value.
Certain improvements can significantly elevate a property’s value. Rental property owners should recognize which renovations offer the highest ROI for sustained success and profitability.
Kitchen
Start by evaluating the construction costs against the expected rise in property value when planning renovations for your rental property. According to a recent national survey, most home sellers agree that kitchen updates yield the best ROI for the money invested.
That doesn’t mean you need a full kitchen overhaul to see an increase in property values. Instead, small updates like refacing cabinets, replacing appliances, or installing a new countertop, sink, or faucet can refresh your property’s interior without stretching your budget. This enables you to achieve significant upgrades without exceeding your budget.
Bathroom
In bathrooms, the same rule applies: even minor renovations can greatly increase value as long as your facilities are up-to-date and pleasant to look at. Think about upgrading old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or consider a fresh, light coat of paint for the room. Exchange worn vinyl flooring for tile to enhance the 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
First impressions play a key role in renting a property. So, why not give the exterior of your property a facelift? Adding manufactured stone veneer to the front exterior is one of the best upgrades you can make. It will not only enhance your property’s appearance but also deliver a solid return on investment as tenants find it more appealing.
In a cost vs. value analysis, switching vinyl siding for stone veneer around entryways, pillars, or the lower third of your front-facing exterior walls helped sellers recoup almost all installation costs. Enhancing your property before selling can raise profits by making it more marketable and allowing for higher rent prices.
Doors and Windows
Targeted remodeling can lead to the greatest return on your investment. Two notable areas are 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, while seemingly small, can notably increase your property’s value, much like stone veneers. Updating old windows to new vinyl windows immediately enhances aesthetics, safety, and energy efficiency. These improvements can make a big difference when trying to rent out a vacant property.
Property improvements often demand significant time and money. Even so, these upgrades are crucial for the long-term success of your rental property investment in Kissimmee. 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 South Orlando at 407-982-2000 or contact us online. In Kissimmee, our property managers can assess your property and offer budget-friendly solutions to keep it competitive.
Originally published: July 8, 2022
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.
