If you are similar to almost any investors, you already are aware that improving your Alexandria rental properties is a pivotal tactic for attracting quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The salient thing to know as regards home improvements is that some add more value to a property than others. For Alexandria property managers, knowing which improvements render the best return on investment is integral to your business’s long-term success and profitability. Here are just some of the top renovations that industry experts say will render 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 compulsory to go ultra-expensive on your new garage door to get this benefit, either. Even a decent garage door of good quality will usually grant 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 highly increase tenant appeal.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is additionally on the top of the list of rather cheaper updates that offer big returns. As a rule, 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 successfully helped sellers to recoup pretty much of the cost of installing it. Doing this upgrade before you endeavor to sell may hold even considerable 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 topmost upgrade that will likely maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a freshly done nationwide survey, almost all home sellers stressed that kitchen updates offered the best return on investment (ROI) for the money spent. Though, that doesn’t always follow that you need to undoubtedly re-do the entire kitchen to see your property values grow. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can improve 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 unappealing, even small renovations can develop into huge jumps in value. Think about covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Set up a new vanity and mirror, or try painting the room a fresh, light color. Replace worn vinyl flooring with tile for a maximum upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a greater fashionable feel than laminate flooring, though the price tag isn’t that much higher.
Small Updates: As you plan out your rental property improvements, don’t overlook the small upgrades that can make an enormous difference. To cite an instance, 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 an excellent new color, or replacing worn-out window blinds can all contribute to 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 greatly 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 off!
Applying suitable real property improvements and upgrades is very important to your investment’s long-term rental success. By arranging and putting these and other home improvements into your Alexandria rental property’s operating budget, you can always make sure that your property stays competitive and continues to manifest rapid increases in resale value.
Would you want more helpful information about how to take a rental property that both renters and buyers will seek to have? Give Real Property Management Optimum a call at 320-289-4649 today. We can help you evaluate your property’s current condition and recommend affordable tactics to always make sure that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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