If you are certainly like most investors, you have already figured out that improving your Lynnwood rental properties is a principal means to easily attract quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The most important thing to know about home improvements is that some add more value to a property than others. For Lynnwood property managers, understanding well which improvements bring in the best return on investment is considerably important to your business’s long-term success and profitability. Here are a number of the top renovations that industry experts say will bring the best return for the cost.
Garage Door: If your rental property has a garage, among 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 even necessary to spend a lot on your new garage door to get this benefit, either. Even an ordinary garage door of good quality will naturally present 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 included at the top of the list of appropriately priced updates that offer big returns. Usually, 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 effectively aided sellers to recoup almost all of the total cost of installing it. Choosing to do this upgrade before you try to sell may hold an even bigger 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 most serious upgrade that will hugely maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a newly released nationwide survey, lots of home sellers reported that kitchen updates offered the best return on investment (ROI) for the money spent. But even so, that doesn’t mean you need to completely re-do the entire kitchen to see your property values increase. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can help refresh 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 rather ugly, even small renovations can make notable jumps in value. Evaluate covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Add in a new vanity and mirror, or check about painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even better upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has quite a lot more elegant feel than laminate flooring, even as the price tag isn’t that much higher.
Small Updates: As you prepare for your rental property improvements, don’t miss out on the small upgrades that can make a very big difference. For instance, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Also, adding appealing outdoor lighting, painting the front door a gorgeous new color, or replacing worn-out window blinds can bring in 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 of minimal cost while undoubtedly 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 quickly!
Organizing the right property improvements and upgrades is basic to your investment’s long-term rental success. By closely planning and putting these and other home improvements into your Lynnwood rental property’s operating budget, you can always make sure that your property stays competitive and continues to make large increases in resale value.
Would you want more helpful information about how to transform a rental property that both renters and buyers will definitely choose and love? Give Real Property Management Eclipse a call at 425-209-0252 today. We can easily help you evaluate your property’s current condition and recommend financially manageable procedures to nail down that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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