Investors generally know that upgrading their Lynnwood rental properties is key to making them appealing to tenants. Furthermore, such improvements can lead to a higher investment value.
Certain home renovations can greatly increase a property’s value. It’s essential for rental property owners to identify which improvements deliver the best ROI for enduring success and profitability.
Kitchen
Start by evaluating the construction costs against the expected rise in property value when planning renovations for your rental property. In a recent survey conducted nationwide, the majority of home sellers agreed that kitchen updates offer the best ROI for the money spent.
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
Bathrooms follow the same rule, where minor upgrades can substantially boost value if your property’s amenities aren’t outdated or unattractive. Consider refreshing old, worn tile tub and shower surrounds with a new fiberglass overlay. Put in a new vanity and mirror, or contemplate painting the room in a fresh, light color. Swap out worn vinyl flooring for tile for an even more impressive upgrade.
The long-term advantages of using tile are even greater because it lasts for decades without needing replacement and feels more upscale than laminate flooring, despite a similar cost. This guarantees that your investment will remain durable.
Stone Veneers
When renting a property, making a great first impression is essential. Hence, why not improve the exterior of your property too? An outstanding upgrade is applying manufactured stone veneer to the front exterior of your property. Not only does it update your property’s look, but it also yields a great return on investment by increasing tenant desirability.
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. Making upgrades before selling can boost profits by making your rental property more marketable and enabling higher rents.
Doors and Windows
Focusing on particular remodeling areas can maximize your investment returns. Examples include garage doors and windows. For rental properties with garages, plan to replace the garage door when it appears worn or damaged.
Replacing the garage door may seem minor, but it can significantly enhance your property’s value, like stone veneers. Likewise, swapping old windows for new vinyl ones improves looks, safety, and energy efficiency. These upgrades can greatly aid in filling a vacant rental property.
Property improvements often demand significant time and money. Yet, these upgrades are essential for the long-term success of your rental property investment in Lynnwood. Planning and budgeting for ongoing improvements help keep your rental property competitive and valuable.
To create a rental property that will attract both renters and buyers, call Real Property Management Eclipse at 425-209-0252 or contact us online. In Lynnwood, our property managers can assess your property and offer budget-friendly solutions to keep it competitive.
Originally published: July 8, 2022
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