A lot of investors know that updating your Lynnwood rental properties is an important way to keep them attracting tenants. Regardless, property improvements are also the key to adding value to your investment. Prior to pursuing any home improvement, take the time to look at which ones will actually add significant value to your property. For rental property owners, knowing which improvements offer the best return on investment is critical to your business’s long-term success and profitability.
Kitchen: Thinking about upgrading your rental property? You should consider the construction costs versus the expected gain in property value. In a recent nationwide survey, most home sellers indicated that kitchen updates offered the best return on investment (ROI) for the money spent. However, it isn’t necessary that you renovate the entire kitchen just to see property values rise. There are minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet that can add so much value to your home without breaking your budget.
Bathroom: Unless your property is in dire need of a major update, small renovations to the bathrooms can boost the value of your property. Consider covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Install new vanity and mirror, or consider painting the room a fresh, light color. You can actually replace worn-out vinyl flooring with tile. Tile is a great choice because it has a lot of long-term benefits. One benefit of using tile is that it lasts long without needing constant replacement. The price difference is also not that far from laminate flooring.
Stone Veneers: Interior upgrades are great; but so is your property’s curb appeal. First impressions play a part in the success of a rental property and its resell. That is why it’s just as important to update your property’s exterior, too! Adding a stone veneer to an area of your property, preferably the front exterior is a great return on investment. According to a 2020 report, replacing vinyl siding with stone veneer around an entryway, pillars, or lower third of your property’s front-facing exterior walls helped sellers recoup almost all of the cost of installing it. Choosing to do this upgrade before selling can make your Lynnwood rental home more marketable and allow you to charge a higher monthly rent.
Doors and Windows: There are specific upgrades that offer a high return of investment, such as garage doors and windows. If your rental property has a garage, don’t wait for the door to become worn or damaged before you plan to replace it. Even though it’s inexpensive, a new garage door can quickly raise your property’s resale value in the same way that stone veneers can. The same thing is true of replacing old windows with new vinyl windows. Offering more than just aesthetics, new windows offer both security, and energy-efficiency, too. Replacing old windows shouldn’t be too heavy of a home improvement since it quickly offers a high return on investment.
Property improvements and upgrades can be expensive and time-consuming. But they are essential to long-term rental property investing success. Improving your Lynnwood rental property while managing your budget can be tricky, but rewarding, too, since it allows your property to stay competitive and rise in resale value.
Looking for tips to help you build a rental property that attracts both renters and buyers? Give Real Property Management Eclipse a call at 425-209-0252 to speak with a Lynnwood property manager today. We can help you evaluate your property’s current condition and suggest budget-friendly ways to ensure that your property stays competitive in rental and resale markets.
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