If you are definitely like lots of investors, you already understand that improving your Tarpon Springs rental properties is a crucial procedure to pleasing and enticing quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The substantial thing to know concerning home improvements is that some add more value to a property than others. For Tarpon Springs property managers, knowing well which improvements grant the best return on investment is significant to your business’s long-term success and profitability. Here are several top renovations that industry experts say will grant 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 critical to spend a high cost on your new garage door to get this benefit, either. Even a typical garage door of good quality will usually give 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 produce even more tenant allure and appeal.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is also among the top of the list of moderately priced updates that offer big returns. Customarily, 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 encouraged sellers to recoup most of the entire cost of installing it. Choosing this upgrade before you arrange to sell may hold even more 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 biggest upgrade that will prospectively maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a newly done nationwide survey, lots of home sellers reported that kitchen updates offered the best return on investment (ROI) for the money spent. But actually, that doesn’t imply you need to re-do the entire kitchen to see your property values rise. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can refurbish 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 dreadful, even small renovations can generate superb jumps in value. Look at covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Add in a new vanity and mirror or consider painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even bigger upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and certainly has a more fashionable feel than laminate flooring, even as the price tag isn’t that much higher.
Small Updates: As you seriously plan your rental property improvements, don’t ignore the small upgrades that can make a remarkable difference. As an illustration, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Furthermore, adding several appealing outdoor lighting, painting the front door a magnificent new color, or replacing worn-out window blinds can all 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 modestly priced 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 swiftly!
Designing the ideal property improvements and upgrades is pertinent to your investment’s long-term rental success. By seriously considering and putting these and other home improvements into your Tarpon Springs rental property’s operating budget, you can always make sure that your property stays competitive and continues to bring in the highest increases in resale value.
Are you looking for more valuable information about how to create a rental property that both renters and buyers will love? Give Real Property Management TradeWinds a call at 727-400-4722 today. We can effectively help you evaluate your property’s current condition and share cost-effective techniques to see to it that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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