Most investors recognize that enhancing their Tarpon Springs rental properties is essential for attracting tenants. These upgrades also contribute to the growth in the value of their investment.
Certain improvements can significantly elevate a property’s value. Understanding which renovations provide the best ROI is crucial for rental property owners to secure long-term success and profitability.
Kitchen
As you consider renovating your rental property, first weigh the construction expenses against the projected increase in property value. Most home sellers in a recent nationwide survey agreed that kitchen updates deliver the best ROI for the money.
Nevertheless, this doesn’t require a total kitchen renovation to improve your property values. Rather, modest updates like refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can rejuvenate your property’s interior without a big budget. This allows you to make major improvements without spending too much.
Bathroom
Bathrooms also benefit from this principle, with small renovations leading to considerable value increases if your amenities are current and attractive. You might want to replace old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or consider a fresh, light coat of paint for the room. Upgrade worn vinyl flooring with tile for a more significant improvement.
Tile offers substantial long-term benefits, lasting for decades without needing replacement and providing a more upscale feel than laminate flooring, without much higher cost. This ensures that your investment will last.
Stone Veneers
The first impression is vital in renting a property. Thus, why not upgrade the exterior of your property as well? Adding manufactured stone veneer to the front exterior is one of the best upgrades you can make. It will not only enhance your property’s appearance but also deliver a solid return on investment as tenants find it more appealing.
In a cost vs. value analysis, swapping vinyl siding for stone veneer around entryways, pillars, or the lower third of the front exterior allowed sellers to recover almost all installation expenses. Upgrading prior to selling can enhance profits by increasing your rental home’s marketability and permitting higher rents.
Doors and Windows
Targeted remodeling can lead to the greatest return on your investment. Two notable areas are garage doors and windows. If you own a rental with a garage, consider replacing the door when it becomes worn.
Though it seems minor, a new garage door can greatly boost your property’s value, akin to stone veneers. Updating old windows to new vinyl windows immediately enhances aesthetics, safety, and energy efficiency. Such home improvements can significantly help fill a vacant rental property.
Investing in property upgrades can be expensive and time-consuming. Even so, these upgrades are crucial for the long-term success of your rental property investment in Tarpon Springs. Regularly planning and budgeting for home improvements keeps your rental property competitive and growing in value.
To create a rental property that will attract both renters and buyers, call Real Property Management TradeWinds at 727-400-4722 or contact us online. Our property managers in Tarpon Springs can evaluate your property and recommend cost-effective strategies.
Originally published: July 8, 2022
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