So which renovations add the most value to your Highland Village rental property?
Without a doubt, there are several valid reasons to renovate a rental property. As investment properties age, they would have to undergo periodic updates to retain value and to attract quality tenants. However, not all renovations are worth the cost. Because many repairs can be quite costly, it is important to know which ones will add the most to your property’s value. By concentrating on the renovations that add value, you can ensure that all of your investment dollars are hard at work for your long-term success.
When choosing renovations for a Highland Village rental home, one of the first things to focus on are the features that will improve a property’s curb appeal. What is curb appeal? To put it simply, curb appeal is how attractive a house looks from the outside– or, literally, from the street curb. It is a focal point for a house that is up for rent and encompasses all of the external factors that shapes the first impression of a prospective tenant. It is what they see and feel the moment they lay their eyes on it from the street. This first impression can be the difference between attracting quality tenants and struggling to rent your property. Industry experts agree that two of the best renovations to add value to your rental home are the property’s front door and the garage door, if it has one.
Replacing or refinishing a door is a relatively inexpensive renovation. But statistics indicate that having nice doors can add back at least the price you paid for the improvement, and maybe a bit more. There are other good reasons to give your rental property a good quality front door and garage door, as well as enhanced security and lower utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Alongside attractive exterior doors, the outside of the rental property is one other significant place to invest your renovation dollars. Old or damaged vinyl siding can bring down your property’s curb appeal, not to mention your property values. Another relatively inexpensive upgrade is to replace some or all of your rental home’s siding with manufactured stone veneer.
Stone veneers are lightweight and cost a fraction of the price of real stone. But the high-end look of stone veneers can significantly increase your property values. While substituting old vinyl siding may cost you a bit upfront, the benefits of doing so are wide-ranging. Not only will you extend the life of your property, but you can also utilize the fresh, new look of your rental home to entice tenants and maximize your rental rate.
Your rental property’s interior will need renovating too. And as most industry experts will say, the most cost-effective improvement you can make is to give your property’s interior walls a fresh coat of paint. Painting between each tenant is an important strategy to help avoid vacancies. But even if you have a long-term tenant, it is still important to keep your property values high with regular updates.
After freshly painted walls, the best renovation you can do for higher property values is to update the kitchen. It’s common knowledge that the kitchen is considered the heart of a home. That is why an old, outdated kitchen often drags down property values and appeal. At the same time, the kitchen does not need to be entirely renovated and filled with high-end components. A lower-cost renovation can still have a big impact.
Simply refacing cabinet doors, replacing older appliances with new, energy-efficient models, and updating the countertops can have a significant impact on your property values. Remember to update your cabinet hardware, faucet, and fixtures, too. By selecting quality, mid-range products, you can make a beautiful kitchen area that will add measurable value to your investment property.
When making plans for the future of your rental properties, it’s a smart idea to have a plan for renovations and improvements. Even rental homes in good condition will ultimately need to be renovated, so you should start figuring out your timeframe now. If your property hasn’t been updated in a while, consider investing in a few simple renovations that can have a significant impact on your property’s value and curb appeal.
To learn more about your Highland Village rental property’s value, contact Real Property Management Lakeview today for more information at 940-323-0505 or contact us online. Be sure to ask us about our FREE market assessments.
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