So which renovations add the most value to your Bedford rental property?
There are many beneficial benefits to renovate a rental property. As investment properties develop, they want the regular renovation to retain value, along with to attract quality tenants. However, not all renovations worth your hard-earned money. Because some repairs can be pricey, it is vital to understand which of them will add the majority to your property’s value. By putting your attention on the renovations that add value, you can ensure that all of your investment dollars are working hard for your long-term success.
When choosing renovations for a Bedford rental home, one of the first things to focus on is functionality that will enhance a property’s curb appeal. First impressions count and can be the option among attracting quality tenants and struggling to rent your property. As per industry experts, two of the most important renovations to boost the value of 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. However, statistics suggest that getting nice doors can gain back at least the small amount of money you paid for the improvement. There are several valid reasons for offering your rental property an exceptional entry door and garage door, including improve safety and minimize the utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Together with attractive exterior doors, the exterior of the rental property is one more significant area to allocate your renovation dollars. Old or damaged vinyl siding can be the reason to reduce your property’s curb appeal, and also 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 sophisticated appearance of stone veneers can significantly increase your property values. While changing 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 use the fresh, new look of your rental house to get the attention of tenants and maximize your rental rate.
Your rental property’s interior will probably need renovating also. And as most industry experts will say to you, the most cost-effective improvement you can perform is to allow 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.
Next to freshly painted walls, the best renovation you can offer for higher property values is to update the kitchen. It’s common knowledge that the kitchen is considered the heart of a home. For this reason, an old, outdated kitchen appears to drag down property values and appeal. Although, it is doesn’t need to be entirely demolished the kitchen and install expensive materials. 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. Also, do not leave behind to refurbish your cabinet hardware, faucet, and fixtures. Through selecting the best mid-range types of equipment, you can develop a beautiful kitchen area that will add measurable value to your investment property.
When considering the future of your rental properties, it’s a smart idea to provide a program for renovations and improvements. Even rental homes in good condition are required to have renovated in the future, so it necessary to start organizing your schedule today. When your property’s updates are unpaid, there’s no time like the present to invest in several simple modifications that can have a dramatic outcome on your property’s value and curb appeal.
To become familiar with your Bedford rental property’s value, contact Real Property Management 360 now for more information at 817-502-3588 or contact us online. Don’t be shy to ask us about our FREE market assessments.
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