Many investors understand that making improvements to their Orange County rental properties is necessary to keep them appealing to tenants. These improvements also open the door to raising the property’s value.
Particular home improvements can notably enhance the property’s value. Knowing which renovations have the best ROI is important for rental property owners to achieve long-term success and profitability.
Kitchen
When planning renovations for your rental property, begin by comparing the construction costs to the potential increase in property value. In a recent survey conducted nationwide, the majority of home sellers agreed that kitchen updates offer the best ROI for the money spent.
Nevertheless, this doesn’t require a total kitchen renovation to improve your property values. Instead, simple updates like refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can refresh your property’s interior without a hefty budget. This lets you make substantial improvements without going over budget.
Bathroom
Bathrooms also benefit from this principle, with small renovations leading to considerable value increases if your amenities are current and attractive. Think about updating 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.
The long-term benefits of tile are more significant, as it lasts for decades without needing replacement and feels more luxurious than laminate flooring, despite a slightly higher price. This assures you that your investment will withstand the test of time.
Stone Veneers
The first impression is vital in renting a property. So, why not give the exterior of your property a facelift? A top-notch improvement is adding manufactured stone veneer to your property’s front exterior. Besides giving your property a new look, it also ensures a great return on investment by attracting more tenants.
According to a cost vs. value analysis, replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior walls helped sellers recoup nearly all of their installation costs. Making upgrades before selling can boost profits by making your rental property more marketable and enabling higher rents.
Doors and Windows
Certain remodeling areas can yield the highest return on investment. Two key areas include garage doors and windows. For rental properties with garages, plan to replace the garage door when it appears worn or damaged.
Replacing the garage door may seem minor, but it can significantly enhance your property’s value, like stone veneers. Replacing old windows with vinyl ones instantly boosts aesthetics, safety, and energy efficiency. These improvements can make a big difference when trying to rent out a vacant property.
Upgrading properties can be expensive and take a lot of time. However, these improvements are important for the lasting success of your rental property investment in Orange County. By planning and budgeting for regular updates, your rental property stays competitive and appreciates in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Priority at 845-363-6776 or contact us online. Our property managers in Orange County can assess your property’s condition and recommend cost-effective solutions.
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