Many investors realize that improving Bedford rental properties is vital to maintaining tenant interest. Additionally, these upgrades can significantly boost the value of their investment.
Some property enhancements can markedly raise its value. Rental property owners must know which renovations yield the best ROI to ensure long-term success and profitability.
Kitchen
When thinking about renovations for your rental property, start by balancing the construction costs with the expected increase in value. A recent nationwide survey found that most home sellers believe kitchen updates provide the highest ROI for the money spent.
That doesn’t mean you need a full kitchen overhaul to see an increase in property values. Rather than a full remodel, minor updates like refacing cabinets, replacing appliances, or installing a new countertop, sink, or faucet can rejuvenate your property’s interior affordably. This empowers you to carry out meaningful upgrades without financial strain.
Bathroom
In bathrooms, the same rule applies: even minor renovations can greatly increase value as long as your facilities are up-to-date and pleasant to look at. Consider revamping old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or think about painting the room in a fresh, light color. Swap out worn vinyl flooring for tile for an even more impressive upgrade.
Tile’s long-term benefits are even more impressive since it lasts for decades without needing replacement and has a more upscale feel than laminate flooring, with only a slightly higher cost. This gives you confidence that your investment will endure.
Stone Veneers
The initial impression matters greatly when 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. Not only does it update your property’s look, but it also yields a great return on investment by increasing tenant desirability.
A cost vs. value analysis found that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of the front exterior walls enabled sellers to recover nearly all installation costs. Enhancing your property before selling can raise profits by making it more marketable and allowing for higher rent prices.
Doors and Windows
Remodeling certain areas can provide the highest return on investment. Garage doors and windows are prime examples. Plan to replace the garage door on your rental property when it becomes worn or damaged.
A new garage door might appear minor, but it can greatly enhance your property’s value, similar to stone veneers. Likewise, swapping old windows for new vinyl ones improves looks, safety, and energy efficiency. Home improvement projects like these can be very beneficial when filling a vacant rental.
Property improvements and upgrades can be both costly and time-consuming. Despite the costs, these upgrades are key to the long-term success of your rental property investment in Bedford. Planning and budgeting for regular improvements ensures your rental property stays competitive and increases in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Thrive at 603-255-4100 or contact us online. Property managers in Bedford can help evaluate and suggest economical solutions to keep your property competitive.
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