So which renovations add the most value to your Huntersville rental property?
There are several valid reasons to renovate a rental property. As investment properties grow older, regular upgrades are required to retain value, as well as to attract quality tenants. Be that as it may, not all renovations merit the cost. Because many repairs can be expensive, it is essential 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 Huntersville rental home, one of the first things to focus on is the important features that will boost a property’s curb appeal. What is curb appeal and why is it important? Curb appeal is the attractiveness of the house when viewed from the street curb. For a rental property, this is extremely important as homes with an exterior that doesn’t look well-kept are likely limiting the number of people that will even take a look inside. On top of that, potential tenants who fall in love with the exterior will be willing to overlook some of the things they don’t like with the interior. In other words, the first impression sets the tone of the entire visit. It can spell the difference between attracting quality tenants and struggling to rent your property. This is why it is important to focus on the essential renovations that increase the value of your rental home. These, according to the industry experts, are the property’s front door and garage door.
Replacing or refinishing a door is a relatively inexpensive renovation. But statistics have shown that having nice doors can add back at least the cost you paid for the improvement, possibly even more. There are other great reasons to give your rental property a decent quality front door and garage door, such as enhanced security and lower utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Together with attractive exterior doors, the outside of the rental property is one more necessary place to invest your renovation dollars. Old or damaged vinyl siding can significantly lessen your property’s curb appeal, along with 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 appearance of stone veneers can significantly increase your property values. Even though changing old vinyl siding may cost you a bit upfront, the benefits of doing so are wide-ranging. You will not only extend the life of your property, but it can help you to utilize the fresh, new look of your rental home to entice more tenants and maximize your rental rate.
Your rental property’s interior is important and will also need renovating. As most industry experts will advise, 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.
Other than freshly painted walls, the best renovation you can make for higher property values is to update the kitchen. It’s common knowledge that the kitchen is considered the heart of a home. This is why an old, outdated kitchen usually drags down property values and appeal. In fact, you are not required to completely change the kitchen and install high-end elements. 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. Keep in mind, don’t forget to update your cabinet hardware, faucet, and fixtures. By getting good, mid-range items, you can build a beautiful kitchen area that will add measurable value to your investment property.
While preparing for the future of your rental properties, it is a great idea to have a strategy for renovations and improvements. Rental homes in good condition will also need to be renovated sooner or later, so it is common sense to start laying out your timeframe now. If the updates for your property are overdue, then it’s time to invest in a few simple renovations that can have a significant impact on your property’s value and curb appeal.
To learn more about your Huntersville rental property’s value, contact Real Property Management Charlotte Metro today for more information. You can contact us online or call us at 704-919-1344. Be sure to ask us about our FREE market assessments.
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