So which renovations add the most value to your Spring Hill rental property?
Without a doubt, there are several valid reasons to renovate a rental property. As investment properties age, they need periodic updates to retain value, not to mention to attract quality tenants. Be that as it may, not all renovations merit the cost. Because many repairs can be costly, it is important to recognize 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 Spring Hill rental home, one of the first things to focus on are highlights that will boost a property’s curb appeal. First impressions matter and can be the difference between attracting quality tenants and struggling to rent your property. So, if someone sees your home from the outside and it doesn’t look well-kept, it’s poorly landscaped, and it generally looks less appealing than the houses nearby, this will reflect in the price you can demand rent, not to mention the quality of the tenants you’ll attract. You’ll want to rent your home at the best rate possible, and that means standing out in the minds of people when they first see your property. This first impression provides prospects with a sense of satisfaction and security. This is why industry experts suggest that the two 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 reasons to give your rental property a good quality entry door and garage door, including improved security and lower utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Along with attractive exterior doors, the exterior of the rental property is one more important area to capitalize on 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 elegant 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. 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.
Since your rental property’s interior is important, it will likely need renovating as well. As most industry experts will say, the most cost-effective improvement you can do 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 you have freshly painted the 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. This is the reason why an old, outdated kitchen tends to drag down property values and appeal. Also, it is not compulsory for you to strip 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. Updating your cabinet hardware, faucet, and fixtures is also necessary. Don’t forget! By selecting quality, mid-range products, you can make a beautiful kitchen area that will add measurable value to your investment property.
When preparing the future of your rental properties, it’s a good idea to provide for a plan when it comes to 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 your property is in need of an update, then think about investing in a few simple renovations that can have a substantial impact on your property’s value and curb appeal.
To learn more about your Spring Hill rental property’s value, contact Real Property Management Connection today for more information at 352-428-2316 or contact us online. Don’t hesitate to ask us about our FREE market assessments.
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