So which renovations add the most value to your West Richland rental property?
There are plenty of good reasons to renovate a rental property. As investment properties age, they would require intermittent updates to retain value, not to mention to attract quality tenants. However, not all renovations are worth the cost. Because a lot of repairs require a lot of money, it is important to know which are the ones that 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 West Richland rental home, one of the first things to focus on are features that will enhance a property’s curb appeal. What is curb appeal? It’s essentially how good your home looks from the street curb. Some consider it to be how good your home looks when compared to other houses nearby. That means that if your rental property seems to blend with all the other houses, it may not have that high a curb appeal. In the end, it all comes down to first impressions. This first impression is relevant and can spell the difference between attracting quality tenants and struggling to rent your property. As indicated by industry experts, 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. However, statistics show that having nice doors can add back at least the amount you paid for the improvement, if not 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. While substituting 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 draw in tenants and maximize your rental rate too.
Your rental property’s interior will probably need renovating as well. In fact, most industry experts will tell you, 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.
After freshly painted 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. That’s why an old, outdated kitchen appears to drag down property values and appeal. At the same time, the kitchen does not need to be entirely renovated and filled with high-end components. 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. Don’t forget to update your cabinet hardware, faucet, and fixtures as well. By selecting quality, mid-range products, you can generate a beautiful kitchen area that will add measurable value to your investment property.
When planning the future of your rental properties, it’s a smart idea to take in a plan for renovations and improvements. Even rental homes in good condition will ultimately need to be renovated, so you should start figuring out your timeframe now. If your property’s renovations are past due, it’s time to invest in a few simple renovations that can have a big effect on your property’s value and curb appeal.
To learn more about your West Richland rental property’s value, contact Real Property Management Tri-Cities today for more information at 509-572-5440 or contact us online. Be sure to ask us about our FREE market assessments.
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