So which renovations add the most value to your Mountain House rental property?
There are several compelling reasons to renovate a rental property. As investment properties mature and age, they require frequent upgrades to retain value, if they are to continue to attract quality tenants. But, in reality, not all renovations are worth the cost and trouble. For the reason that many repairs can be really expensive, it is very important to know and understand which ones, in particular, will contribute the most to your property’s value. By concentrating on the renovations that add value, you can absolutely ensure that all of your investment dollars are working very hard for your long-term success.
When you are choosing renovations for a Mountain House rental home, some of the first things to focus on are aspects that will enhance a property’s curb appeal. First impressions are important and can mean the difference between attracting quality tenants and struggling to rent your property. As stated by industry experts, two of the best renovations to increase 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 a minimum, the cost you paid for the improvement, maybe more. There are various other very solid reasons to give your rental property a very good quality entry door and garage doors like improved security and reduced utility bills, among others. 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 another very important place to invest and employ your renovation dollars. Old or damaged vinyl siding can lower your property’s curb appeal, let alone 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 premium look of stone veneers can significantly increase your property values. Even when changing 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 definitely exploit the fresh, new look of your rental property to draw in tenants and maximize your rental rate.
Your rental property’s interior will most probably need renovating also. And as the majority of industry experts will want you to know, the most cost-effective improvement you can bring about 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.
Besides freshly painted walls, the best renovation you can also 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 has the tendency to drag down property values and appeal. But on the other hand, you don’t have to totally demolish the kitchen and install top-of-the-line 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. Additionally, don’t forget to upgrade your cabinet hardware, faucet, and fixtures. By picking out quality, mid-range products, you can make a beautiful kitchen area that will certainly add measurable value to your investment property.
When planning out and organizing the future of your rental properties, it’s a great idea to incorporate a plan for renovations and improvements. Even rental homes in good condition will need to be renovated at a certain point, so it makes perfect sense to start outlining your timeframe straightaway. If in case your property’s updates are already past due, there’s no better time than the present to invest in a number of easy renovations that could really have a substantial result on your property’s value and curb appeal.
To know more about your Mountain House rental property’s value, contact Real Property Management One today for more valuable information at 925-495-4953 or contact us online. Make sure to ask about and request our FREE market assessments.
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