Most investors know that renovating their Fort Worth rental properties is important for tenant attraction. These improvements also open the door to raising the property’s value.
Some property enhancements can markedly raise its value. It’s essential for rental property owners to identify which improvements deliver the best ROI for enduring success and profitability.
Kitchen
When planning renovations for your rental property, begin by comparing the construction costs to the potential increase in property value. A recent survey across the nation revealed that most home sellers consider kitchen updates to have the highest ROI.
Nevertheless, this doesn’t require a total kitchen renovation to improve your 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 enables you to achieve significant upgrades without exceeding your budget.
Bathroom
Bathrooms also benefit from this principle, with small renovations leading to considerable value increases if your amenities are current and attractive. Think about upgrading old, worn tile tub and shower surrounds with a new fiberglass overlay. Add a new vanity and mirror, or think about giving the room a fresh, light paint job. Replace old vinyl flooring with tile to achieve an even better upgrade.
The long-term advantages of using tile are even greater because it lasts for decades without needing replacement and feels more upscale than laminate flooring, despite a similar cost. This reassures you that your investment will be long-lasting.
Stone Veneers
First impressions play a key role in renting a property. So, why not refresh the exterior of your property? A top-notch improvement is adding manufactured stone veneer to your property’s front exterior. It will not only refresh your property’s look but also offer a high return on investment by making it more attractive to tenants.
According to a cost vs. value analysis, replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior walls helped sellers recoup nearly all of their installation costs. Making upgrades before selling can boost profits by making your rental property more marketable and enabling higher rents.
Doors and Windows
Remodeling certain areas can provide the highest return on investment. Garage doors and windows are two examples. If you own a rental with a garage, consider replacing the door when it becomes worn.
Though it seems minor, a new garage door can greatly boost your property’s value, akin to stone veneers. Similarly, updating old windows with new vinyl ones improves aesthetics and enhances safety and energy efficiency. Such projects can provide substantial benefits in filling a vacant rental property.
Upgrading properties can be expensive and take a lot of time. Despite the costs, these upgrades are key to the long-term success of your rental property investment in Fort Worth. Planning and budgeting for ongoing improvements help keep your rental property competitive and valuable.
To create a rental property that will attract both renters and buyers, call Real Property Management Oasis at 817-581-1574 or contact us online. Our property managers in Fort Worth can assess your property’s condition and recommend cost-effective solutions.
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