So which renovations add the most value to your Marlborough rental property?
There are various compelling arguments and reasons to renovate a rental property. As investment properties age and really mature, they actually need to have regular renovations to retain value, if they are to keep attracting quality tenants. But, as a matter of fact, not all renovations are worth the cost and effort. In view of the fact that many repairs can be quite costly, it is significant to figure out which distinct ones will tack on the most to your property’s value. By highlighting and focusing on the renovations that add value, you can really ensure that all of your investment dollars are working really hard for your long-term success.
Whenever you are choosing renovations for a Marlborough rental home, one of the very first things to focus on are elements that will boost a property’s curb appeal. First impressions mean a lot and can be the real difference between attracting quality tenants and struggling to rent your property. As said by industry experts, two of the best renovations to enhance 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 reveal that having nice doors can add back, at the very least, the amount of money you paid for the improvement, might be more. There are several other very good reasons to provide your rental property with an excellent quality entry door and garage door, including among others, strengthened security and decreased utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Besides attractive exterior doors, the outside of the rental property is another critical place to invest and utilize your renovation dollars. Old or damaged vinyl siding can reduce your property’s curb appeal, more so 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-quality look of stone veneers can significantly increase your property values. Despite the fact that replacing these old vinyl siding may cost you a bit upfront, the benefits of doing so are wide-ranging. You will not just extend the life of your property, but you can also make use of the fresh, new look of your rental home to captivate tenants and maximize your rental rate.
Your rental property’s interior may require a renovation as well. And like the majority of industry experts will let you know, the most cost-effective improvement you can execute 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.
So next to freshly painted walls, the best renovation you can actually 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 exactly why an old, outdated kitchen shows a tendency to drag down property values and appeal. On another note, you don’t need to entirely destroy the kitchen and install premium 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. In addition, bear in mind to refurbish your cabinet hardware, faucet, and fixtures. By selecting quality, mid-range products, you can build a beautiful kitchen area that will surely add measurable value to your investment property.
When planning out and preparing for the future of your rental properties, it’s an excellent idea to add in a plan for renovations and improvements. Even rental homes in good condition will have to be renovated at one point, so it would be reasonable to really start designing your timeframe right now. If, just in case, your property’s updates are way past due, there’s no perfect time like the present to invest in a handful of straightforward renovations that can have a major influence on your property’s value and curb appeal.
To find out more about your Marlborough rental property’s value, contact Real Property Management Metro West-Worcester today for more helpful information at 508-329-6000 or contact us online. Be certain to inquire about our FREE market assessments.
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