So which renovations add the most value to your Fort Lauderdale rental property?
There are lots of excellent reasons to renovate a rental property. As investment properties age and mature, they need regular improvements to retain value if you want them to continue to attract quality tenants. But, in truth, not all renovations are worth the cost and resources. Considering that many repairs can be exorbitant, it is critical to recognize which specific ones will add the biggest increase to your property’s value. By focusing your attention on the renovations that add value, you can truly ensure that all of your investment dollars are hard at work for your long-term success.
Once you are choosing renovations for a Fort Lauderdale rental home, among the first things to focus on are components that will increase a property’s curb appeal. First impressions count a great deal and can make all the difference between attracting quality tenants and struggling to rent your property. As mentioned by industry experts, two of the best renovations to boost 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, in fact, statistics present that having nice doors can add back, at the barest minimum, the amount of the expense you paid for the improvement, probably more. There are many other excellent reasons to give your rental property a solid quality entry door and garage door, which includes reinforced security and lesser utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
In addition to attractive exterior doors, the outside of the rental property is one other significant place to invest and use your renovation dollars. Old or damaged vinyl siding can lower your property’s curb appeal, never mind 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. In fact, the top-of-the-line look of stone veneers can significantly increase your property values. Even while replacing those 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 you can also take advantage of the fresh, new look of your rental residence to magnetize tenants and maximize your rental rate.
Your rental property’s interior will presumably require renovating as well. And as many industry experts will remind you, the most cost-effective improvement you can ever 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 freshly painted walls, the best renovation you can also bring about for higher property values is to update the kitchen. It’s common knowledge that the kitchen is considered the heart of a home. It is for this reason that an old, outdated kitchen usually tends to drag down property values and appeal. Be that as it may, it is not really necessary to wholly tear down the kitchen and install high-quality 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. Also, remember to bring your cabinet hardware, faucet, and fixtures up-to-date. By opting for quality, mid-range products, you can help construct a beautiful kitchen area that will definitely add measurable value to your investment property.
When designing and planning out the future of your rental properties, it’s a very good idea to also make a plan for renovations and improvements. Even rental homes in good condition must be renovated sooner or later, so it would be logical to begin setting down your timeframe right away. If, on the off chance, your property’s updates are overdue, the best time is now to invest in some uncomplicated renovations that can, indeed, have a considerable effect on your property’s value and curb appeal.
To understand more about your Fort Lauderdale rental property’s value, contact Real Property Management Sunshine today for more useful information at 305-930-7867 or contact us online. Remember to request our FREE market assessments.
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