So which renovations add the most value to your Lee’s Summit rental property?
There are numerous good reasons why there is a need for renovation a rental property. As investment properties age, they need periodic 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 busy working for your long-term success.
When choosing renovations for a Lee’s Summit rental home, one of the first things to focus on are features that will enhance a property’s curb appeal. First impressions are relevant and can spell the difference between attracting quality tenants and struggling to rent your property. This is because the first impression sets the stage for how a potential tenant is going to view the house as a whole. If the outside looks well-kept, that goes a long way in communicating to them that the whole house has been given the same level of care. In other words, the curb appeal of a house sets the tone of the entire visit, even to the point of being more forgiving when they see something they don’t like with the interior of the house. It is to this end that industry experts suggest that 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 lots of good reasons to give your rental property a good quality entry door and garage door, including improved security and lower utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Along with attractive exterior doors, the exterior of the rental property is one more important area to capitalize on your renovation dollars. Old or damaged vinyl siding can bring down your property’s curb appeal, as well as 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. Although 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 use the fresh, new look of your rental house to draw in tenants and maximize your rental rate too.
Since your rental property’s interior is important, it will likely 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.
Following your freshly painted walls, the best renovation you can make 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 the reason why an old, outdated kitchen tends to drag down property values and appeal. On top of it all, it is not absolutely necessary to completely strip the kitchen and install high-end 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. Updating your cabinet hardware, faucet, and fixtures are also necessary. Don’t forget! By picking quality, mid-range products, you can make a beautiful kitchen area that will add measurable value to your investment property.
When preparing the future of your rental properties, it’s a good idea to provide for a plan when it comes to renovations and improvements. In fact, even rental homes in good condition will one day need to be renovated, so it makes sense to start laying out your timeframe sooner rather than later. 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 discover more about your Lee’s Summit rental property’s value, contact Real Property Management Consultants now for more details at 816-207-0750 or contact us online. Be sure to ask us about our FREE market assessments.
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