So which renovations add the most value to your Kennesaw rental property?
There are numerous good justifications as to why there is a need to renovate a rental property. As investment properties age, they need periodic updates to retain value, not to mention to attract quality tenants. Be that as it may, not all renovations merit the cost. Because many repairs can be expensive, it is essential to know which ones will add the most to your property’s value. By centering on the renovations that add value, you can ensure that all of your investment dollars are working well for your long-term success.
When choosing renovations for a Kennesaw 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. According to industry experts, two of the 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 other 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.
Alongside attractive exterior doors, the outside of the rental property is another significant place to invest your renovation dollars. Old or damaged vinyl siding can bring down your property’s curb appeal, not to mention 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. While substituting 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 utilize the fresh, new look of your rental house to draw in tenants and maximize your rental rate.
Your rental property’s interior will probably need renovating too. And as 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.
Next to 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. This is why an old, outdated kitchen tends to drag down property values and appeal. On top of it all, it is not necessary to completely strip down 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. Also, don’t forget to update your cabinet hardware, faucet, and fixtures. 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 include a plan for renovations and improvements. Even rental homes in good condition will need to be renovated at some point, so it makes sense to start laying out your timeframe now. If your property’s updates are past due, there’s no time like the present to invest in a few simple renovations that can have a significant impact on your property’s value and curb appeal.
To learn more about your Kennesaw rental property’s value, contact Real Property Management East Cobb today for more information at 770-622-5657 or contact us online. Be sure to ask us about our FREE market assessments.
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