If you are pretty much the same as most investors, you already comprehend that improving your Utah County rental properties is a great technique for drawing in quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The imperative thing to ascertain in reference to home improvements is that some add more value to a property than others. For Utah County property managers, learning which improvements extend the best return on investment is important to your business’s long-term success and profitability. Here are just a small number of the top renovations that industry experts say will extend the best return for the cost.
Garage Door: If your rental property has a garage, one of the easiest and most cost-effective ways to add value and increase curb appeal is to replace or upgrade the garage door. It’s not a requirement to go really expensive on your new garage door to get this benefit, either. Even a common garage door of good quality will oftentimes offer a high return on your investment and significantly improve the look of your property. Pro tip: Pair your new garage door with a smart opener to provide even more tenant appeal and delight.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is therefore on the top of the list of pretty reasonable updates that offer big returns. Most of the time, the upgrade that will add the most value to your property is manufactured stone veneers. According to a 2021 Bankrate report, replacing vinyl siding with stone veneer around an entryway, pillars, or the lower third of your property’s front-facing exterior walls certainly helped sellers to recoup a whole lot of the cost of installing it. Considering this upgrade before you opt to sell may hold even increased profit potential, making your rental home more marketable and allowing you to charge a higher monthly rent.
Kitchen Remodel: For your rental property’s interior, the principal upgrade that will surely maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In a recently done nationwide survey, a great number of home sellers proposed that kitchen updates offered the best return on investment (ROI) for the money spent. Yet, that doesn’t mean you need to re-do the entire kitchen to ascertain your property values rise. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can easily freshen up your property’s interior without breaking your budget.
Updated Bathrooms: The same is true for bathrooms, where unless your property’s facilities are unusually dated or repulsive, even small renovations can induce enticing jumps in value. Take into consideration covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Situate a new vanity and mirror, or take into consideration painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even better upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a more luxurious feel than laminate flooring, even if the price tag isn’t that much higher.
Small Updates: As you plan and implement your rental property improvements, don’t disregard the small upgrades that can make a significant difference. For example, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Supplementarily, adding plenty of appealing outdoor lighting, painting the front door an incredible new color, or replacing worn-out window blinds can all grant high returns relative to the cost. The same goes for light switches and outlet covers, cabinet hardware, door knobs, and other small details. These small updates are economical while inherently improving the look and feel of your rental property. Pro tip: Upgrade to a smart thermostat, smart locks, and other tech-friendly features to attract tenants straight away!
Designing the right property improvements and upgrades is crucial to your investment’s long-term rental success. By proposing and putting these and other home improvements into your Utah County rental property’s operating budget, you can safeguard that your property stays competitive and continues to achieve the greatest increases in resale value.
Would you want more relevant information about how to develop a rental property that both renters and buyers will truly want? Give Real Property Management Utah County a call at 801-224-0033 today. We can indeed help you evaluate your property’s current condition and prescribe reasonably priced techniques to make sure that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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