Many investors realize that improving Utah County rental properties is vital to maintaining tenant interest. These upgrades also contribute to the growth in the value of their investment.
Some property enhancements can markedly raise its value. It’s essential for rental property owners to identify which improvements deliver the best ROI for enduring success and profitability.
Kitchen
When planning renovations for your rental property, begin by comparing the construction costs to the potential increase in property value. According to a recent national survey, most home sellers agree that kitchen updates yield the best ROI for the money invested.
However, this doesn’t mean you need to fully remodel the kitchen to increase your property values. Instead, small updates like refacing cabinets, replacing appliances, or installing a new countertop, sink, or faucet can refresh your property’s interior without stretching your budget. This enables you to achieve significant upgrades without exceeding your budget.
Bathroom
Bathrooms follow the same rule, where minor upgrades can substantially boost value if your property’s amenities aren’t outdated or unattractive. You might want to replace old, worn tile tub and shower surrounds with a new fiberglass overlay. Add a new vanity and mirror, or think about giving the room a fresh, light paint job. Swap out worn vinyl flooring for tile for an even more impressive upgrade.
The long-term advantages of using tile are even greater because it lasts for decades without needing replacement and feels more upscale than laminate flooring, despite a similar cost. This ensures that your investment will last.
Stone Veneers
First impressions are crucial when renting out a property. Hence, why not improve the exterior of your property too? An outstanding upgrade is applying manufactured stone veneer to the front exterior of your property. It will not only refresh your property’s look but also offer a high return on investment by making it more attractive to tenants.
In a cost vs. value analysis, swapping vinyl siding for stone veneer around entryways, pillars, or the lower third of the front exterior allowed sellers to recover almost all installation expenses. Upgrading your rental home before selling can improve profits by making it more attractive and enabling you to charge higher rent.
Doors and Windows
Focusing on particular remodeling areas can maximize your investment returns. Garage doors and windows are prime examples. Plan to replace the garage door on your rental property when it becomes worn or damaged.
A new garage door, while seemingly small, can notably increase your property’s value, much like stone veneers. Similarly, replacing old windows with vinyl ones enhances aesthetics, safety, and energy efficiency. Home improvement projects like these can be very beneficial when filling a vacant rental.
Investing in property upgrades can be expensive and time-consuming. Despite the costs, these upgrades are key to the long-term success of your rental property investment in Utah County. Planning and budgeting for ongoing improvements help keep your rental property competitive and valuable.
To create a rental property that will attract both renters and buyers, call Real Property Management Utah County at 801-224-0033 or contact us online. Our property managers in Utah County can assess your property’s condition and recommend cost-effective solutions.
Originally published: July 8, 2022
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