Various investors are aware that improving your Utah County rental properties is a salient strategy to keep them attracting tenants. Still, property improvements are moreover the central key to adding value to your investment. The most necessary thing to perceive with respect to home improvements is that some add more value to a property than others. For rental property owners, being aware of which improvements extend the best return on investment is imperative to your business’s long-term favorable outcome and profitability.
Kitchen: Whenever you’re planning to improve or renovate your rental property, the first thing on the list you should seriously take into account is the construction costs versus the expected gain in property value. In a recent nationwide survey, a lot of home sellers indicated that kitchen updates give the best return on investment (ROI) for the money spent. Though that doesn’t mean you should totally re-do the entire kitchen to help your property values lift and increase. But instead, minor updates, in particular refacing cabinets, replacing appliances, or putting a new countertop, sink, or faucet, can upgrade your property’s interior without breaking your budget.
Bathroom: The same thing applies for bathrooms, where unless your property’s facilities are terribly dated or unsightly, even small renovations can accomplish great jumps in value. Take into account covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Put a new vanity and mirror, or consider painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even bigger upgrade. The long-term benefits of utilizing tile are even greater owing to the fact tile tends to last for decades without needing replacement and has a much more upscale feel than laminate flooring, even if the price tag isn’t that much higher.
Stone Veneers: Side by side with interior improvements, don’t ever forget your property’s curb appeal. First impressions are imperative for both a successful rental property and resell. But really, think of executing further updates to your property’s exterior. Included in the upgrades that extend the best return on investment is having a manufactured stone veneer to portions of your property’s front exterior. As pointed out in a 2020 report, replacing vinyl siding with stone veneer around an entryway, pillars, or lower third of your property’s front-facing exterior walls helped sellers recoup most or all of the cost of installing it. Doing this upgrade before you plan to sell may create even greater profit potential, making your Utah County rental home more marketable and letting you charge a higher monthly rent.
Doors and Windows: Here are some other areas that give the highest return on your remodeling dollars: garage doors and windows. If your rental property has a garage, it’s the right idea to replace the door just in case it starts to look worn or damaged. A new garage door is a relatively inexpensive update, though it bestows one of the largest increases in a property’s resale value, like stone veneers. The same thing applies to replacing old windows with new vinyl windows. New windows can not only grant instant aesthetic improvements but as a matter of fact, they are also definitely safer and make your property significantly more energy-efficient. With all these brilliant benefits, replacing old windows is one home improvement that will cause some of the best returns on investment if you’re likely to sell the property.
Property improvements and upgrades can be expensive and time-consuming. Nonetheless, they are essential to long-term rental property investing success. By establishing and putting regular home improvements into your Utah County rental property’s operating budget, you can make it a point that your property stays competitive and keep seeing exceptional increases in resale value.
Would you like more information about how to create a rental property that both renters and buyers will want? Stop hesitating and give Real Property Management Utah County a call at 801-889-1517 to speak with a Utah County property manager today. We can help you evaluate your property’s current condition and suggest budget-friendly ways to ensure that your property stays competitive in rental and resale markets.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.