Three High-Value Upgrades for your Rental Home | Property Management

Upgrades For Your Rental Home?

If you have a rental property, you may be like some of our professional property management clients: you want to rent your property while it appreciates in value so you can sell it down the road and lock in profits. If that’s the case, adding value to your home through home upgrades is a wise choice. You can make your rental property more attractive to tenants, command higher rents, and get more money for your property when you go to sell, all in one fell swoop. Here are three best value upgrades for your rental property. Replacement Projects One of the easiest ways to add value to your home is to replace key portions of the home. Replacement projects don’t have to be anything major. Simply replacing doors, windows, siding, and fixtures can make your home look brand-new and more appealing to a potential tenant or to a buyer. This is especially true if you can find energy-efficient versions of doors and windows, or more durable siding that also looks attractive. New siding in particular can pay off; on average, homeowners recouped 92.8 percent of the cost according to one study. Kitchen Remodeling You can also remodel a kitchen. Kitchens are high-visibility rooms that almost any buyer wants to see. It can be a make-or-break deal. A renovation of the kitchen, including revamping appliances and counter-tops, can recoup as much as 92.9 percent of the cost, according to a study. Kitchen remodels add value because people want great-looking kitchens with plenty of usability. It’s not just about what your kitchen looks like; it’s also about what it can do, and that typically means having solid appliances. Bathroom Remodeling Finally, remodeling a bathroom – or even going as far as adding a bathroom – can pay off in a big way. Bathroom remodels consistently provide great return on investment. People look to bathrooms as well as kitchens to determine if a home has serious value or not. A great-looking and comfortable bathroom, with plush amenities, can go a long way in making your home look great. This is especially crucial if your home has one fewer bathroom than most homes in the neighborhood. If you have one bathroom and the norm is two, you might want to consider adding another bathroom to the home. Contact us for more property management advice about getting the most from your investment.