Investors generally know that upgrading their Franklin rental properties is key to making them appealing to tenants. Furthermore, such improvements can lead to a higher investment value.
Particular home improvements can notably enhance the property’s value. Understanding which renovations provide the best ROI is crucial for rental property owners to secure long-term success and profitability.
Kitchen
As you consider renovating your rental property, first weigh the construction expenses against the projected increase in property value. In a recent survey conducted nationwide, the majority of home sellers agreed that kitchen updates offer the best ROI for the money spent.
That doesn’t mean you need a full kitchen overhaul to see an increase in property values. Instead, simple updates like refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet can refresh your property’s interior without a hefty budget. This lets you make substantial improvements without going over budget.
Bathroom
In bathrooms, the same rule applies: even minor renovations can greatly increase value as long as your facilities are up-to-date and pleasant to look at. Consider revamping old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or consider a fresh, light coat of paint for the room. Replace worn vinyl flooring with tile for a superior upgrade.
Tile’s long-term benefits are even more impressive since it lasts for decades without needing replacement and has a more upscale feel than laminate flooring, with only a slightly higher cost. This guarantees that your investment will remain durable.
Stone Veneers
When renting a property, making a great first impression is essential. Therefore, why not enhance the exterior of your property? Adding manufactured stone veneer to the front exterior is one of the best upgrades you can make. Not only does it update your property’s look, but it also yields a great return on investment by increasing tenant desirability.
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. Enhancing your property before selling can raise profits by making it more marketable and allowing for higher rent prices.
Doors and Windows
Remodeling specific parts of your home can offer the best returns. Examples include garage doors and windows. Plan to replace the garage door on your rental property when it becomes worn or damaged.
Replacing the garage door may seem minor, but it can significantly enhance your property’s value, like stone veneers. Likewise, swapping old windows for new vinyl ones improves looks, safety, and energy efficiency. These upgrades can greatly aid in filling a vacant rental property.
Property improvements often demand significant time and money. However, these improvements are important for the lasting success of your rental property investment in Franklin. Regularly planning and budgeting for home improvements keeps your rental property competitive and growing in value.
To create a rental property that will attract both renters and buyers, call Real Property Management Full Service at 615-467-6281 or contact us online. Our property managers in Franklin can evaluate your property and recommend cost-effective strategies.
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