So which renovations add the most value to your Newburgh rental property?
Everybody knows that there are plenty of good reasons to renovate a rental property. As investment properties age, they need periodic updates to retain value, as well as to attract quality tenants. However, not all renovations are worth the cost. Because many repairs can be quite costly, it is important to know which ones will add the most to your property’s value. By concentrating on the renovations that add value, you can ensure that all of your investment dollars are hard at work for your long-term success.
When choosing renovations for a Newburgh rental home, one of the first things to focus on are features that will improve a property’s curb appeal. First impressions matter and can be the difference between attracting quality tenants and struggling to rent your property. According to industry experts, two of the best renovations to add value to your rental home are the property’s front door and the garage door, if it has one.
Replacing or refinishing a door is a relatively inexpensive renovation. But statistics indicate that having nice doors can add back at least the amount you paid for the improvement, if not more. There are further great reasons to give your rental property a good quality entry door and garage door, including improved security and lower utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Along with attractive exterior doors, the exterior of the rental property is one more important place to capitalize on your renovation dollars. Old or damaged vinyl siding can bring down your property’s curb appeal, not to mention your property values. Another relatively inexpensive upgrade is to replace some or all of your rental home’s siding with manufactured stone veneer.
Stone veneers are lightweight and cost a fraction of the price of real stone. But the high-end look of stone veneers can significantly increase your property values. While substituting old vinyl siding may cost you a bit upfront, the benefits of doing so are wide-ranging. Not only will you extend the life of your property, but you can also use the fresh, new look of your rental house to entice tenants and maximize your rental rate.
Your rental property’s interior will possibly need renovating as well. And as most industry experts will tell you, the most cost-effective improvement you can make is to give your property’s interior walls a fresh coat of paint. Painting between each tenant is an important strategy to help avoid vacancies. But even if you have a long-term tenant, it is still important to keep your property values high with regular updates.
Next to freshly painted walls, the best renovation you can make for higher property values is to update the kitchen. It’s common knowledge that the kitchen is considered the heart of a home. This is why an old, outdated kitchen tends to drag down property values and appeal. At the same time, it is not compulsory to strip the kitchen and install high-end elements. A lower-cost renovation can still have a big impact.
Simply refacing cabinet doors, replacing older appliances with new, energy-efficient models, and updating the countertops can have a significant impact on your property values. Also, don’t forget to update your cabinet hardware, faucet, and fixtures. By choosing quality, mid-range products, you can create a beautiful kitchen area that will add measurable value to your investment property.
When making plans for the future of your rental properties, it’s a good idea to include a plan for renovations and improvements. Even rental homes in good condition will need to be renovated at some point, so it makes sense to start laying out your timeframe now. If your property’s updates are past due, there’s no time like the present to invest in a few simple renovations that can have a significant impact on your property’s value and curb appeal.
To learn more about your Newburgh rental property’s value, contact Real Property Management Results today for more information at 812-461-1676 or contact us online. Be sure to ask us about our FREE market assessments.
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