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Which Renovations Give You the Best Return On Investment?

Contemporary Blue Kitchen with Renovated Windows, Cabinets, and CountertopsMost investors grasp full well that improving your South Jordan rental properties is a relevant measure to keep them attracting tenants. Still, property improvements are a key component to adding value to your investment. The most necessary thing to recognize concerning home improvements is that some add more value to a property than others. For rental property owners, understanding which improvements bestow the best return on investment is necessary for your business’s long-term success and profitability.

Kitchen: Once you’re planning to improve or renovate your rental property, the highest priority you should look into is the construction costs versus the expected gain in property value. In a recent nationwide survey, many home sellers indicated that kitchen updates provided the best return on investment (ROI) for the money spent. But on the flip side, that doesn’t mean you have to completely re-do the entire kitchen to really see your property values grow. In contrast, minor updates, for example refacing cabinets, replacing appliances, or making use of a new countertop, sink, or faucet can revitalize your property’s interior without breaking your budget.

Bathroom: The same shall apply for bathrooms, where unless your property’s facilities are awfully dated or unsightly, even small renovations can induce amazing jumps in value. Try covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Install a new vanity and mirror, or consider painting the room a fresh, light color. Replace worn vinyl flooring with tile for a still bigger upgrade. The long-term benefits of making use of tile are even greater on the account that tile tends to last for decades without needing replacement and has quite a lot of upscale feel than laminate flooring, despite the fact the price tag isn’t that much higher.

Stone Veneers: In keeping with interior improvements, take into consideration your property’s curb appeal. First impressions are necessary for both a successful rental property and resell. Consequently, making additional updates to your property’s exterior. Among the upgrades that bestow the best return on investment are attaching manufactured stone veneers to parts of your property’s front exterior. As determined 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 nearly all of the cost of installing it. Having this upgrade before you plan to sell may give even greater profit potential, making your South Jordan rental home more marketable and aiding you to charge a higher monthly rent.

Doors and Windows: Other areas that endow the highest return on your remodeling dollars: garage doors and windows. If your rental property has a garage, it’s an excellent idea to produce a plan to replace the door if it starts to look worn or damaged. A new garage door is a relatively inexpensive update, notwithstanding it presents one of the largest increases in a property’s resale value, like stone veneers. The same shall apply to replacing old windows with new vinyl windows. New windows can not only extend instant aesthetic improvements, however, but they are also likewise safer and make your property far more energy-efficient. With all these good benefits, replacing old windows is one home improvement that will effectuate some of the best returns on investment when you’re apt to sell the property.

Property improvements and upgrades could indeed be expensive and time-consuming. Although they are essential to long-term rental property investing success. By developing and putting regular home improvements into your South Jordan rental property’s operating budget, you can always make sure that your property stays competitive and you keep on seeing real increases in resale value.

Would you like more information about how to create a rental property that both renters and buyers will want? Act now and give Real Property Management Wasatch a call at 801-889-1517 to speak with a South Jordan 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.

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