Most investors recognize that enhancing their Manhattan Beach rental properties is essential for attracting tenants. These upgrades also contribute to the growth in the value of their investment.
Some property enhancements can markedly raise its value. It’s essential for rental property owners to identify which improvements deliver the best ROI for enduring success and profitability.
Kitchen
When thinking about renovations for your rental property, start by balancing the construction costs with the expected increase in value. A recent survey across the nation revealed that most home sellers consider kitchen updates to have the highest ROI.
Nevertheless, this doesn’t require a total kitchen renovation to improve your property values. Minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can revitalize your property’s interior without breaking the budget. This empowers you to carry out meaningful upgrades without financial strain.
Bathroom
Bathrooms follow the same rule, where minor upgrades can substantially boost value if your property’s amenities aren’t outdated or unattractive. Think about updating old, worn tile tub and shower surrounds with a new fiberglass overlay. Put in a new vanity and mirror, or contemplate painting the room in a fresh, light color. Replace old vinyl flooring with tile to achieve an even better upgrade.
Tile offers substantial long-term benefits, lasting for decades without needing replacement and providing a more upscale feel than laminate flooring, without much higher cost. This guarantees that your investment will remain durable.
Stone Veneers
When renting a property, making a great first impression is essential. So, why not refresh the exterior of your property? One excellent upgrade is installing manufactured stone veneer on the front exterior of your property. Not only does it update your property’s look, but it also yields a great return on investment by increasing tenant desirability.
According to a cost vs. value analysis, replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior walls helped sellers recoup nearly all of their installation costs. Upgrading prior to selling can enhance profits by increasing your rental home’s marketability and permitting higher rents.
Doors and Windows
Focusing on particular remodeling areas can maximize your investment returns. Two key areas include garage doors and windows. If you own a rental with a garage, consider replacing the door when it becomes worn.
Replacing the garage door may seem minor, but it can significantly enhance your property’s value, like stone veneers. Similarly, replacing old windows with vinyl ones enhances aesthetics, safety, and energy efficiency. Such home improvements can significantly help fill a vacant rental property.
Investing in property upgrades can be expensive and time-consuming. Despite the costs, these upgrades are key to the long-term success of your rental property investment in Manhattan Beach. Planning and budgeting for ongoing improvements help keep your rental property competitive and valuable.
To create a rental property that will attract both renters and buyers, call Real Property Management California Coast at 310-535-2150 or contact us online. Property managers in Manhattan Beach can help evaluate and suggest economical solutions to keep your property competitive.
Originally published: July 8, 2022
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