Most investors know that renovating their San Antonio rental properties is important for tenant attraction. Moreover, these enhancements act as a pathway to increasing the investment’s value.
Certain improvements can significantly elevate a 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. Most home sellers in a recent nationwide survey agreed that kitchen updates deliver the best ROI for the money.
This doesn’t imply that a complete kitchen overhaul is necessary to boost 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 allows you to make major improvements without spending too much.
Bathroom
This same principle applies to bathrooms; even small updates can significantly increase value if your facilities are modern and appealing. You might want to replace old, worn tile tub and shower surrounds with a new fiberglass overlay. Add a new vanity and mirror, or consider repainting the room in a fresh, light color. Replace old vinyl flooring with tile to achieve an even better upgrade.
The long-term benefits of tile are even more notable, as it lasts for decades without needing replacement and offers a more upscale feel than laminate flooring, with only a modest increase in cost. This guarantees that your investment will remain durable.
Stone Veneers
First impressions play a key role in renting a property. Therefore, why not enhance the exterior of your property? One excellent upgrade is installing manufactured stone veneer on the front exterior of your property. It will not only enhance your property’s appearance but also deliver a solid return on investment as tenants find it more appealing.
A cost vs. value analysis showed that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of your front exterior helped sellers recoup nearly all installation costs. By upgrading before selling, you can increase profits by making your rental home more appealing and commanding higher rents.
Doors and Windows
Targeted remodeling can lead to the greatest return on your investment. Examples include garage doors and windows. If you own a rental with a garage, consider replacing the door when it becomes worn.
Though it appears small, a new garage door can significantly boost your property’s value, like stone veneers. Updating old windows to new vinyl windows immediately enhances aesthetics, safety, and energy efficiency. Such projects can provide substantial benefits in filling a vacant rental property.
Investing in property upgrades can require both time and money. Even so, these upgrades are crucial for the long-term success of your rental property investment in San Antonio. 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 First Class at 210-444-2070 or contact us online. Our property managers in San Antonio can evaluate your property and recommend cost-effective strategies.
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