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Not All Renovations are Created Equal

So which renovations add the most value to your Lake Wales rental property?

A Newly Renovated Kitchen with a Modern AestheticEverybody knows that there are plenty of good reasons to renovate a rental property. It can range from simply increasing the comfort of the inhabitants, upgrading its function, increasing its efficiency, or simply updating the style. For whatever reason, as investment properties age, they would require intermittent updates to retain value, not to mention to attract quality tenants. However, not all renovations are worth the price. Since many repairs can be costly, it is essential to understand which fixes will benefit your property’s value the most. 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 Lake Wales rental home, one of the first things to focus on are highlights that will boost a property’s curb appeal. Why is curb appeal so important? One major reason is that potential tenants already start forming an opinion of the rental home as soon as they drive up to it. If the outside leaves a great deal to be desired, no interior might be enough to make up for it. One way to think about it is that curb appeal sets the tone for the entire walk-through of the property. If you fail to give that great first impression, it could impact how the potential tenant views the minor inconveniences inside the house. This first impression is significant and can be the factor that tips the scales between attracting quality tenants and struggling to rent your property. It is with this in mind that, 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. Yet, statistics indicate that having nice doors can add back the sum you paid for the improvement, maybe even more. There are other 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.

Together with attractive exterior doors, the exterior of the rental property is another important place to devote your renovation dollars. Old or damaged vinyl siding can topple your property’s curb appeal, including 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 elegant appearance of stone veneers can significantly increase your property values. While changing old vinyl siding may cost you a bit upfront, the benefits of doing so are wide-ranging. Not only will you be able to extend the life of your property, but you can also utilize the fresh, new look of your rental house to draw in tenants and maximize your rental rate as well.

Your rental property’s interior will probably need renovating as well. As most industry experts will say, the most cost-effective improvement you can do 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.

After you have freshly painted the walls, the best renovation you can do 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 the reason why an old, outdated kitchen tends to drag down property values and appeal. Meanwhile, you aren’t required to completely gut 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, ensure that you change your cabinet hardware, faucet, and fixtures. By choosing quality, mid-range products, you can produce a beautiful kitchen area that will add measurable value to your investment property.

When planning the future of your rental properties, it’s a smart idea to take in a plan for renovations and improvements. Also, rental homes in good condition will have renovated eventually, so it makes sense to start planning your timeframe soon. In case your property’s refurbish is overdue, there’s no time like the present to invest in a few basic improvements that can have a major effect on your property’s value and curb appeal.

To learn more about your Lake Wales rental property’s value, contact Real Property Management Lakeside today for more information at 863-302-8752 or contact us online. Don’t hesitate to ask us about our FREE market assessments.

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