So which renovations add the most value to your Winter Park rental property?
There are many different advantages to renovate a rental property. 
As investment properties evolve, continuous development is required to retain value, together with to attract quality tenants. However, not all renovations deserve your hard-earned cash. Since certain repairs can be expensive, it is crucial to be aware of which kind of repairs will contribute to the large portion of your property’s value. By concentrating on the renovations that add value, you can ensure that all of your investment dollars are working well to achieve your long-term success.
When choosing renovations for a Winter Park rental home, one of the first things to focus on is the quality that will maximize a property’s curb appeal. First impressions are important and can be the selection between attracting quality tenants and struggling to rent your property. As far as industry experts are concerned, two of the most significant renovations to lift the value of 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. However, statistics say that having nice doors will bring back at least the little percentage of cash you’ve paid for the improvement. There are other compelling reasons to give your rental property an extraordinary entry door and garage door, including ensuring safety and reducing utility bills. But the real payoff comes when your renovated doors help you attract and retain quality tenants.
Together with attractive exterior doors, the outer place of the rental property is another significant spot for assigning your renovation dollars. Old or damaged vinyl siding may be the way to lower your property’s curb appeal, and also 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 beautiful design 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 extend the life of your property, but you can also use the fresh, new look of your rental house to get the tenant’s interest and maximize your rental rate.
Your rental property’s interior will definitely need renovating also. And as most industry experts would tell you, the most cost-effective improvement you can accomplish is to apply 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 deliver for higher property values is to update the kitchen. It’s common knowledge that the kitchen is considered the heart of a home. Therefore, an old, outdated kitchen appears to drag down property values and appeal. Although the kitchen does not need to be fully dismantled and build costly materials, 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, do not abandon your cabinet hardware, faucet, and fixtures. By choosing the latest mid-range materials, you can build a beautiful kitchen area that will add measurable value to your investment property.
When you think about seriously on the future of your rental properties, having renovations and improvements program is a good idea. Even rental homes in good condition need to have renovated sooner or later, so you need to start planning your timeline today. When your property’s updates are late, there’s no time like the present to invest in some minor changes that can have a drastic impact on the property’s value and curb appeal.
To get some information about your Winter Park rental property’s value, contact Real Property Management Vanguard now to acquire more data at 407-681-7802 or contact us online.
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