Owning a rental property, you’re certainly familiar with the main goal: earning a profit. But honestly, it’s more straightforward in theory than in practice. Possessing a single-family rental property entails numerous expenses, which can surpass your rental earnings if not managed carefully.
Undoubtedly, you wish to maintain your property excellently and boost its value, yet this need not be excessively costly. It’s crucial to prioritize investments and choose property improvements that offer substantial value without a significant expense. Let’s examine a few of the most wallet-friendly remodeling endeavors that significantly raise your property’s value.
Tile Backsplash
Putting in a tile backsplash is the top and simplest method to refresh your kitchen’s appearance. It’s affordable and introduces an element of elegance to your area.
With a wide variety of tile designs on offer, finding one that fits your kitchen’s style perfectly is guaranteed. Also, installing it is easy, so you can begin appreciating your new backsplash quickly.
Kitchen Updates
Landlords often find that tenants prioritize an upgraded kitchen. Yet, remodeling a kitchen fully can be costly and time-intensive. The budget-friendly alternative involves upgrading kitchen features as they wear out or seem outdated.
One option is to update old electrical outlets and lighting, reface the cabinets, or install new countertops. Minor updates like new faucets and cabinet hardware can greatly enhance this vital space.
Exterior Lights
Add new exterior lighting to increase the charm of your property’s patio or deck. A simple upgrade like this can transform your outdoor area into an inviting and cozy space that tenants will enjoy. A well-lit and pleasant outdoor area can enhance your property’s value and appeal to renters, particularly those who like being outdoors. Investing in high-quality outdoor lighting can create a welcoming space where tenants can relax, socialize, and enjoy themselves.
Attic Insulation
Attic insulation is an effective method to improve your property’s energy efficiency and enhance its market value. Insulation helps prevent heat loss through the roof and maintains stable indoor temperatures, ensuring your property stays cool in summer and warm in winter.
This update can decrease utility costs for tenants, offering a cost-efficient and appealing enhancement for advertisements and a sensible option for any property owner.
New Doors
Minor exterior upgrades can significantly enhance your home’s curb appeal and add to its overall value. Upgrading to a new front door or garage door, or even both, is a cost-efficient strategy to achieve this effect.
High-quality doors featuring attractive architectural designs can elevate your property’s aesthetics and a durable steel door enhances security and privacy. These enhancements can boost your return on investment while making your home visually more appealing.
Stone Veneer
Using stone veneer is an economical method to customize your rental property’s appearance affordably. There’s no need to cover the entire front exterior to raise the property’s value. Consider making changes to just the lower part of the front exterior, or focus on the entryway and pillars.
Stone veneer’s appeal lies in the significant impact small changes can have on the property’s appearance. This improvement is a worthwhile investment that truly embodies the phrase, “a little goes a long way.”
Bathroom Updates
For an easy and cost-effective bathroom makeover, replace older features like the vanity, shower, lighting, mirrors, or faucets. This can dramatically transform your bathroom, giving it a fresh, modern appearance.
Plus, bathrooms have the second-highest return on investment for small updates, just after kitchens. Even with a limited budget, significant improvements can be made by refreshing the most dated aspects or incorporating stylish new wall colors.
Finished Basement
If you have spare funds and an unfinished basement, think about completing it. By finishing the basement, you can significantly enhance your property’s value and raise the rent you charge. Some planning is required, but finishing your rental home can start bringing in the profits and added value you envision.
Would you like to maximize your rental income and increase your property’s value? Real Property Management Main has the expertise to guide you in the Beverly Hills market and nearby. Contact us online or call 248-852-6204 to explore how we aid investors like you in growing their property values.
Originally Published on January 21, 2022
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