If you are just like nearly all investors, you already are informed that improving your San Diego rental properties is an integral measure to bring in fine quality tenants. At the same time, regular property improvements are also the key to adding value to your investment. The essential thing to find out about home improvements is that some add more value to a property than others. For San Diego property managers, being informed of which improvements present the best return on investment is principal to your business’s long-term success and profitability. Here are just some of the top renovations that industry experts say will present the best return for the cost.
Garage Door: If your rental property has a garage, one of the easiest and most cost-effective ways to add value and increase curb appeal is to replace or upgrade the garage door. It’s not needed to go for the pricey options on your new garage door to get this benefit, either. Even a common garage door of good quality will oftentimes contribute a high return on your investment and significantly improve the look of your property. Pro tip: Pair your new garage door with a smart opener to heighten even more tenant appeal and desirability.
Stone Veneers: Speaking of curb appeal, updating your rental home’s exterior is indeed on the top of the list of really affordable updates that offer big returns. In the majority of cases, the upgrade that will add the most value to your property is manufactured stone veneers. According to a 2021 Bankrate report, replacing vinyl siding with stone veneer around an entryway, pillars, or the lower third of your property’s front-facing exterior walls helped sellers to recoup a lot of the cost of installing it. Deciding on this upgrade before you decide to sell may hold an even bigger profit potential, making your rental home more marketable and allowing you to charge a higher monthly rent.
Kitchen Remodel: For your rental property’s interior, the best upgrade that will maximize your property’s value is remodeling the kitchen. People love their kitchens, and tenants are no exception! In the latest nationwide survey, nearly all home sellers recommended that kitchen updates offered the best return on investment (ROI) for the money spent. With that said, that doesn’t certainly mean you need to re-do the entire kitchen to see your property values’ growth. Rather, minor updates, such as refacing cabinets, replacing appliances, or adding a new countertop, sink, or faucet, can freshen up your property’s interior without breaking your budget.
Updated Bathrooms: The same is true for bathrooms, where unless your property’s facilities are unusually dated or unattractive, even small renovations can result in delightful jumps in value. Consider covering old, worn tile tub and shower surrounds with a new fiberglass overlay. Set up a new vanity and mirror, or look into painting the room a fresh, light color. Replace worn vinyl flooring with tile for an even better upgrade. The long-term benefits of using tile are even greater since tile tends to last for decades without needing replacement and has a more upmarket and posh feel than laminate flooring, even while the price tag isn’t that much higher.
Small Updates: As you coordinate your rental property improvements, don’t forget the small upgrades that can make a major difference. As an illustration, simply replacing outdated light fixtures in strategic areas of the home can make the entire property look better. Secondly, adding appealing outdoor lighting, painting the front door a perfect new color, or replacing worn-out window blinds can all bestow high returns relative to the cost. The same goes for light switches and outlet covers, cabinet hardware, door knobs, and other small details. These small updates are inexpensive while unquestionably improving the look and feel of your rental property. Pro tip: Upgrade to a smart thermostat, smart locks, and other tech-friendly features to attract tenants immediately!
Devising the correct property improvements and upgrades is critical to your investment’s long-term rental success. By coordinating and putting these and other home improvements into your San Diego rental property’s operating budget, you can guarantee that your property stays competitive and continues to show dramatic increases in resale value.
Would you want more information about how to fashion a rental property that both renters and buyers will like? Give Real Property Management Realevate Specialists a call at 858-997-2100 or 951-461-0100 today. We can certainly help you evaluate your property’s current condition and provide cost-effective measures to see to it that your property stays competitive in rental and resale markets.
Originally published: March 12, 2021
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