Many investors understand that making improvements to their Beverly Hills rental properties is necessary to keep them appealing to tenants. Additionally, these upgrades can significantly boost the value of their investment.
Specific home upgrades can substantially boost the value of a property. It’s essential for rental property owners to identify which improvements deliver the best ROI for enduring success and profitability.
Kitchen
When planning renovations for your rental property, begin by comparing the construction costs to the potential increase in property value. In a recent survey conducted nationwide, the majority of home sellers agreed that kitchen updates offer the best ROI for the money spent.
However, this doesn’t mean you need to fully remodel the kitchen to increase your property values. Rather than a full remodel, minor updates like refacing cabinets, replacing appliances, or installing a new countertop, sink, or faucet can rejuvenate your property’s interior affordably. This gives you the ability to make important improvements without overspending.
Bathroom
The same applies to bathrooms, where even small improvements can cause substantial value increases if your facilities are modern and appealing. Think about upgrading old, worn tile tub and shower surrounds with a new fiberglass overlay. Add a new vanity and mirror, or think about giving the room a fresh, light paint job. Exchange worn vinyl flooring for tile to enhance the upgrade.
The long-term advantages of using tile are even greater because it lasts for decades without needing replacement and feels more upscale than laminate flooring, despite a similar cost. This ensures that your investment will last.
Stone Veneers
The first impression is vital in renting a property. Thus, why not upgrade the exterior of your property as well? An outstanding upgrade is applying manufactured stone veneer to the front exterior of your property. This upgrade not only revitalizes your property’s appearance but also boosts its appeal to tenants, providing a good return on investment.
A cost vs. value analysis found that replacing vinyl siding with stone veneer around entryways, pillars, or the lower third of the front exterior walls enabled sellers to recover nearly all installation costs. Making upgrades before selling can boost profits by making your rental property more marketable and enabling higher rents.
Doors and Windows
Remodeling certain areas can provide the highest return on investment. Two key areas include garage doors and windows. If your rental has a garage, consider replacing the garage door when it shows signs of wear.
Replacing the garage door may seem minor, but it can significantly enhance your property’s value, like stone veneers. Updating old windows to new vinyl windows immediately enhances aesthetics, safety, and energy efficiency. These improvements can make a big difference when trying to rent out a vacant property.
Property improvements and upgrades can be both costly and time-consuming. Nonetheless, these improvements are vital for the long-term success of your rental property investment in Beverly Hills. Planning and budgeting for ongoing improvements help keep your rental property competitive and valuable.
To create a rental property that will attract both renters and buyers, call Real Property Management Generations at 310-907-5646 or contact us online. Our property managers in Beverly Hills can assess your property’s condition and recommend cost-effective solutions.
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