Which Home Renovations Give You the Best ROI?

As a rental property owner, you know the need to conduct routine maintenance and renovations to maximize your…

As a rental property owner, you know the need to conduct routine maintenance and renovations to maximize your return on investment (ROI). 3 Options Realty is a reputable property management company that recommends regular property improvements to add value to the right places for optimal profits. While some property owners opt to tackle property maintenance on their own, if you lack experience and knowledge in property improvement, you risk renovating areas that don't have as much impact on the overall value of your premises.

Leverage our property managers' extensive industry knowledge and expertise to focus your renovation efforts in areas that offer the best return on investment. The following renovations are pivotal to the long-term success of your venture. Here are some renovations recommended by industry experts to optimize profits on your rental property.

Garage Door

If your rental property has a garage door, upgrading it is one of the most cost-effective and easiest ways to add value and improve curb appeal. You don't have to spend a lot on your garage door to enjoy its benefits since a typical garage door of good quality will significantly improve your property's aesthetics and increase property value. There are many ways you can customize your garage door to enhance functionality and efficiency, like pairing it with a smart opener.

Stone Veneers

Upgrading your garage door isn't the only way to improve curb appeal, and updating the exterior of your rental property is an economic update that offers big returns. Adding manufactured veneers around the pillars, entryway, or the lower third of your rental's exterior walls helps you recoup most of the installation cost. Working with a property management company can help make it more marketable by recommending experienced contractors replace vinyl siding with stone veneers, allowing you to rent higher.

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Kitchen Remodel

When it comes to interior upgrades, the ideal renovation that will maximize property value is remodeling the kitchen. Tenants appreciate a well-designed and functional kitchen, and prospective buyers are no exception. If you want your property value to soar, you need strategic updates, such as replacing appliances, refacing cabinets or adding a new sink, countertop or faucet. This means you can upgrade your kitchen without breaking the bank and still optimize returns from your rental property.

Updated Bathrooms

Your kitchen is not the only area you should focus on interior renovation, as small bathroom renovations can elicit huge profits. Focus on repairing worn tile tubs and shower surrounds by installing a fiberglass overlay. Place a mirror and new vanity, or repaint the room with a light color, making it classier while sticking to your initial budget. It is advisable to work with a trusted property management company to hire the right contractors for renovation projects.

Property managers and other industry experts also recommend making small upgrades that have a huge impact, like adding outdoor lighting, replacing worn-out window blinds or painting the front door. For more information, contact us at 3 Options Realty and schedule an appointment with our team of experts. We guarantee top-notch services for a significant return on investment on your investment.