High-Value Renovations to Improve a Rental Property's Worth
High Value Renovations to Improve a Rental Property's Worth
It is well-known that renovation projects are a great way to improve the worth of a property through increased resale value. However, this effect is compounded for those who own and operate rental properties. Not only can renovations increase the resale price tag of rentals, but they can pay more immediate dividends through their ability to improve occupancy rates and command higher monthly rents. Therefore, if you are a property manager and are looking for ways to add value, keep reading for 4 of the best renovation ideas that will increase a rental property’s worth.
Increase Curb Appeal with New Siding
Although curb appeal is important for both rental properties and those for private ownership, leaving rental properties with a “fixer upper” aspect is a surefire way to keep your property vacant. Tenants are attracted to those properties that look good, so giving your property an exterior makeover is the best marketing maneuver you can make.
To this effect, arguably no aspect of the home has a greater effect on curb appeal than the siding. Cracked masonry facades and weathered wooden planks are sure to repel potential tenants, no matter how strong the interior features.
Therefore, to keep your property’s curb appeal as strong as possible with the fewest maintenance requirements, look into upgrading the siding with modern inorganic options. Products such as fiber cement and steel log are able to withstand heavy winds, repel moisture, and fight off the sun’s UV rays without cracking, peeling, or fading. They also offer the highest resistance to fire and pest damage on the market, guaranteeing that your property’s facade is not wrecked by unforeseen events. Rated to last at least 50 years with little more than a semi-annual pressure wash required to keep it clear of debris buildup, these innovative siding options can be manufactured in a wide array of colors and designs to bring any vision to life, with fiber cement board and batten siding currently a trending option for its ability to give properties the classic farmhouse appearance.
Modernize the Property with Low Maintenance Features
Cleaning is never anyone’s favorite chore, and it can be particularly difficult for renters to find motivation, as the degrading effects of a heavily soiled property are not their problem in the long run.
As a result, it is critical to mobilize the property with an array of low maintenance features, not only to give it the best chance of holding up over time but to make it as easy as possible for tenants to clean if the mood should strike. For example, quartz and solid surface countertops for the kitchen and bathroom are easy to clean with a wipe of the rag and do not require any specialized sealing or treatment to maintain their nonporous properties. In addition, hard flooring options such as engineered hardwood and luxury vinyl tile not only look classier than carpet but are not as easily damaged. To further protect these hard flooring choices and mitigate the risk of staining or moisture damage, be sure to finish them with the best polyurethane for floors to create an even more watertight seal.
Take Steps to Improve the Property’s Energy Efficiency
Being able to advertise low utility costs is sure to appeal to tenants. There are a handful of renovation projects that can directly limit the property’s energy consumption, including:
- Adding new insulation or house wrap to the frame to create a stronger air and moisture barrier
- Installing new windows to mitigate air transfer and promote the flow of natural light. If the window frames remain in good shape, look into partial window upgrades, such as a new window sash or more modern glass that has Low-E features
- Upgrading to composite roofing that is not as heat absorbent as traditional asphalt tile
- Using screen panels, awnings, and window treatments to help control the flow of sunlight
Not only will these energy efficient features be enticing for their potential to ease tenants’ monthly utility bills, but they are sure to stand out to a more socially conscious demographic that wants to do their part to curb consumption.
Create Functional Space for the Exterior
Whether you operate a multi-family facility or are renting out a single-family home, functional exterior space is more important than ever in 2022. Forced to stay at home in the midst of rising fuel prices, families need their exteriors to be attractive, safe, and capable of withstanding frequent use. A great place to start along all of these lines is to use concrete pavers for any exterior walkways, patios, or cooking areas. Furthermore, look into installing pergolas around any exterior hangout to provide some shade and reduce the risk of UV and moisture damage to cooking instruments and exterior furniture.
4 Valuable Renovations for Improving the Value of a Rental Property
Not only can renovation projects increase the resale value of a rental property, but they will do wonders for improving occupancy rates and commanding lucrative monthly rents. With this in mind, increasing curb appeal with new siding, modernizing the property with low maintenance features, choosing projects that improve energy efficiency, and creating functional exterior space are 4 wonderful projects that will improve the value of a rental property.
Ryan Shure is an editor for the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.