As a property owner, one of the most important things to do is maintain your properties. With insights from the best property management Bellevue offers can help you make the right decisions regarding any upgrades to your rental property and help calculate your return on investment.
One quick and easy way to increase the value of your property is by updating the hardware on your doors and cabinets. In addition, a simple kitchen or bathroom upgrade can significantly improve the quality of renters attracted to your property (and your returns)! If you are ready for this quick and simple way to increase the value of your rental property, please read on.
How Do Bathroom and Kitchen Upgrades Boost ROI?
Did you know that a bathroom or a kitchen remodel can increase the value of your house more than other home renovations? The amount you could recover on a renovation is determined in part by how much you spend and the kind of renovations you pick. For example, a major high-end kitchen renovation has an average national return on investment of almost 54%.
However, there are less expensive ways to raise the return on investment for your rental property. Property managers suggest even a small kitchen renovation project can boost the home's value and help attract the best Bellevue renters.
A property manager knows that if you make minor, aesthetic modifications to your kitchen or bathroom, you could see an extra $1.71 for each $1 you invest in property value. Painting and refinishing fixtures, changing the mirror, or upgrading hardware are all examples of minor projects that you may complete to spruce up your bathroom.
The Best Upgrades to Increase Your Home's Value
While it may be alluring to start from the ground up and create your ideal bathroom or kitchen (and your potential renters), this is not always a smart financial idea. A bathroom remodel may not need to be extensive to pay off with higher rental rates and better property values. Instead, consider the following improvements to your bathrooms and kitchens to focus on what will give you the best boost to your returns.
Take a closer look at your kitchen and bathroom cabinets and consider them from the viewpoint of a potential renter. Could they use a simple facelift? Today's renters seek contemporary and clean cabinets in the kitchen and bathroom areas. However, it's not always necessary to replace cabinets to achieve an updated look.
Give them a thorough cleaning and fresh coat of paint, then consider new knobs for a completed upgrade.
Refinishing the bathroom's vanity area is frequently neglected in favor of "larger" makeovers, but don't underestimate the power of upgrading it. For maximum impact, consider replacing the countertops, faucets, and sinks. You may also want to change the vanity to include twin sinks, especially in a master bathroom.
Replacing worn, cracked, or outdated bathroom mirrors is another simple and inexpensive way to freshen up a rental property. This type of "hardware" is easy to install and can help complete a minor bathroom update with a feature that helps the room feel bigger and brighter.
New Hardware Has Major Impact Throughout the Home
Minor bathroom updates may improve the value of your home without breaking the bank, but those aren't the only areas that can benefit from hardware updates.
We started this blog by talking about hardware because it's one of the best ways to increase property value with a minimal financial investment. From kitchen and bathroom cabinet hinges, handles, and pulls to new doorknobs and hinges throughout the home, rental property owners can update these hardware elements that require very little time but give a big impression to prospective tenants.
Work with a property manager to choose knobs and hinges that update the look of your home without being too trendy. Choose durable pieces that can last through several years (and several tenants) without breaking or looking worn after the next lease term. When you find good pieces that work well with more than one rental property, look for bulk purchasing options to reduce your costs. There's nothing wrong with installing the same doorknobs or cabinet pulls in multiple rentals!
The Best Seattle Property Management Company Makes Upgrades Easy (and Profitable)!
Trying to get the most return on investment for your rental properties is a crucial goal. Investors want to improve a rental property's look, feel, and functionality without breaking the bank. Before taking on any project, partner with a property management company to help you improve your home's appeal with recommended updates that boost ROI while attractive quality renters.
Real Property Associates has years of experience working with successful real estate investors to get the most out of their investments. We handle day-to-day tasks like handling a maintenance request, collecting the rent, and offering insights into the best ways to make more money from Seattle rental properties. Reach out to learn more about how our property management services can make the hard things easier!
If you haven't yet, be sure to download a copy of our free resource, "10 Things You Should Do To Increase the ROI for Your Investment Property."