If you own a rental property in Waco, TX, you are probably wondering what you can do to increase its value. While preventative maintenance is key, making regular updates to your property is also important. From small fixes to large renovations, there are a lot of different ways to make your property appeal to renters, while maximizing your net worth. Here are the top 6:
Renovate the Kitchen
Though renovating a kitchen can be expensive, there are ways to do it at a minimal cost. Changing countertops to a durable material such as granite, quartz, slate, or concrete, updating the hardware, and giving cabinets a fresh coat of paint can make your kitchen look new if a full renovation isn’t within your budget. Note that almost any update you make within your kitchen will help drive your property’s value, since the kitchen is truly the heart of every home.
Replace the Flooring
Replace vinyl flooring or low-grade carpet with laminate, tile, hardwood, or stone. Good-quality flooring will last 15-20 years, and increase a home’s value 5% or more. Best of all, higher-quality flooring will make cleaning between tenants much easier.
Update Fixtures and Appliances
Consider switching the overhead lighting, plumbing fixtures, and/or appliances within your rental property to something more modern to give it a new and updated look. Tenants will recognize and appreciate the attention to detail, as well as the convenience these updates bring.
Renovate the Bathroom(s)
Bathroom renovations are more expensive, but updating a bathroom can increase a home’s value almost 10%. Though there are some less expensive ways to modernize a bathroom (refinishing a tub, or painting over tile), it is recommended that you fully renovate your bathroom every 15-20 years to ensure the plumbing is up to date and there are no underlying issues.
Replace the Windows
New windows can help give your property an updated look while making your home more energy efficient. In fact, the United States Department of Energy estimates that you can save several hundred dollars a year simply by replacing single pane windows – and those savings add up! With lifetime warranties, new windows will last 20 years or more, and provide an excellent ROI.
Freshen up the Exterior and Landscaping
An inexpensive way to make your property stand out to potential renters (or make current renters feel more at home), is by ensuring your investment property is freshly painted with manicured landscaping. Believe it or not, curb appeal can increase your property’s value up to 5%!
We are a locally owned and operated property management company that partners with landlords across the Waco and Central Texas area. Our in-depth knowledge of the market allows us to assess and determine what updates can and should be made to help ensure your investment continues to grow. Give us a call, today: 254-651-0576! We would love to hear from you!
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