When it comes to adding value to the home, many property owners focus on the inside of the house. And while there are many unique ways to improve your home’s interior, there are several brilliant exterior upgrades that can significantly boost the value of a house.
In this post, we’ll be highlighting four outdoor upgrades for rental properties that are worth the money.
Update the exterior doors
If you’re looking for outdoor upgrades to boost ROI, then replacing your exterior doors should be at the top of your list. Investment statistics estimate that you can make back as much as 75-100% returns on your money, which makes sense because your front door is the gateway to the home. It’s also a part of the house passersby will readily notice and use to form an opinion of the home.
Updating your exterior doors can mean anything from replacing them with a wooden casing with window panels to adding a new layer of paint. You could also change up the hardware with a more modern
knocker or doorknob.
Upgrade the vinyl sidings
Vinyl sidings are the plastic exterior siding of a house. Although many of them imitate wooden materials, they are often primarily made of polyvinyl chloride (PVC) resin which is much more durable and weather-resistant. Typically, a sound vinyl siding installation can last for six decades. Still, if your rental property is more dated or the exterior has sustained some substantial wear and tear, an upgrade could be worth the buck. Investment estimates put the estimated ROI at 80%.
Other than the financial return, there are other benefits of installing vinyl sidings. They’re relatively inexpensive when you consider how durable and low-maintenance they are, and they add to your curb appeal.
Work on your landscaping
Speaking of curb appeal, working on your landscaping is another excellent way to boost your rental property’s value. You can achieve a pristine landscape by adding a tree, planting a flower garden, removing overgrown shrubs, and maintaining your lawn.
Of course, all these require a reasonable amount of money and physical labor, and not everyone is up for the extra work. But you can bypass that loophole by laying down a flagstone walkway or using gravel to fill up large ground spaces. Mild touches can earn you around 30% ROI, but extensive upgrades can achieve up to 80% returns.
Make the deck more attractive
Another outdoor upgrade that attracts higher-paying tenants is making your deck more appealing. It’s not uncommon for landlords to neglect these spaces on their rental property, but getting creative with it can pull in more than 50% returns.
You can make your deck more attractive by bringing out elements of interior decor. Outdoor lighting is a budget-friendly way to improve the aesthetics and security of your property. Also, consider carving out a sitting area where tenants can spend time and entertain guests while enjoying the scenic view of the outdoors.
The exterior of your rental property is as essential as the interior. It forms the first impression prospective tenants and visitors have before entering the house and should be a space they are proud to call theirs.
Use any of these great outdoor upgrades to start adding curb appeal to your property and putting your money to good use.