Introduction

As a landlord, you want your property to yield the highest rental value while also aiming to retain your best tenants. What if we told you that it’s not only possible but also extremely feasible? If you want to boost your rental property’s value, all you have to do is invest in a few simple, yet overlooked home improvement projects.

Home Improvement Projects That Offer The Highest Return On Investment (ROI)

To make it easier for you, we’ve listed down the top 10 best home improvement projects with the highest ROI that will boost your rental income manifold:

Focus On The Roof

If you’re a landlord with multiple rental properties in Lynchburg, Virginia, you know the discomfort every roof goes through as snow starts to settle during the cold months. That, combined with the humid weather found here throughout the year can take a toll on your roof’s strength and sturdiness.

Since your potential tenant is most likely to take a look at the condition of your roof the first time they come around, it’s extremely important to invest in your roofing as a part of your home improvement plan and pick the best roofing companies in that area.

On an average, replacing your rental property’s roofing will cost you anywhere from $7,000 to $15,000 or more depending on your choice of material. While asphalt remains the most common roofing material choice for users, if you want to invest in a more durable material, you should consider slate and clay roofing, which have a longer lifespan, and will protect your roof from severe weather conditions.

To make the most of your roof replacement experience, always invest in high quality and energy efficient materials, focus on improving the insulation and ventilation of the roof, and install new gutters if necessary.

Remodel The Old Bathrooms

Adding life to your bathrooms is a sure short way to attract potential tenants and boost your rental property’s value. Whether your budget is small or large, upgrading your bathroom, be it the storage space, furnishing it, or just redoing the old flooring while focusing on the fixtures can help you enhance the value of your rental property. For instance, for your Lynchburg property, Bath Planet of SW Virginia can be a great bathroom remodeling option for 2024. 

Renovate The Kitchen

An aesthetic kitchen is the soul of a quality rental property. Focusing on this space as you make your way through all other home improvement projects can give you the best ROI. Try to add some energy efficient appliances to the kitchen, while redoing the paint, and kitchen islands.

The best way to add more space to your kitchen is by creating a small but efficient pantry space. It will help you boost your rental property’s value, as tenants will be able to see the worth in investing in a space like Boonsboro with the added advantage of a smart remodeled kitchen space. 

Add A Splash Of Fresh Color

First impression is the last impression. That’s why the look of the rental property, especially the maintenance of walls have the power to either make or break the deal. If the property has been on the market for too long, or the old tenants are moving out after being there for a few years, it’s extremely important that you repaint the walls with a coat of fresh paint. This includes the exterior and interior walls, doors and window sills, roof, and ceiling area as well.

While well painted walls indicate that a property has been well maintained and is ready for new tenants, using sustainable materials ensures that your paint lasts longer and is friendly for the environment. You can find some of the best interior painters in Appomattox.

Since your rental property might be viewed by different people, it’s smart to stick to basic colors. Usually, neutral shades such as white, brown and pastel hues make the rental space look clean and timeless, so use that to your advantage.

Bling It Up

Many landlords make the mistake of not using lights to spruce up their rental property. This home improvement project, while less expensive, has the potential to make tennants fall in love with your place. Strategic placement of mirrors can make the natural sunlight shine throughout your rental place, making it look larger and aesthetically pleasing.

If you’re worried about not getting much sunlight in your area, take notes from this rental place in Madison Heights, Lynchburg that has used the right lighting to make the entire place appear so much brighter and spacious.

Install New Doors And Windows

A great rental property is one where the tenant feels comfortable and safe. To boost up your rental property’s value, give enough thought to doors and windows. While Lynchburg is relatively safe, in fact, one of the best areas to live in Virginia, it’s never a bad idea to add an extra layer of protection.

If you’re looking to let a rental property in Bedford, then find high quality glass windows and doors that offer a bespoke design with protection. You can also add steel and iron doors to show how serious you are about ensuring your tenants safety.

Make It Energy Efficient

With the increasing environmental threats, everyone wants to reduce their carbon footprint, and live in a space that’s green. That’s why green rental properties are in such high demand in Lynchburg, Virginia. Higher demand naturally means that by making a few energy efficient adjustments, you can quite easily boost your rental property’s value. 

To make your rental property energy efficient, invest in recycled and sustainable materials during home improvement projects such as using sustainable geogrid options while redoing the structure of walls, or investing in galvanized chicken wire while redoing the wiring of the building, and offer renewable energy resources for running heat and electricity, which will save you and your tenants quite a large sum in the long run.

Including A Deck

If your rental property is the cake, then the deck is like the cherry on the top that is meant to boost your property’s value manifold. Everyone loves a little extra space outside the house, somewhere they can chill and grill. By installing a simple deck, even a DIY floor deck, you’ll be able to attract more eyes onto your property without spending too much money. 

Include Smart Amenities

Most of your potential tenants will be working full time, leaving no room for them to get all their tasks done on the weekend. But if you provide them with the right technology to make their daily home tasks easy, they’ll be willing to pay you more than any other property on the block. Usually, properties in the Rustburg can benefit from good quality appliance installations like dishwashers, air conditioners, washer and dryers. You should also use a sturdy fiberglass backflow enclosure to protect your pipes from vandalism, theft, and seasonal changes. All of these amenities will add up to give your rental property the boost it needs for higher valuation.

If you want to go one step further, add a sense of security by adding automatic locks to the amenities section. The best part is that you can get all of your investment back by adding the value of these appliances to your tenants rent, which they will be happy to pay for and use, increasing your chances of retaining them as well.

Keep The Green Area Clean

Everyone loves a little green space where they live. But its maintenance can be a hassle. Chances are, if you have a lawn and backyard space in your rental property, often found in the areas of Concor, Lynchburg, you’ll meet people who can either like or dislike the green space.

To showcase your lawn in a positive way, it’s best to present it as easy to upkeep. Remove all weeds and overgrowths from your property, and get it mowed before potential tenants start showing up. You can present it as an extra space, with an option for gardening for the nature lovers, and a not so high maintenance green space for people who aren’t interested in it.

It’s A Wrap

Investing in home improvement projects is a necessity for landlords who want to boost their rental property’s value in 2024. Whether your aim is to get more tenants or encourage the old tenants to extend their lease, investing in the home improvement projects given above will help you gain high ROI and keep both you and your tenants happy!