Real Estate Investor Virginia Beach: Smart Renovations for Better ROI

As a property owner, you're undoubtedly aware that strategic renovations can significantly elevate the value of your investment property. However, it's essential to recognize that not all renovations will give you a solid return on investment (ROI). It's also a common mistake for property owners to choose the wrong upgrades (or do too much rehab) and lose money on an investment property. 

What are the best upgrades a real estate investor Virginia Beach should consider for their rental properties? In our experience as property managers in this market, we're here to guide you through intelligent renovation choices that promise both quality and value. Keep reading for our list of ideal renovations that can boost your property's appeal and revenue!

Why Kitchens and Bathrooms Should Be Your Top Priority

The kitchen and bathroom often serve as the primary focal points for potential long-term renters. 

A sleek, modern kitchen fitted with energy-efficient appliances and high-quality cabinetry can speak volumes about your commitment to excellent property maintenance and aesthetics. Similarly, updated bathrooms with contemporary finishes and fixtures can drastically improve the perceived value of your property. 

Investing in these two rooms can help your properties stay competitive and support higher rental rates, leading to better ROIs. Investing in kitchens and bathrooms with smart updates can be renovations worth every penny spent.

The Importance of Curb Appeal: Don't Underestimate Landscaping

While a stunning interior can significantly boost your property's appeal, it's the exterior that potential renters first encounter. If the outside doesn't captivate their interest, the chances are high that they'll move on to the next option, no matter how luxurious your interiors may be. 

Landscaping, therefore, is a crucial element that plays a critical role in your property's overall value and marketability.

The Monetary Value of Curb Appeal

Understanding the financial benefits of investing in landscaping can be a game-changer. According to various studies and real estate insights, a well-landscaped property can boost its value by 15-20%. 

This means that for a property worth $300,000, effective landscaping could potentially add an extra $30,000 to its overall valuation. This isn't restricted to elaborate, high-maintenance setups; even straightforward, well-planned landscaping can yield a significantly better ROI than expected.

For rental properties and tenants, a simple, low-maintenance landscaping plan can boost curb appeal while attracting tenants who don't want to spend much time dealing with landscaping to keep the home looking nice. 

Simple Upgrades for Immediate Improvement

The beauty of landscaping is that you don't need to be overly extravagant to make a noticeable difference. Something as simple as a manicured lawn, fresh mulch, or even strategically placed flower beds can significantly enhance your property's visual appeal. 

Additionally, don't underestimate the power of well-placed outdoor lighting or decorative elements like a birdbath or a garden bench. These simple touches add charm and make your property more inviting, which can go a long way in a competitive real estate market.

Swap Outdated Carpets for Modern Flooring

One often overlooked yet crucial aspect is flooring. This single element can abruptly shift a potential tenant's perception, leaving an impression of neglect that's hard to shake off or inviting a renter into a property they want to call "home."

Choose Quality, Durable Flooring Options

Upgrading to modern flooring options like high-quality laminate is a strategic investment that pays off in multiple ways. 

Laminate or tile floors, for instance, offer a timeless look that adds a touch of luxury to any space. They're also easier to clean and maintain, which can be a strong selling point for potential renters. 

High-quality laminate also offers the advantage of durability and ease of maintenance, often at a lower cost than hardwood.

Why a Fresh Coat of Paint is Always a Good Idea

One of the most cost-effective ways to elevate your property's aesthetic and marketability is undoubtedly through a fresh coat of neutral-colored paint. 

This seemingly simple upgrade achieves multiple objectives.

First, it makes your property look significantly cleaner, which is always appealing to potential renters. Cleanliness conveys care and maintenance, which can set your property apart in a crowded market. 

Second, a neutral palette introduces a sense of modernity and allows potential occupants to more easily envision their furniture and décor in the space, thus making it more relatable and inviting.

Investing in a quality paint job also directly contributes to a higher ROI. Given that painting is relatively inexpensive compared to other forms of renovation, the value it adds in terms of appeal and quick turnover makes it a smart financial decision for any property owner. 

Elevate Your Property with Energy Efficiency

Energy efficiency is more than just a trend — it's rapidly becoming a prerequisite for any property that aims to be competitive. As concerns about sustainability and utility costs continue to climb, renters are shifting their focus toward homes that promote energy-efficient living. 

Here are a few tips to make your rental properties more energy-efficient and appealing to prospective tenants.

Invest in Energy-Efficient Windows for Immediate Impact

One of the most straightforward ways to start is by replacing old, drafty windows with energy-efficient ones. 

High-quality, energy-efficient windows not only serve to reduce heat loss in winter but also help maintain cooler indoor temperatures during the summer. The initial investment may seem steep, but the long-term gains in reduced utility bills and a more comfortable living environment can be substantial. 

Improved Insulation: A Barrier Against Energy Waste

Insulation is another critical area where a modest investment can pay off handsomely in the long run. 

Properly insulated walls, attics, and basements can dramatically lower energy costs by keeping the desired indoor temperatures stable, requiring less heating or cooling systems. This is a particularly appealing feature in areas with extreme weather conditions. 

Upgrade to Energy-Efficient Appliances

Refrigerators, dishwashers, and ovens with Energy Star ratings consume less electricity and perform their tasks more efficiently. The reduced energy consumption is not just an eco-friendly gesture; it also translates into lower monthly utility bills, an undeniable attraction for potential long-term renters.

Increase Living Space for Enhanced Value

If your budget permits, one of the most impactful ways to elevate your property's appeal and value is by adding a room or finishing unused spaces like basements or attics. Whether it's an extra bedroom, a home office, or a recreational space, additional rooms add layers of functionality that are highly attractive to potential renters.

The financial benefits of such an undertaking can also be substantial. Adding a room or finishing a previously unused space can significantly boost your property's market value. While the initial investment may be higher than other renovation options, the resulting return on investment often justifies the expenditure.

Moreover, these additional living spaces make your property more competitive in the real estate market. In saturated markets, properties that offer something extra, like additional rooms or finished basements, will likely stand out and attract attention much faster than those that don't. 

Address Structural Concerns: Safety Comes First

No amount of cosmetic improvement can mask underlying structural issues. 

Foundational problems, although not glamorous, must be addressed to ensure the safety and longevity of your property. Attending to these issues may not yield instant gratification, but they are invaluable for maintaining the integrity and overall worth of your investment.

Light Up Your Property with Modern Lighting Fixtures

The impact of well-planned lighting on a property's overall aesthetic and mood can't be overstated. 

Replacing outdated, inefficient lighting fixtures with modern, energy-efficient LED options can create a transformative experience for anyone who enters the space. LEDs consume less energy and offer a wider range of color temperatures, allowing you to customize the ambiance to complement the décor and architectural features of the property.

Boost Value with Additional Bathrooms

Adding an extra bathroom to a one-bathroom property can be a game-changing upgrade, offering remarkable returns on investment. 

The benefits extend far beyond mere convenience, although the importance of that can't be discounted. For families with children or multiple roommates, an extra bathroom can alleviate morning or evening rushes and reduce household stress. This feature alone can make your property far more attractive and competitive in a saturated real estate market.

Furthermore, an additional bathroom is often high on the wish lists of prospective renters, giving your property an edge. It serves as a strong selling point and can justify higher rental rates or a loftier selling price. Even if it's just a half-bath, the added convenience can translate into tangible financial gains, potentially speeding up the rental or sale process.

Freshen Up the Exterior for Lasting Impressions

Revitalizing the exterior of your property through a fresh coat of paint, updated siding, or even a new roof can have a profound impact on its curb appeal.

These enhancements make your property more visually appealing and signal to prospective tenants that the property is well-maintained. 

A polished exterior often serves as the first impression, and a good one can significantly increase the likelihood of attracting quality tenants or achieving a quick, profitable sale. Ultimately, these exterior upgrades contribute to elevating your property's market value, driving up your return on investment. 

Investing in exterior improvements is thus a strategic move for any property owner looking to get ahead in a competitive real estate market.

Make Smart Property Upgrades With Osprey Property Management

Strategic renovations can help you achieve a significant ROI and boost your real estate investing strategies. However, the key to successful property renovation lies in your end goal — whether that's to sell an investment property quickly or to attract long-term renters. 

When it comes to making ROI-boosting choices about the right property updates or choosing the best professionals in the Virginia Beach market to carry on with post-renovation property maintenance and property management services, a partnership with professionals like Osprey Property Management can further optimize your investment! We're here to help your property remain a lucrative asset for years to come.

Reach out to our team to learn more about how we help real estate investors experience better returns.