When it comes to rental properties, getting the “most bang for your buck” is key.
Sometimes you just need an easy cookie-cutter style solution that you can use time and time again to boost your property’s value.
The solution? Your own front door. By focusing on the style of door for your property, you can see an instant return on investment. In fact, a front door is actually the cheapest way to boost property value for your rental property. There are so many benefits.
Boost Property Value With A “Face-Lift” Door
You may have heard of the hit television show on HGTV called Property Brothers. The show is about two brothers, Drew and Jonathan Scott, who buy real estate together and fix up their properties.
A common trick these investors use to fix up properties is simply replacing the doors on their properties as soon as they buy them. It’s an instant success every time they do it, and it’s one of the cheapest ways they boost property value.
Because according to Drew, a new door can transform an entire property and give it what he calls a “face-lift”:
“A modern front door updates everything. They give the house an instant face-lift by simply removing the dated, double front doors with the frilly leaded-glass window, and replacing it with more geometric doors that have a series of small, rectangular windows running down the middle.”
When you buy a new door for your property, it’s like giving your house a face-lift to make it look hotter than it really is.
How Much Value Does A New Door Add?
This all sounds too good to be true, right?
But the numbers back it up.
Research conducted by a group called Quality Overhead Door discovered that you can expect to get a 75% return on investment just by replacing the door on your property.
Put another way: If you buy a $100 door, you can expect to get see your property’s value go up by at least $75.
This might not sound great at first until you realize that if you can build a custom door under market value, you can potentially see your property’s value go up in the thousands.
In some cases for just a few hundred dollars, you can find custom doors that have the potential to increase your property’s value by thousands. It’s not guaranteed. But it’s a very simple task.
Beware Of Costs
Before you go spending money on supplies for your rental property, you need good solid numbers.
A cheap door is just one of the many materials you’ll need when fixing up a property. That’s why it’s important to know your numbers down to the last penny.
Thankfully, we’ve designed a tool that makes the whole process easy. Using RentalPropertyCalculator.net, you can calculate your investment entirely.