If you're considering remodeling your home in 2023 and onwards, you'll want to read our recommendations of the seven best value-adding projects for residential homes. Each of these projects can add significant rental and resale value to your home – often even more than the renovation cost. So, whether you're looking to sell your home soon or want to get the most out of your investment, these are the renovations with high ROI that you can't afford to miss.
Kitchen renovations can significantly improve your home's value and generally fall in the $20,000 to $50,000 price range. Because the kitchen is often considered the "heart" of any house and a common deciding factor for potential buyers, this renovation expense is almost always worth it.
Whether you want to update your countertops and cabinets or do an extensive kitchen remodel, many options increase resale value. More minor remodels that add features like pendant lighting, new countertops, extra storage, or new flooring usually bring in more money when you sell your home.
Buyers often care more about the kitchen's overall look than small, expensive details, so spend your money on improvements that will make your kitchen look more visually cohesive.
If you want to increase your home's value, one easy way is by replacing old appliances like fridges, ovens, and dishwashers. These appliance upgrades are especially effective if your kitchen looks dated. A kitchen update is always a great idea if you want to renovate your home. Not only will it make your space more modern and stylish, but it's also a project that usually adds significant value to your home.
Similar to your kitchen, your bathrooms see a lot of traffic. If your home's bathroom is out-of-date, it will look worn and unkempt, which could discourage buyers from touring the property. By renovating your bathroom, you can improve its value in terms of resale potential and daily enjoyment. Some great remodel options are replacing all tap fixtures, getting a new porcelain-on-steel tub with ceramic tile, adding standard toilets, or installing a vanity with storage capabilities.
Bathrooms can have many problems, like mold and mildew from lack of ventilation or hot water supply issues from aging heaters. These can lead to high repair costs or even a breach of your tenancy agreement. However, a bathroom can be a better financial investment than doing patch jobs over time.
You could start by replacing the tub, toilet, sink, or vanity. Replacing the shower head will make bath time more pleasant and add more value to your home.
Complete bathroom remodels, depending on the types of finishes used and whether you add popular features such as a bathtub or extra toilet, can increase a home's value by 10-40%.
In short, the exterior of your home is what sells it. By renovating your front door or garage door and investing in an exterior paint job or better front-yard landscaping, you can improve how the house looks and its curb appeal. Studies show painting the outside of your home before putting it on the market could give you up to a 51% return on investment. In addition, it makes your house more marketable by improving curb appeal and making your listing photos stand out.
One easy way to increase your home's curb appeal and value are by changing your front door. It'll be one of the first things guests or prospective buyers see, so you want to make sure it makes a good impression. While solid wood doors have aesthetics, steel offers safety and security and a higher return on investment – Forbes says you can expect around 90% ROI.
Replacing your home's garage doors is also a good investment for enhancing curb appeal. You will likely get more money back than you spend on new garage doors, especially if your old ones are not in good condition. Updating your garage door can also make your home look different from the other houses in your neighborhood.
Lastly, investing in new front-yard landscaping can help make your house look fresh and appealing, and it doesn't have to be expensive or elaborate.
Many home buyers rank enhanced outdoor living and entertaining spaces among their top priorities. Furthermore, research suggests that ROI is often higher for improvements to outdoor spaces than for other home renovations. Outdoor remodeling, whether adding a deck or patio, including plants and trees in your landscaping or upgrading your outdoor lighting, can help increase the value of your home.
Adding a deck to your home increases the living area while also saving money per square foot compared to primary building additions. In addition, adding greenery to your outdoor spaces, like shrubs, flowers, and trees, makes them more inviting, private, and enjoyable.
Keep in mind that experts agree that it is not a good idea to install a pool if you are trying to sell or increase the value of your home because the costs of upkeep and maintenance will likely be more than what the pool is worth. In addition, potential buyers may not be interested in the maintenance of a home with a pool.
Adding an ADU (accessory dwelling unit) to your home is one of the best value-adding remodeling projects for boosting your home's value in 2022. This project has been gaining popularity because city councils nationwide recognize ADUs as a viable solution for housing shortages. An ADU can be anything from a small second kitchen to a fully finished basement, office, garage apartment, or backyard studio.
Whatever form it takes, an ADU offers the flexibility to create a new space that can add value in many ways, whether through the increased living area or additional income potential. And with an ROI ranging from 50-80%, an ADU can offer a significant value boost for your home, making it well worth the investment.
Before investing in an ADU addition, learning about things that could hold back your plans, like zoning restrictions and building regulations, is essential.
However, if you're willing to do your research and plan carefully, an ADU renovation can turn out to be one of the most value-adding projects you can take on for your home - both in terms of boosting its resale value and making it more liveable for yourself and family in the future.
If you're looking for value-adding home renovations in 2022, accessible bathroom remodels may be the right choice for your home.
As people age, they often require different accommodations in the bathroom to maintain their quality of life. An accessible bathroom can make it easier for elderly or disabled individuals to bathe, get dressed, and move around independently, improving their quality of life and lowering the risk of injury.
You need to think about a few things when planning an accessible bathroom renovation. The first is the dimensions and layout of the space. For example, you want to ensure that the new bathroom is spacious enough for wheelchair access and consider creating wider doorways and hallways.
Additionally, you will need to consider features such as zero-threshold showers, grab bars, and ADA-compliant fixtures. Another thing to consider is managing plumbing, electrical wiring, and other utilities to ensure that your accessible bathroom works appropriately.
While these changes may seem minor on their own, they can significantly impact the safety and comfort of your home for years to come. Adding accessible features to your bathroom can increase its resale value by nearly $12,000.
So if you're looking to age in place or want to ensure that your home is accessible for buyers of all abilities, consider investing in some accessibility upgrades.
Replacing your carpets with hardwood floors could see a great return on investment; the average ROI for resurfacing or installing new flooring is around 70% to 80%. Hardwood floors are durable, attractive, and easy to clean, which makes them the preferred choice of home buyers across the nation. If you are selling your home soon, replacing carpet with hardwood is worth replacing, especially in high-traffic areas.
Value-adding remodels is a great way to boost your home's value and make it more attractive to potential renters or buyers. These projects we've covered will undoubtedly be some of the best value-adding investments for homes in 2023 and beyond.
Always research and work with a professional to ensure safe and effective renovations. Remodels and smaller-scale home improvement projects are also excellent ways to improve the aesthetic of your home without breaking the bank. Doorstead has a list of nine popular home improvement trends.
Here are some additional resources to help with financial planning and cost analysis for implementing renovations:
Iproperty Management's Most Cost-Effective Renovations for the National Market
California Home Remodeling Trends
Fixr's Cost vs. Value Report of 2022
Doorstead's Blog with Property Management Resources
Did you find this article helpful in inspiring some value-boosting remodeling ideas? If so, please share it with your friends or family! Is there anything we should have included or remembered to mention? Have ideas for collaborating on an article? Please email [email protected], and we'd love to discuss.
And if you're looking for more helpful tips on home improvement or property management, be sure to visit our blog.
Technology has rapidly evolved in recent years, and 2023 is no exception. While some trends are emerging, others are gaining more traction. Below are the top property management technology trends to look out for in 2023 and beyond. : big data, automation backed by artificial intelligence and machine learning, virtual and augmented reality, and the Internet of Things (IoT). By understanding and keeping an eye on these trends, you'll be able to better prepare for success in the long term in real estate and property management.
Big Data is a crucial technology to watch out for in the future of property management.
Big data and analytics are becoming increasingly important in the property management space. Big data analytics provides valuable insights not found in smaller sample sizes.
By collecting large amounts of data from different sources, you can gain insights into tenant behavior, industry trends, pricing, marketing strategies, and other insightful metrics. With this information, you'll be able to make informed decisions about managing your properties efficiently and effectively. You can leverage significant data insights as a property manager or homeowner to maximize your home's market potential and reduce operational costs.
A wealth of studies demonstrate that big data will become increasingly powerful, giving real estate and property management professionals the ability to provide accurate insights, pricing, and risk assessments based on comprehensive historical and real-time data sets. As a result, big data offers many benefits to real estate agents and property managers.
They produce unimaginable volumes of data on a large scale, analyzing for many different parameters, such as
Artificial intelligence (AI) real estate software takes data and turns it into usable information by processing vast amounts of data and projecting it in the form of dashboards, graphics, and reports. AI-driven business predictions are known for their accuracy and are also shown to be invaluable for market behavior analysis and decision-making management. Automation is patterned with artificial intelligence to create automated processes and tasks that can help property managers in their daily operations.
In the coming years, it will be all about automating manual processes. Proptech companies that use AI and machine learning relieve some of this stress by making huge swathes of data usable with actionable lists and repeatable processes. View our trend report on how automation has impacted property management and how we utilize automation at Doorstead. [LINK] With AI and machine learning, it's now possible for you to automate tasks such as maintenance requests, rent collection, and more. This technology can save you time and money while helping to ensure a better experience for your tenants.
Virtual and augmented reality solutions are becoming more popular in property management. With VR, you can create virtual tours of your properties to attract new tenants and show them what it would be like to live there. As a result, VR tools save time and help people find their perfect match more easily. Augmented reality enables proptech managers to create realistic designs of future properties, which gives customers a better overview of what they're buying – resulting in a more impressive buyer experience overall. AR can even be used for repairs and maintenance, allowing you to project step-by-step instructions.
The internet of things (IoT) is becoming increasingly important in property management and real estate. IoT devices are networks of sensors that buildings use to communicate data, track state changes, and predict failures. By connecting all of your devices, you can create a connected home that's safer, more convenient, and more comfortable. A trend where people can manage lights, temperature, and appliances all through their smartphones is something that tech-savvy millennials and Gen Z customers are accustomed to and increasingly expect.
Data accessibility is a top priority in the modern digital world. Technology companies in the real estate industry use IoT devices and sensors to communicate with customers, tenants, and managers. This technology allows them to control smart devices and houses and monitor different aspects of the property. Smart home technology can help you keep your home safe and save energy. You can use it to monitor security and manage energy consumption. It can also help you find potential problems before they become costly issues. IoT technologies allow for increased security, reduced maintenance costs, and thoughtful resource consumption.
With the right technology in place, you'll be able to stay competitive and offer an even better experience than in the past. So keep an eye out for these proptech trends for 2023 and beyond, and make sure you start implementing them into your operations soon!
Did you find this article on proptech trends exciting or helpful? If so, please share it! And if you're looking for more helpful tips and resources on proptech and property management, visit the Doorstead blog.
Property management is a huge undertaking, and it can feel difficult to know where to start when choosing the right property manager for your rental property. This blog post will outline all the different things you need to consider when deciding. We'll also provide resources to help you find the right property manager for your needs.
Property managers know residential and commercial real estate law, which can significantly benefit rental property owners. They also bring experience in running properties efficiently, so they often save money on overhead costs such as repairs and maintenance. In addition, property managers handle all tenant relations, including collecting rent and any disputes that may arise. Lastly, they provide peace of mind that your rental property is in good hands.
It's essential to understand your needs when selecting a property manager. Consider how much time and money you are willing to invest in your rental property, the property size, and the number of tenants. You should also determine if additional work is needed, such as repairs or maintenance, as this may influence which type of company you choose to manage your rental property.
The type of property manager you choose will depend on your specific needs and requirements. Each one offers unique advantages and disadvantages that you must weigh to make the best decision.
A helpful resource for homeowners that defines property management and gives an overview of the industry and the responsibilities of property management is Doorstead's comprehensive guide to property management and our glossary of important property management terms and fees to know.
When evaluating property managers, there are several key factors to consider. First and foremost, it's important to research their experience and reputation in the industry. Ask for references from previous clients and request feedback on how they handled various tasks like tenant screening, rent collection, repairs, and maintenance.
Communication skills are fundamental in property management. Look for a property manager who can clearly explain their policies and procedures and any legal matters that may arise. In addition, it's crucial to find someone detail-oriented and organized. A good property manager keeps all the paperwork and documents in order, which is necessary to refer to later when dealing with tenants or other third parties.
Finally, make sure you feel comfortable communicating with the property manager. They should be available and responsive when you have questions or need assistance.
It's also critical to ensure the property manager can handle your financial responsibilities efficiently and accurately. Financial management includes collecting rent, processing tenant payments, and managing your accounts receivables.
For those looking to generate passive income through investment property, it is important to consider the type of property management approach used carefully.
The method of property management you choose can result in considerable financial gains or potentially many frustrations and losses.
Property management can be complex. As it is a service-based business, the experience can vary greatly. Property managers' responsibilities depend on their contracts with the landlord. The fees and management level will also vary on the company's business.
For example, a landlord can hire a property management firm to help with one task, such as collecting rent, or stipulate that they want them to handle all business operations for their property.
Once you have a better understanding of your needs and expectations, here are a few more tips to keep in mind when searching for the right property manager:
- Research and compare different property management firms. Ask questions about their experience handling different types of rental properties.
- Get references from other homeowners who have worked with them.
- Make sure you understand their services, fees, and additional costs.
-Ask about their communication process.
- Consider the company's customer service policies and response time.
- Check for any reviews or ratings online that can give you an insight into their overall performance.
- Take the management company's entire performance and cost into account when making your decision; you might only need some services offered at a lower cost.
Finding the right property manager for your rental property doesn't have to be daunting. As an owner, you usually have the power to negotiate contract terms, especially when working with independent property managers.
By researching, weighing the pros and cons, understanding what type of property management you need, and asking the right questions, you can find a property manager who can handle all your needs efficiently and effectively.
We have a comprehensive guide to different property management types if you're interested in learning more and determining the best for your needs.
If you're looking for an affordable option that doesn't require a lot of time or energy commitment, technology-based automated property management services like Doorstead can be a great choice. Learn more about what the Doorstead process looks like.
Our services use algorithms and data to handle all the day-to-day tasks involved in property management, from finding and screening tenants to maintaining the property and collecting rent. In addition, these types of services can often be more affordable than traditional property management companies.
You want to ensure that you find someone who meets your qualifications and expectations and can handle all the responsibilities of managing your property. Take the time to compare different sources, review their fees and services, and get referrals to find the best fit.
While it may seem like you are paying too much for management services when your property is running smoothly, you will likely value and appreciate the costs when a manager is needed to handle time-consuming or complex tasks. With the right property manager, you can rest assured knowing your rental is in good hands.
Did you find this article surprising or helpful? If so, please share it! And if you're looking for more helpful tips and resources on property management, visit the Doorstead blog.
Doorstead offers a month-to-month or one-year Standard Lease Renewal for full-service property management. Our team is here to help make the process as smooth and easy as possible. If you're a homeowner or tenant looking to renew your property contract with Doorstead, this article will walk you through what to expect and answer some frequently asked questions. We'll also provide information on where homeowners can find important documents and contact information.
Our renewal terms vary slightly depending on your property management agreement with us. Please navigate to your specific section to learn about the process.
Renewing with Doorstead is easy - follow these simple steps!
Renewal Process for Doorstead Guarantee Owner
Renewal Process for Doorstead Traditional Owner
Renewal Process for Doorstead Tenant
If you're a homeowner, we break down what you need to know about renewing with Doorstead into two sections below, depending on your contract type.
Doorstead Guarantee: The Doorstead Guarantee is a property management contract that guarantees your property's monthly rent and start date upfront.
Where to find important information
All communications and contract agreements occur over email. Doorstead initiates the renewal process by sending an Owner's Renewal Notice.
You will receive an Owner's Renewal Notice (Contract Extension Notice) over email two months (90 days) before your property management agreement is set to renew with Doorstead. On your notice, we list your property address, tenant lease end rate, tenant's current monthly rent amount, and any rent adjustments for the following year.
After your first 12 months with Doorstead, your property management agreement renews with Doorstead. At this time, we're only offering month-to-month contract renewals for owners.
If you choose to renew, the monthly guaranteed payment you will receive starting on the renewal date will be on the tenant's new rent amount, and the Agreement will continue on a month-to-month basis. Doorstead subtracts its management fee (8% for guaranteed contracts) from this new amount. If you'd prefer to renew your tenant lease for an entire year instead of a month-to-month term, you'd reply directly to the Owner's Renewal Notice (Contract Extension Notice). The tenant ultimately chooses their preferred lease term, but we will communicate your preference.
We will send updated market rate pricing and terms if the tenant moves out. In addition, we send updated pricing and terms to conduct a turnover and place new tenants for your property.
The renewal process is automated and will renew if you don't take further action. If you'd like to cancel your renewal, reach out to [email protected]
Doorstead Traditional: Doorstead traditional is a full-service property management contract where Doorstead acts as a conventional property manager and doesn't guarantee rent or eviction protection.
All communications and contract agreements occur over email. Doorstead initiates the renewal process by sending an Owner Renewal Notice.
You will receive an Owner Renewal Notice over email two months (90 days) before your property management agreement with Doorstead is set to renew. Your property address, tenant lease expiration date, and tenant's current monthly rent will be listed on your notice. You can present your tenant with a one-year or month-to-month lease renewal option. We will offer a month-to-month lease renewal option by default if you don't reply.
Do owners get to decide on the renewal pricing under the Guarantee?
Doorstead will determine the appropriate adjustment under the Guarantee model.
For non-renewals, how long will it take for the owners to get the keys back?
The owners will get the keys and unit back within 21 days after the tenants move out. Our process is that the Tenants Team will work with the tenants on the move-out process. After that, the Homes Team will help address any repairs that fall under the tenant's responsibility. Once completed, we'll return the keys and home to the owners and complete offboarding.
How does Doorstead determine rent increase?
We run our pricing models, which leverage real-time market data and vacancy rates, and also review local/state rental ordinances to determine a rental increase on your unit. The renewal notice suggests a price increase depending on current market conditions.
Are there any extra charges if the owner opts to renew/switch to the Traditional model?
There are no extra charges if the owner opts to switch to the Traditional model, but they will lose the guarantee protections they currently have under the Guarantee. As a reminder, under the Guarantee Model, owners get rent, eviction, and damage protection.
What happens if the tenants don't accept the renewal rate and decide to move out?
If the tenants don't accept the renewal rate, we will need to confirm with the owner if they want Doorstead to place new tenants. After that, we will have the Pricing Team run new pricing for the unit and work on the turnover process.
If a member of the house wants to move out and other housemates would like to remain in the home
We will need to reach out to the Prospects Team to see if the remaining tenants are income capable of staying at the unit. If they want to replace the tenants, the new tenants would need to apply so that we can confirm they qualify. We'd also need to send them a new lease once we ensure they all qualify.
All tenants must complete a self-service safety evaluation to raise any known safety or habitability concerns at the property. If you would like Doorstead to provide an in-person Safety Evaluation conducted by one of our Field Associates, please submit a request to [email protected] Please note that Doorstead deducts an additional fee of $100 for this service from your next payment.
All communications and contract agreements occur over email. Doorstead initiates the tenant renewal process by sending a Lease Renewal notice.
As your lease end date approaches, we will send you a Lease Renewal after confirming renewal options with the homeowner at your residence. The Lease Renewal includes the property address, the lease end rate, and the current monthly rent. In addition, we will list the new increased rental rate and potential different renewal term options (one-year renewal or month-to-month renewal.)
Please note that the rent stated on the Lease Renewal offer only includes new rent charges and excludes additional charges like utilities or parking. Finally, we ask you to reply to the Lease Renewal extension by the set date.
If you don't respond to the Lease Renewal by the date stated, Doorstead automatically renews your lease under month-to-month terms at the new rent price. You can email [email protected] with any questions.
Rent increases due to market changes, property maintenance costs, or increased services are communicated well in advance so tenants can work out a plan to manage their budgets. Our team will work with you to ensure that our rent increases are fair and reasonable, and we'll be happy to discuss your options if you're concerned about affordability.
Once your lease is nearing its end date, our team will reach out to you to discuss your options for renewal. We'll review any new changes with you and provide all the documents you need to sign to move forward. As your lease is coming to an end, you'll get a notice to renew at an increased rate, or they can move out (no surprise there for tenants)
To ensure our tenants' safety, we require you to complete a self-service evaluation. This routine evaluation confirms that the property meets Doorstead's property standards and should take less than five minutes. The main items to look out for in the evaluation are smoke alarms, carbon monoxide detectors, heating, leaks, mold or mildew, security, and utilities.
If any items need to be addressed by our maintenance team, please submit a request via the Maintenance Request Form. Generally, the maintenance team's business hours are Monday-Friday, 9:00 am - 5:00 pm PST.
You can expect a follow-up within a few hours for a request submitted within business hours. Requests submitted after-hours will be reviewed the next business day. Please complete the Doorstead Safety Evaluation form by the deadline date listed on your Renewal Notice.
Why are the tenants only given month-to-month extensions under the Guarantee?
For all Guarantee properties, we only offer M2M extensions by default. If a tenant requests a 12-month lease, we must reach out to the owner for approval.
How does Doorstead determine rent increase?
We run our pricing models that leverage real-time market data and vacancy rates.
We review local and state rental ordinances and work with homeowners to determine a rental increase on your unit. Here's an article elaborating on why rent prices typically increase after the first year. The renewal notice suggests a price increase depending on current market conditions.
The owner wants to know if the tenant will renew before deciding on renewal.
We only reach out to the tenants once we have a final decision from ownership. We want to avoid reaching out to tenants about renewal options if there is a possibility that an owner may not wish to renew their contract with Doorstead or their lease with the tenant. We want to wait until the owner has a decision so that we can present accurate information to the tenants.
Can the tenants use the security deposit to pay last month's rent?
We can't take the deposit in place of the last month's rent as the deposit is only meant to be used for deductions on repairs after the tenant has vacated.
How many days in advance must the tenant notify us if they wish to move out?
We ask for a 30 days notice.
Renewing your lease with Doorstead is a seamless transition. Our team works with you every step of the way so that you can minimize the time and energy spent on property management. Contact us today at [email protected] if you'd like to start the renewal process for your home.
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