Adding Entrance Systems to Rental Homes - Know your ROI
What's the ROI on Adding Entrance Systems to Rental Homes?
Curb appeal: the initial appeal of a property to prospective buyer as seen from the street
Curb appeal is all about making a splash with buyers before they even enter your home, whether you're selling or renting.
Here are some of the features people notice immediately upon coming up to a property:
the overall appearance – whether the property has been well-maintained the driveway - resurfacing or replacing a driveway may not generate an ROI - it improves curb appeal, making the place look well-maintained but can be a deal-breaker if not in good shape the landscaping -To landscape approx. 2,800sf (mow, prune shrubs, mulch, and plant 60 perennials/annuals) cost about $3k but has an ROI of 100% the garage door – replacing a garage door pays for itself, resulting in an ROI of about 98% and the entrance system and door - replacing an existing entry door with a steel one, has an ROI of about 91%. Renters and buyers appreciate the cold-blocking powers, energy efficiency, and low-maintenance of metal.
Each aspect is a significant contributor to the saleability or rentability of the home. Of these, one of the most noticed features of a house is the entrance.
For example, let's compare two houses:
House #1-- has clapboard siding on the street-facing façade, two windows, and a door, all painted the same color. The driveway is cracking and scaling. Rent-$650/month. House #2--has 3' of new brick veneer added to the clapboard siding that is now a parchment color; an original pediment has been installed at the front door and is supported by two beautiful oak-colored columns that form a portico. The front door is a medium oak with some unique sidelights; forest green shutters are installed on both sides of the windows, and the front door has a new keyless entry system. The driveway has been repaved, and new landscaping compliments the layout—Rent--$975/month.
Even though the rent is considerably higher on House #2, which one sounds more exciting and more likely to attract renters?
The entranceway: the "Welcome" feature of a home
Plain, non-descript entranceways are not as inviting as those with interesting details. An entrance system should have a lot of character and emit warmth. As seen from our example above, a house lacking these features can be characterized as dull and uninviting.
Adding an Exciting Entrance System to Your Rental Home
If you are considering adding entrance systems to your rental homes, it is essential to know your return on investment (ROI) of such a project. This type of information would help you make an informed decision as to whether this type of upgrade is worth your time and investment.
Entry Door Replacement
Replacing that 20-year-old plain front door makes a great first impression! Your house will instantly look more welcoming and appeal to a broad range of buyers and renters. Replacing your front door can also make a significant impact on the value of your home. Select a style that fits well with the form of the house. A mismatch can decrease the ROI.
Steel doors return the most substantial average ROI of 101.8%. Fiberglass doors return an ROI of 72% Grand Entrance Fiberglass brings in an ROI of 67.6%.
As you can see, the more expensive doors don't necessarily return the highest ROI.
In addition to replacing the door itself, adding a portico can make a big difference in the house's curb appeal.
Adding a Pediment
By adding a pediment, an architectural element that is typically a triangular gable that forms the end of the roof slope over a portico, and is supported by columns, creates a beautiful focal point of the entranceway.
Pediments are available in an array of styles, from Greco-Roman to Early American. Worthington Mills has the perfect architectural columns and capitals to complement any of those styles. We offer Round Tapered and Non-Tapered, Square Tapered, and Non-Tapered columns in hundreds of sizes.
Our columns are :
Class-A Fire Rated Lightweight Designed Rot Resistant Limited Lifetime Warranty Water-Resistant Made In The U.S.A Fiberglass Capital, Shaft and Base
Our capitals are available in plaster and polyurethane, with many styles available immediately and more new styles to come.
View our videos for more ideas, then visit our website for more information and pricing tools. Or call Worthington Mills today to speak to one of our experts and let us help you design the perfect entrance system for your rental home.