Replacing a Front Door ROI Guide for Rental Property Owners
Home improvement strategies for rental property owners can increase their ROI (return on investment), especially when replacing a front door. If you want to boost your property value and attract more tenants, most property owners will tell you to increase your curb appeal with a fresh coat of paint or change your home decor to something more trendy.
However, a strategic upgrade that most people tend to underestimate is your front door. An aesthetic and secure entryway improves your home’s appeal to prospective tenants and keeps them interested with the added security.
Below, you will discover how to help rental property owners see the ROI in replacing a front door.
How Does a New Front Door Increase Property Value?
Moreover, enhancing your home’s curb appeal can significantly increase your property’s value. One way is by improving energy efficiency and boosting your home’s security. Since your front door is one of the first things people see, it can set the tone for the rest of your home.
These days, security is a key factor for your property and the safety of your space. Of course, this includes a superior locking system and often well-placed security cameras. When replacing a front door, you always want to opt for a sturdy, high-quality door and locks to ensure better protection.
Even if you are a rental property owner, you must protect your home and the people inside. Adding or replacing a new front door becomes a small investment that can yield a higher return by increasing a home’s resale value.
1 – Create Positive First Impressions By Replacing a Front Door
Ideally, you can set the tone for your entire rental before tenants enter it with the right door. A well-maintained front door subconsciously reassures prospective renters that what’s behind the door will be stylish, modern, or serene, depending on your aesthetic.
On the other hand, a tired and outdated door gives the impression of a poor maintenance culture, which can put tenants on edge and make them more critical of whatever they see beyond that point. As a result, a new front door creates a positive first impression for rental property owners that can impress renters and prime them to sign a lease with you.
2 – Reduces Liability In Case of Break-Ins
Put prospective tenants’ minds at ease with a sturdy front door that can keep threats at bay. Despite the reassurance of your neighborhood’s safety or low crime rate, no renter will feel secure living in a house with a front door nearly off its hinges.
That’s why your property management in Richmond VA suggests choosing a durable door with advanced lock mechanisms to enhance your tenants’ safety. Aside from that, most renters rate safety as a high priority when choosing a house, and a front door made from reinforced materials with a modern locking mechanism can put their minds at ease.
When tenants observe that your rental has lower chances of a break-in, your property becomes more desirable, potentially justifying higher rental rates.
3 – Improve Energy Efficiency
Upgrading your front door comes with perks beyond impressing your tenants. A modern front door can also help you save more money on power by cutting back on your utilities, especially in the peak winter or summer season.
For context, tenants tend to use more power during these months to regulate the property’s internal temperature. As a result, a dated front door is more likely to let cold or hot air escape, increasing your cooling and heating costs at the end of the month. On the other hand, a solid door with good weather stripping would be more energy-efficient and add greater value to your property.
4 – Cost of Replacing a Front Door
Several factors influence the cost of a front door replacement. For example, a major influence on your final price is often the material of the door. If you’re looking for the most affordable choice without compromising energy efficiency and security, steel would be your best bet at $500 – $1500. On the other hand, if you want a more high-end look, high-quality wood typically goes for $1500 – $5,000.
Another major expense that contributes to the total cost is labor and installation. Depending on the contractor, a basic installation typically costs $200 – $800. However, if you want custom fittings or other modifications to your entryway, you should budget $1000+.
Of course, additional features like smart locks or weatherstripping have price tags that can cost an extra $200 – $300. As a result, it would be best to shop around and talk to different local contractors to find the exact specifications that match your aesthetic and security needs.
When to Replace vs Repair Your Front Door
1 – Visible Structural Damage
Preserve your home’s image by opting for a replacement when your front door has major flaws. If you notice cracks or severe dents, it’s time to get a new one. Besides, replacing your front door can also help increase curb appeal of your property. On the other hand, minor cosmetic issues like scratches or chipped paint can still serve you well post-repair.
2 – Drafts and Energy Inefficiency
If you’re spending a fortune on electricity and suspect your front door could be behind the poor insulation, you may have to look closer to determine if you can restore it with a simple fix or a replacement. In most instances, simply weatherstripping to block drafts will go a long way in solving the problem. However, if the door is starting to warp, there’s little you can do except get a new one.
Conclusion Replacing a Front Door ROI Guide for Rental Property Owners
Invest in a new front door to attract prospective tenants to your property. If you’re looking to fill your vacancies quickly, don’t underestimate how much value a new front door can add to your house.
Boosting your home’s aesthetic creates a positive first impression, backed by the promise of extra security. Replacing your front door instead of repairing it can also help you save money in the long run by being energy efficient. If you need more energy efficiency or notice visible structural damage, start calculating how your material and installation choice will contribute to the total bill of a front door replacement.
