Thriving rental home ownership needs great, long-term planning. Part of this planning warrants executing continuous upgrades and improvements to keep your property newly updated and competitive. Single-family Big Rapids rental homes are a wonderful investment but, on the other hand, they need to be earnestly managed to stay profitable and keep property values high. Routine and planned-out improvements are significant in maintaining competitive rents and keeping tenants in place. Having said that, not all upgrades give back high returns for the cost. To get the most out of every dollar spent on your rental property, it’s noteworthy to put together and execute improvements that will have the greatest positive impact on your property‘s value and appeal.
Focus on Curb Appeal
The first thing to assimilate for property improvements is that the steep upgrades do not bestow significant returns. Real estate experts state that affordable fixes and repairs are typically the best way to go. Upgrades that intensify a property’s curb appeal tend to lead to higher property values than upgrades on the home’s interior.
Take one example, updating a garage door furnishes an immediate and vital boost in curb appeal. A quality garage door can swiftly update an aging exterior and has less potential to break down or prevent problems for numerous years. For tenants who keep on using a garage door day in and day out, that can be a reassuring clue that the Big Rapids property manager cares about the appearance and function of the home as well as the quality of the tenant’s life there.
Another thing, replacing a plain or ugly front door can cause higher appeal and rent. One of the first things a prospective tenant ascertains for when touring the property is exterior doors, such as garage doors. For the best first impression possible, get a quality exterior door for your property that is both secure and beautiful.
Upgrades for the Heart of the Home
Another upgrade that can pay off well is updating the kitchen. A decent kitchen is one of the primary reasons tenants select one rental home over another. Most people spend a lot of time in the kitchen and make use of it as a gathering space for friends and family. Even though a kitchen upgrade doesn’t need to be that major, replacing appliances as they wear out or resurfacing cabinets can make all the difference toward keeping the kitchen up-to-date and tenants satisfied.
Clean and Current Bathrooms
Clean and newly updated bathrooms are another item that proffers measurable results. And there is no need for steep, expensive fixtures or features. Even a simplistic bathroom can bring on a whole lot of value to a rental home and continue to keep tenants long-term. Missing tiles, failing grout or caulk lines, and unfashionable cabinets should be replaced, if appropriate, to keep things looking clean and current.
You and your tenants benefit when you carefully plan your upgrades strategically for maximum impact. At Real Property Management Investment Solution, we extend precise and comprehensive property evaluations that can help property owners with planning and make upgrades a straightforward part of property management. We furthermore apply market assessments for each rental home and make custom suggestions and recommendations. This careful approach helps keep every property competitive and rent for the highest amount possible. Contact us online to learn more.
Originally Published on May 17, 2019
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