Success in the field of rental home ownership requires planning that is solid and aimed for the long-term. Single-family Grandville rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. This careful management would involve making sure that rental rates stay competitive and keeping long-term tenants happy.
Regular improvements are one method property owners can use to help keep their rents competitive and tenant satisfaction high. But not all improvements will yield the best ROI. When property owners know the different types of upgrades possible, they can determine the best upgrades that offer the highest value increase for the cost. This would aid them in planning for long-term success.
When considering the upgrades, keep in mind that price and quality do not always correlate. Just because an upgrade costs a lot, it doesn’t mean that it gives the highest returns. According to Realtor.com, inexpensive fixes and repairs are usually the best places to start. Upgrades that enhance the curb appeal of property tend to result in higher property values than upgrades on the home’s interior.
Case in point, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can instantly transform an old exterior into a new and updated exterior, and it will suffer little to no problems or break downs for a good number of years. For tenants that use their garage door every day, this would be a reassuring sign that care is given to both the appearance and function of the home. It would show them that the property owner considers the quality of life of their tenant.
Kitchen remodels, big or small, are also high up in the list of recommended upgrades. A good kitchen is one big consideration that tenants have when choosing one which rental home to get. Numerous people like to get together with friends and family in the kitchen, so they end up in that space a lot. A kitchen upgrade doesn’t need to be comprehensive. Simply replacing appliances as they age or resurfacing cabinets can do a lot to keep the kitchen up-to-date and tenants happy.
Likewise, clean and updated bathrooms are an item that offers notable results. And expensive fixtures or features are not required. Even a simplistic bathroom in a rental home can add a lot of value that would affect tenant retention for many years. Consider replacing missing tiles, failing grout or caulk lines, and outdated cabinets so that it gives the appearance that things are fashionable and state-of-the-art.
When property owners know which upgrades offer the highest return for the cost, they can keep their rental home competitive, rental rates high, and tenants happy. More than that, forward-thinking planning which integrates regular property improvements is the best way to achieve success.
At Real Property Management Investment Solutions, we give complete property evaluations that can help property owners with their strategic planning, and make upgrades an easy part of property management. We also conduct market assessments for each Grandville rental home and give recommendations made specifically for you. These are some ways we help keep every property competitive and renting for the highest amount possible. Don’t hesitate to contact us online or give us a ring at 616-419-8880 to know more.
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