Before beginning rental property upgrades, you might naturally think about any of the numerous remodeling television shows as you yourself contemplate how best to invest in and flip for a profit in a fast-moving, proficient, and well-timed fashion. Be warned, taking these television shows at face value can end up costing you an arm and a leg if the execution and the project echelon are not evenly matched. As property investors, our aim is to rent, not sell; so while it’s vital to upkeep your investment’s long-term health, you must continue to balance out the well-being of your current residents. You do this by evaluating what level of proficiency is needed for each specific concern (whether you can perform the repairs yourself) and also by acknowledging that any repairs will be an intrusion into the life of your residents.
Ask yourself this question: If I’m not going to be “flipping” my property, where do I need to focus my attention? As we look further into home renovations, the key is to find the top 20% of upgrades to your home that will add 80% of the value. As we look deeper, the main finding is that renovations tend to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The crucial step in performing rental property upgrades based on your market is to focus on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside “Curb Appeal”
If renting out a single-family home, you may be considering focusing on the yard or garden first. If this is the case you should be considering the following:
- Include gravel and rock walkways
- Add plants that are drought tolerant
- Reduce total grass lawn space with rock landscaping
- Prevent weeds from growing by using mulches in garden beds and around borders
- Make the path to the front door clear and clutter free by removing any litter
- Keep the lawn mowed and edged.
- Consider adding a potted plant to your front porch
- Repaint areas of chipped paint or sunspots
- Replace and fill in cracked sidewalk or driveway
- Add privacy fencing and outdoor living areas
To keep up the overarching visual pull, consider who will be caring for the lawn and landscaping. You could do it yourself, hire a professional service (factoring the cost into rent), or you could require the resident do it.
Inside “Home Visualization”
As far as interior rental property upgrades are concerned, try to envision what upgrades would best keep your residents happy. Consider the following:
- Stage the rental property with décor – This can help renters visualize living in the home as the space won’t be so sterile.
- Clean up clutter and deep clean – Hire professionals to keep appliances, windows, bathrooms, and floors sparkling.
- Have a property management company set up quality services to address your resident’s concerns, and perform timely repairs such as fixing leaky toilets, broken microwaves, and temperamental dryers.
- Apply fresh paint, floor coverings, and window dressing. Make sure the paint you use is not bold or bright as lighter neutral colors can have a better effect on the mood and style of your property.
- Add blinds to your windows.
Treat your rental property as though it were your very home you were tending to. Not only is it crucial to make use of maintainable rental property upgrades, but also to find the residents that will act toward your property with the loving care it deserves.
If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!
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