When transacting rental property upgrades, very often it might be simple to turn to the television shows where you eye individuals paying for and flipping homes in a smart, skilled, and opportune fashion. Yet doing your best to take as an example the template of a flip-home reality show can be expensive and produce results that are not needed or plunge the overall value of the home if they are not performed properly. Because as property investors we put emphasis on renting out to tenants and not to sell the home, it is vital to keep in mind the importance of making your investment long-term worthwhile and competent for your local market. Think of your renters walking into a poorly executed renovation. Concentrate on what rental property upgrades need skilled attention vs. something that you can do yourself.
Right now we ask ourselves the big question: if I should not be “flip-styling” my properties, what changes do I need to make? 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 prime step in conducting rental property upgrades based on your market is to zero in on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you may wish to focus on the yard or garden first. The right rental property upgrades can number these:
- 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 protect your Warren investment property from the outside and perpetuate the total visual power, take on board who will do the support with the lawn and landscaping. You could do it yourself, hire a professional service (while factoring the cost into the rent), or you could require the tenant to do it.
Inside Property Visualization
With respect to rental property upgrades from the inside of the property, it is all-important to do the tenants a favor when they are deliberating on renting from you to help them evoke images of themselves living on your property. Some things you can do to that have the greatest return on value include 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 so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company set up quality services to address your tenant’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 that 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
Think of your Warren rental property as though it is your home by putting together, rehabilitating, and prolonging your home as a place that you yourself would feel homely in living in. Not only is it vital to bring to bear endurable rental property upgrades, but also to find the tenants that will take care of your property. Real Property Management Metro Detroit will ensure that your property is treated and maintained the same way you would want your own home maintained. Contact us online or call us at 248-808-6550 today for more information.