When performing rental property upgrades, it typically might be easy to refer to the television shows where you see people buying and flipping homes in a quick, professional, and timely fashion. Yet trying to follow the example of a flip-home reality show can be expensive and lead to superfluous improvements or decrease the value of the home if they are not executed right. As property investors focus on renting out to residents and not on selling the property, it is important to keep in mind the importance of setting up your investment to be long-term sustainable and satisfactory for your local market. Think of your renters walking into a poorly executed renovation. Contemplate which rental property upgrades need professional work vs. something that you can do yourself.
Now we ask ourselves the big question: if I shouldn’t be “flip-styling” my properties, what renovations do I need to make? As we look more into home renovations, the key is to get the top 20% of upgrades to your home that will add 80% of the value. As we look further, the main finding is that renovations tend to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The initial step in performing rental property upgrades based on your market is to focus on two key points:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you might want to focus on the yard or garden first. Suitable rental property upgrades can include:
- Putting in gravel and rock walkways
- Adding plants that are drought-tolerant
- Lessening total grass lawn space with rock landscaping
- Preventing weeds from growing by using mulches in garden beds and around borders
- Making the path to the front door clear and clutter-free by removing any litter
- Keeping the lawn mowed and edged
- Considering adding a potted plant to your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in damaged sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To maintain your Hewitt property‘s outside and sustain the overall visual appeal, factor in who will do the upkeep with regard to the lawn and landscaping. You could do it yourself, hire a specialist (while factoring the cost into the rent), or require the resident to do it.
Inside Property Visualization
When it comes to rental property upgrades from the inside of the property, it is essential to help the residents when they are considering renting from you to help them see themselves living in your property. Some things you can do to that have the best return on value include the following:
- Stage the rental property with décor as this can help renters visualize living in the home, as the space won’t be so barren.
- Hire professionals to clean up clutter and perform deep cleaning so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company set up quality services to address your resident’s concerns and do 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 property’s mood and style.
- Add blinds to your windows.
Treat your Hewitt rental property as if it is your own home by organizing, upgrading, and maintaining your home as a place that you yourself would feel comfortable in living in. Not only is it important to perform sustainable rental property upgrades, but also to find the residents that will treat your property with the care it deserves.
Would you like a free assessment of your Hewitt rental property from Real Property Management Talent? Contact us online or call us at 254-4010-0400 today!
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