When effecting rental property upgrades, many times it might be a piece of cake to look to the television shows where you inspect individuals snapping up and flipping homes in an express, experienced, and expedient fashion. Yet aiming to follow the paradigm of a flip-home reality show can be exorbitant and contribute to upgrades that are not critical or deplete the monetary value of the home if they are not done perfectly. Because as property investors we concentrate on renting out to residents and not to sell the home, it is important to keep in mind the importance of making your investment long-term maintainable and fine for your local market. Imagine your renters walking into a poorly executed renovation. Ponder on what rental property upgrades need masterly attention vs. something that you can do yourself.
At present we ask ourselves the big question: if I should not be “flip-styling” my properties, what rebuilding 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 prevailing step in bringing about rental property upgrades based on your market is to hone 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 desire to focus on the yard or garden first. The right rental property upgrades can include:
- 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 your Garner property in good repair from the outside and retain the full visual attractiveness, be mindful of who will do the maintenance of 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 resident to do it.
Inside Property Visualization
Referring to rental property upgrades from the inside of the property, it is urgent to come to the residents’ rescue when they are appraising renting from you to help them contemplate themselves dwelling in your property. Some things you can do to your property that have the greatest return on value include:
- Stage the rental property with décor- this can help renters visualize living in the home as 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 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 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
Take charge of your Garner rental property as though it is your home by seeing about, renovating, and servicing your home as a place that you yourself would feel secure in living in. Not only is it of great import to operate worthwhile rental property upgrades, but also to find the residents that will look upon your property with the concern it deserves.
Would you like a free evaluation of your Garner rental property? Contact us online or give us a call at 919-827-1107 today!
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