Success in the field of rental home ownership requires planning that is solid and aimed for the long-term. Single-family Wake Forest rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. Careful management would mean always considering these two important metrics: That the rental rates stay competitive and that the long-term tenants stay 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 upgrades they can get and which ones offer the highest value increases for the cost, their planning for long-term success will be a whole lot easier.
Bear in mind, the upgrades that cost the most aren’t necessarily the upgrades that give 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 turn an old exterior into something fresh and better, and won’t be prone to technical problems and breakdowns for a good many 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, is also one of the first things in the list of recommended upgrades. A good kitchen is one big consideration that tenants have when choosing one which rental home to get. Many people gather with friends and family in the kitchen, spending a huge amount of time there. 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 there doesn’t have to be expensive fixtures or features. Even a simplistic bathroom in a rental home can add a lot of value and help retain tenants longterm. Missing tiles, failing grout or caulk lines, and outdated cabinets must be removed and replaced with new ones so that everything is new and up to date.
Being informed about which upgrades bring the highest return for the cost is a vital part of keeping a rental home competitive, rental rates high, and tenants happy. Additionally, the best strategy for success is proper planning that includes regular property improvements.
At Real Property Management Raleigh, 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 Wake Forest rental home and provide recommendations designed exactly for you. By these services, we help keep every property competitive and renting for the highest amount possible. Feel free to contact us online or by phone at 919-481-0008 for more information.
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