Have you been keeping your investment property renovations in order? When hoping to rent out your investment property, it is imperative that you realize the popular trends and demands in the market along with simple tasks you can do to ensure that your property is ready for renting.
Local Property Analysis
To properly figure out which investment property renovations you should add into your home, you should do a formal analysis of how competing properties are faring. To do this, you can participate in home open house showings to find the current offerings of the local housing market. While doing this, it would also be smart to pay careful attention to what people are saying as it can provide key market insight as to the desires and lifestyles of the people that reside in the area. Also, if you were managing a property that was close to shopping, freeway access, or a local “hot spot,” for example, it might be important that you take note of the kinds of individuals that might wish to live in your home.
If you don’t follow the right steps to set up the right house for the right market in Morrisville, it can take longer to get renters, or the renters might not stay as long, resulting in a higher turnover rate. Take the proper steps in tending to your investment property renovations by ensuring that your renters are getting what they need.
Fulfill the Needs of Your Target Market
A property investor in Morrisville took notice after a rental property took longer than average to rent out. After further analysis, they noticed that the home they were renting out was in a commuter or eco-friendly area as it was situated close to a major public transportation hub. The prospective tenants that were viewing the property investor’s home were interested in the property; however, after learning that the access to the hub was closed off by a high fence with no gated access, they decided to walk away with no more interest in the property. Had the owner left the gate access that was approved by the city and hub, he may have had a better chance of renting the property out. Adding solar panels and alternate charging stations could have been a boon as well.
Now in comes the part where you have to think about the market and what investment property renovations you need to make. Usually, a family with pets is looking for a fenced yard. Elderly individuals might appreciate more of a low maintenance garden, additional storage space, and bedrooms with ease of access.
Meeting the Housing Standard
Sometimes, it would be fitting to just apply a fresh coat of paint or replace the carpeting in your investment property. The standard of rental renovations is to constantly adjust to the growing demand in the market based on what people in the area are looking for in a home. Adding appliances or a new coat of paint may be vital in increasing the value of the rent and/or allowing your property to be occupied longer. A house that is not properly maintained or updated could result in damages or wear. Residents can also be unhappy if they are using outdated appliances (like a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.
You can also adapt depending on what the housing market is. For example, if your property has four bedrooms and one bathroom while the demand in the area is for three bedrooms and two bathrooms, you could decide to give landscape, basic cable, or internet services.
By recognizing the demands of the local market, you can make the proper adjustments without going on a total overhaul to renovate the whole property. The key to making investment property renovations is to do what is required of the market and make sure you are meeting the proper demand in your area.
Would you like a free assessment of your rental property from Real Property Management Raleigh? Contact us online or call us at 919-481-0008 for more information today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
