When performing rental property upgrades, it might usually be simpler to refer to the television shows where you see individuals procuring and flipping homes in a speedy, professional, and timely fashion. But, attempting to follow the example of a flip-home reality show can be costly and lead to improvements that are not needed or reduce the value of the home if they are not done correctly. Because property investors focus on renting out to residents and not on selling the home, it is important to consider the importance of making your investment long-term sustainable and satisfactory for the local market. Imagine your renters walking into a badly executed renovation. Think of what rental property upgrades need professional attention vs. something that you can perform yourself.
Now we ask ourselves the big question: if I should not be “flip-styling” my properties, what renovations do I have to make? As we look further into home renovations, the key is to find the top 20% of upgrades to your home that can add 80% of the value. As we look deeper, the main discovery is that renovations tend to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The first step in performing rental property upgrades based on your market is to concentrate on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family property, you may want to just focus on the yard or garden initially. The right rental property upgrades can include:
- Including gravel and rock walkways
- Adding plants that are drought-tolerant
- Reducing total grass lawn space with rock landscaping
- Stopping weeds from growing by utilizing 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 placing a potted plant on your front porch
- Repainting areas of damaged paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To maintain your Wake Forest property from the outside and uphold the overall visual appeal, factor in who will do lawn and landscaping maintenance. You could do it yourself, hire a professional service (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 vital to help the residents when they are considering renting from you to help them visualize themselves staying in your property. Some things you can do to have the greatest return on value include the following:
- Prepare the rental property with décor as this could help renters visualize living in the home, as the space won’t be so sterile.
- Hire professionals to clean up clutter and do deep cleaning so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company set up quality services to take care of your resident’s concerns and perform timely repairs like fixing leaky toilets, broken microwaves, and temperamental dryers.
- Put 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.
Treat your Wake Forest rental property as though it is your home by organizing, upgrading, and maintaining your home as a place that you yourself would want to live in. Not only is it important to apply sustainable rental property upgrades but also to find the renters who will treat your property with the respect it deserves.
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