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.
Remember that just because the upgrades are the most expensive, it does not mean that they provide 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.
For example, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can instantly transform an old exterior into a new and updated exterior, and it will suffer little to no problems or break downs for a good number of years. For the tenant that uses their garage door frequently, this would reassure them that close attention is given to how the home looks and functions. It would reveal to them that the property owner cares for the quality of life of their tenants.
Kitchen remodels, big or small, is also a priority in the list of recommended upgrades. A fine kitchen is one of the major reasons tenants decide on one rental home over another. A lot of people choose to use the kitchen as a place to get together with friends and family, spending a great deal of time there. A kitchen upgrade need not be thorough. Replacing appliances as they start to break or resurfacing cabinets can greatly help keep the kitchen up-to-date and tenants content.
Likewise, clean and updated bathrooms are an item that offers notable results. And there is no requirement for expensive fixtures or features. Even a simplistic bathroom in a rental home can add a lot of value that would affect tenant retention for many years. Missing tiles, failing grout or caulk lines, and outdated cabinets have to be repaired whenever necessary in order to refresh the look of the room so that it is in line with the current tastes of the public.
Knowing which upgrades are available and which ones actually give the highest return for the cost plays a significant part in keeping a rental home competitive, rental rates high, and tenants happy. More than that, forward-thinking planning which integrates regular property improvements is the best way to achieve success.
At Real Property Management Brevard, we offer property evaluations that are so thorough that property owners may be able to benefit greatly from it– helping them create a great plan and make upgrades an easy part of property management. We also conduct market assessments for each Satellite Beach rental home and give recommendations made specifically for you. By these services, we help keep every property competitive and renting for the highest amount possible. To know more, please contact us online or give us a ring at 321-610-8022.