When performing rental property upgrades, it may be easy to use television shows where individuals buy and flip homes in a quick, professional, and timely fashion as a reference. Yet, trying to follow the example of a flip-home reality show is usually costly and lead to improvements that are not required or decrease the value of the home if they are not done correctly. Because we, as property investors, focus on renting out the property and not selling it, it is important to think about the importance of making your investment long-term sustainable and satisfactory for your local market. Imagine your tenants walking into a poorly executed renovation. Think of what rental property upgrades necessitate professional attention vs. something that you can do yourself.
Now we ask ourselves the big question: if I should not be “flip-styling” my properties, what renovations do I have to do? 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 complicated, and cheaper in nature.
Increasing Visual Appeal
The first step in performing rental property upgrades based on your market is to focus on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you might want to focus on the yard or garden first. The right rental property upgrades can include:
- Including gravel and rock walkways
- Putting plants that are drought-tolerant
- Reducing total grass lawn space with rock landscaping
- Preventing weeds from growing by using mulches in garden beds and around borders
- Making the path to the front door clear and mess-free by removing any litter
- Keeping the lawn mowed and edged
- Considering placing a potted plant to your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To maintain your Palm Bay property from the outside and sustain the overall visual appeal, factor in who will do the upkeep with the lawn and landscaping. You could do it yourself, get 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 living in your property. A number of things you can do to that have the greatest return on value include the following:
- Stage the rental property with décor as this can help renters visualize living in the home, as space wouldn’t be so sterile.
- Hire professionals to clean up clutter and perform deep cleaning so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company set up quality services to address your resident’s concerns and do 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 apply is not bold or bright as lighter neutral colors can have a better effect on the mood and style of your property.
- Cover your windows with blinds.
Treat your Palm Bay rental property as though it is your home by organizing, upgrading, and maintaining your home as a place that you yourself would feel comfortable in living in. Not only is it important to do sustainable rental property upgrades, but also to find the residents that would treat your property with the respect it deserves.
Would you like to know more? Schedule an appointment with Real Property Management Brevard for a free assessment of your Palm Bay property. For more information, contact us online or call us at 321-610-8022.