Typically, when performing rental property upgrades, it can be easy to refer to the television shows where you see individuals buying and flipping homes in a fast, professional, and timely way. However, trying to follow the example of a flip-home reality show can be costly and result in improvements that are not needed or decrease the value of the home if they are not prepared right. Since property investors focus on renting out to tenants and not on selling the home, it is important to keep in mind the value of making your investment long-term sustainable and satisfactory for your local market. Imagine your renters walking into a poorly done renovation. Think of what rental property upgrades necessitate professional attention vs. those 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 get the top 20% of upgrades to your home that will add 80% of the value. As we look deeper, the primary finding is that renovations tend to be more cosmetic, less complex, and cheaper in quality.
Increasing Visual Appeal
The first step in doing rental property upgrades based on your market is to focus on two main areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you may want to emphasize the yard or garden first. The appropriate rental property upgrades can include:
- Putting in gravel and rock walkways
- Adding plants that are drought-tolerant
- Lessening 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
- Adding 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 spaces
To maintain your Spring property from the outside and sustain the general visual appeal, factor in who needs to do upkeep on the lawn and landscaping. You can do it yourself, hire a professional service (while adding the cost into the rent), or require the resident to do it.
Inside Property Visualization
When talking about rental property upgrades from the inside of the property, it is important to help the residents when they are thinking about renting from you to help them visualize themselves living in your property. Some things you can do that have the greatest return on value include the following:
- Stage the rental property with décor as this can help tenants visualize staying in the home, as the space won’t be so sterile.
- Hire experts to clean up clutter and do deep cleaning so appliances, windows, bathrooms, and floors shine.
- Have a property management company set up quality services to address your resident’s concerns and perform timely repairs such as fixing leaky toilets, broken microwaves, and undependable dryers.
- Apply 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 positive effect on the mood and style of your property.
- Add blinds to your windows.
Treat your Spring 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 vital to apply sustainable rental property upgrades, but also to find the residents that will handle your property with the respect it deserves.
Would you like a free assessment of your Spring rental property from Real Property Management Republic? Contact us online or call us at 281-362-5001 today!
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