Regular improvements are one way for property owners to keep their rents competitive and the satisfaction of their tenants high. But not all improvements will yield the best ROI. When property owners know the different types of upgrades possible, they can determine the best upgrades that offer the highest value increase for the cost. This would aid them in planning for long-term success.
When thinking about the price of the upgrades, bear in mind that expensive does not necessarily mean better. An upgrade may be the most expensive but that does not mean it that it offers 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 tenants that use their garage door every day, this would be a reassuring sign that care is given to both the appearance and function of the home. It would show them that the property owner considers the quality of life of their tenant.
Kitchen remodels, big or small, are another thing that is a priority in the list of recommended upgrades. One of the bigger reasons tenants choose a rental home over another is the quality of their kitchen. Numerous people like to get together with friends and family in the kitchen, so they end up in that space a lot. A kitchen upgrade doesn’t need to be comprehensive. Simply replacing appliances as they age or resurfacing cabinets can do a lot to keep the kitchen up-to-date and tenants happy.
Clean and updated bathrooms are another thing that gives measurable results. And expensive fixtures or features aren’t needed. Even a simplistic bathroom can add a lot of value that would help keep tenants in the rental home for many years. Missing tiles, failing grout or caulk lines, and outdated cabinets ought to be changed in order to keep everything looking updated and polished.
When property owners know which upgrades offer the highest return for the cost, they can keep their 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 Results, we provide thorough property evaluations that can be used by property owners in planning, and make upgrades an easy part of property management. We also conduct market assessments for each Evansville rental home and give recommendations custom made for you. By these services, we help keep every property competitive and renting for the highest amount possible. Don’t hesitate to contact us online or give us a ring at 812-461-1676 to know more.