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Knowing Which Newburgh Investment Property Renovations are Needed

Inspecting Your Newburgh Property for Potential RenovationsHave you been keeping your investment property renovations in line? When aiming to rent out your investment property, it is important to follow the popular trends and demands in the market along with regular tasks you can perform to make sure that your property is ready for renting.

Local Home Analysis

To really understand what investment property renovations you ought to add into your home, you should do a formal evaluation of how competing properties are performing. To do this, you can participate in local home open house viewings to see the current offerings of the housing market. While doing so, it will also be wise to concentrate on what people are saying as it can provide important market insight as to the desires and lifestyles of the people that live in the area. Moreover, if you were managing a property that was near shopping, freeway access, or a local “hot spot,” for example, you should take note of the types of individuals that might wish to rent your home.

If you don’t follow the right steps to prepare the right house for the right market in Newburgh, it may take longer to get renters, or the renters might not stay as long, resulting in an increased turnover rate. Take the correct steps in attending to your investment property renovations by guaranteeing that your renters are getting what they need.

Fulfill the Needs of Your Target Market

A property investor in Newburgh took notice following a rental property taking longer than average to rent out. After further analysis, they found that the home they were renting out is in a commuter or eco-friendly area due to it being near a major public transportation hub. The potential renters that were viewing the property investor’s home were interested in the property; however, after learning that the access to the hub was fenced off with no gated access, they chose to walk away without any further interest in the property. Had the owner left the gate access that was allowed by both the city and hub, he may have had a better chance of renting out the property. Adding solar panels and alternate charging stations may have been a boon as well.

Now in comes the part where you need to think about the market and what investment property renovations you need to perform. Usually, a family with animals will look for a fenced yard. Elderly individuals may desire more of a low maintenance garden, additional storage space, and bedrooms with ease of access.

Meeting the Housing Standard

Sometimes, it would be fitting to simply put a fresh coat of paint or add new carpeting in your investment property. The standard of rental renovations is to always adapt to the growing demand in the market based on what people in the area want in a home. Adding appliances or a new coat of paint could be significant in increasing the value of the rent and/or allowing your property to be occupied longer. A house that is not properly maintained or updated could result in damages or wear. Residents can also be unhappy if they are using outdated appliances (like a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.

You can also adjust based on what the housing market is. For example, if your property has four bedrooms and one bathroom while the demand in the area is for three bedrooms and two bathrooms, you can decide to provide landscape, basic cable, or internet services.

In Conclusion

By understanding the demands of the local market, you can make the right adjustments without going on a complete overhaul to renovate the whole property. The key to making investment property renovations is to do what is needed of the market and ensuring you are meeting the proper demand in your area.

Do you want a free assessment of your rental property or are you interested in learning more about the services Real Property Management Results offers? Contact us online or call us at 812-461-1676 today!

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