As a rental home owner, success in the field requires sound long-term planning and preparation. Single-family Charles County rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. Careful management means always keeping the two key aspects in mind– competitive rental rates and the satisfaction of long-term tenants.
Regular improvements are a means for property owners to keep tenant satisfaction high while still keeping their rents competitive. But not all improvements will yield the best ROI. When property owners are well-informed of the various upgrades available to them and which ones give the highest value increases for the cost, their long-term planning will be a lot more successful.
When considering the upgrades, keep in mind that price and quality do not always correlate. Just because an upgrade costs a lot, it doesn’t mean that it gives 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 instance, 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, are another thing that is 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. Many people use the kitchen as a place to gather. They spend a lot of time there with friends and family. 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.
Clean and updated bathrooms are also an item that gives significant results. And expensive fixtures or features are not required. 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 Missing tiles, failing grout or caulk lines, and outdated cabinets ought to be changed in order to keep everything looking updated and polished.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. Along with that, including regular property improvements in your plan is the best approach to gain success.
At Real Property Management Gold, 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 Charles County rental home and give custom recommendations. These are some ways we help keep every property competitive and renting for the highest amount possible. If you want to know more, don’t hesitate to contact us online or call us at 301-392-2172.
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