Typically, when performing rental property upgrades, it might be easy to refer to the television shows where people buying and flipping homes in a quick, professional, and timely fashion. However, trying to follow the example of a flip-home reality show can be pricey and lead to improvements that are not needed or decrease the value of the home if not done correctly. Because as property investors we aim to rent out to residents and not to sell the home, it is important to keep in mind the value of making your investment long-term sustainable and satisfactory for the local market. Imagine your renters walking into a badly executed renovation. Think of which rental property upgrades need professional care vs. something that you can do yourself.
Now we ask ourselves the big question: if I shouldn’t be “flip-styling” my properties, what renovations should I perform? As we look further into home renovations, the secret is to find the top 20% of upgrades to your home that will add 80% of the value. As we dig deeper, the primary finding is that renovations tend to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The first step in doing rental property upgrades based on your market is to focus on two crucial areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you have a single-family property, you might want to first focus on the yard or garden. The right rental property upgrades can include:
- Laying down gravel and rock walkways
- Adding plants that are drought-tolerant
- Minimizing overall grass lawn space with rock landscaping
- Preventing weeds from growing by utilizing 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 putting a potted plant on your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Installing privacy fencing and outdoor living areas
To maintain your Lusby property’s outside and sustain the overall visual appeal, think about who will do lawn and landscaping maintenance. You could do it yourself, hire a professional (while factoring the cost into the rent), or require the resident to do it.
Inside Property Visualization
When it comes to rental property upgrades on the inside of the property, it is vital to help the renters when they are contemplating renting from you to help them visualize themselves living in your property. A couple of things you can do to get the greatest return on value include the following:
- Stage the rental property with décor as this helps renters visualize living in the home, as the space won’t be so sterile.
- Employ professionals 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 do timely repairs such as fixing leaky toilets, broken microwaves, and problematic dryers.
- Apply new 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 better effect on the mood and style of your property.
- Add blinds to your windows.
Take care of your Lusby rental property as though it is your home by organizing, improving, and maintaining your home as a place that you yourself will feel comfortable living in. Not only is it important to apply sustainable rental property upgrades, but also to get residents that would treat your property with the respect it deserves.