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 informed as to which upgrades provide the highest value increase for the cost, they will be better equipped to plan for long-term success.
Remember that just because the upgrades are the most expensive, it does not mean that they provide 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.
Case in point, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can immediately update a deteriorating exterior and is not as likely to break down or be problematic over the course of many years. For tenants that use their garage door daily, this would be a reassurance that the property owner cares about the home. It would show that they care about both the appearance and function and, perhaps most importantly, that they think about their tenant’s quality of life.
Kitchen remodels, big or small, are also high up in the list of recommended upgrades. Many tenants go for the rental home with a better kitchen; it is one of the major considerations they have when making the decision. A lot of people choose to gather in the kitchen. They end up spending so much time with friends and family there. A kitchen upgrade doesn’t require all furniture and appliances to be updated. Just replacing appliances as they start to break down or resurfacing cabinets can already do a so much to keep the kitchen up-to-date and tenants happy.
Clean and updated bathrooms are also an item that gives significant results. And there doesn’t have to be expensive fixtures or features. Even a simplistic bathroom in a rental home can add a lot of value and help retain tenants longterm. Missing tiles, failing grout or caulk lines, and outdated cabinets need to be filled in or fixed so that things look fresh and modern.
Knowing which upgrades will give the highest return for the cost is an essential part of keeping a rental home competitive, rental rates high, and tenants happy. Additionally, the best strategy for success is proper planning that includes regular property improvements.
At Real Property Management One, we offer property evaluations that are so thorough that property owners may be able to benefit greatly from it– helping them create a great plan and make upgrades an easy part of property management. We also conduct market assessments for each Mountain House rental home and provide recommendations designed exactly for you. In these methods, we help keep every property competitive and renting for the highest amount possible. Feel free to contact us online or by phone at 925-794-8339 for more information.