When putting rental property upgrades, oftentimes, it may be simpler to refer to the television shows where you see people buying and flipping homes in a quick, professional, and timely fashion. However, trying to follow the ideas of a flip-home reality show can be costly and result in improvements that are not needed or reduce the value of the home if they are not done well. Because as property investors we emphasize on renting out to residents and not on selling the home, it is important to keep in mind the importance of making your investment long-term viable and satisfactory for your local market. Imagine your renters walking into a poorly done renovation. Think of what rental property upgrades require professional attention vs. something that you can do yourself.
Now we ask ourselves the big question: if I should not be “flip-styling” my properties, what renovations should I do? As we look more into home renovations, the key is to get the top 20% of upgrades to your home that will add 80% of the value. As we look 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 making rental property upgrades based on your market is to focus on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family property, you may want to first focus on the yard or garden. The right rental property upgrades can include:
- Incorporating gravel and rock walkways
- Adding plants that are drought-tolerant
- Reducing entire grass lawn space with rock landscaping
- Preventing weeds from developing by using mulches in garden beds and around borders
- Making the path to the front door clear and clutter-free by removing any litter
- Keeping the lawn mowed and edged
- Considering placing a potted plant to your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To maintain your Dublin property from the outside and maintain the overall visual appeal, consider who will do the upkeep with the lawn and landscaping. You could do it yourself, hire professional help (while factoring the cost into the rent), or require the resident to do it.
Inside Property Visualization
When it comes to rental property upgrades from the inside of the property, it is vital to help the residents when they are thinking of renting from you to help them visualize themselves living in your property. Some things you could do that have the best return on value include the following:
- Stage the rental property with décor as this can aid renters in visualizing living in the home, as the space won’t be so sterile.
- Hire professionals to clean up clutter and do deep cleaning so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company prepare quality services to address your resident’s concerns and perform timely repairs such as fixing leaky toilets, broken microwaves, and temperamental dryers.
- Apply fresh paint, floor coverings, and window dressings. Ensure 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.
In Conclusion
Treat your Dublin rental property as though it is your home by organizing, upgrading, and maintaining your property as a place that you yourself would feel comfortable staying in. Not only is it important to apply sustainable rental property upgrades, but also to find the residents that would treat your property with the respect it deserves.
Would you like a free assessment of your Dublin rental property or would you like to learn more about Real Property Management One? Contact us online or call us at 925-794-8339 today!