Regular improvements are one way for property owners to keep their rents competitive and the satisfaction of their tenants high. But not all improvements will yield the best ROI. When property owners know which upgrades give the highest value increase for the cost, they will be able to plan better for long-term success.
Bear in mind, the upgrades that cost the most aren’t necessarily the upgrades that give 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 turn an aging exterior into an updated one instantly. On top of that, it will have little to no break downs or experience any problems for 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. One of the bigger reasons tenants choose a rental home over another is the quality of their kitchen. 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 mean everything needs to be replaced. The simple act of replacing appliances as they become worn or resurfacing cabinets can do wonders toward keeping the kitchen up-to-date and the tenants satisfied.
Clean and updated bathrooms are another thing that gives measurable results. And you can do it even without expensive fixtures or features. Even a simplistic bathroom can add a lot of value that would help keep tenants in the rental home 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 Missing tiles, failing grout or caulk lines, and outdated cabinets ought to be changed in order to keep everything looking updated and polished.
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 Prestige, we provide comprehensive property evaluations that can guide property owners in creating their plans, and make upgrades an easy part of property management. We also conduct market assessments for each Galveston County rental home and give custom recommendations. In these methods, we help keep every property competitive and renting for the highest amount possible. If you are interested in learning more, please contact us online or by phone at 281-532-5455 today.