Oftentimes, when performing rental property upgrades, it might be simpler to refer to the television shows where you see individuals purchasing and flipping homes in a quick, professional, and timely fashion. But, trying to follow a flip-home reality show can be costly and lead to improvements that are not required or decrease the value of the home if they are not executed correctly. Because as property investors we concentrate 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 sustainable and satisfactory for your local market. Imagine your renters walking into a badly done renovation. Think of what rental property upgrades need professional care vs. those you can do yourself.
Now we ask ourselves the main question: if I should not be “flip-styling” my properties, what renovations do should I make? As we look more into home renovations, the key is to find the top 20% of upgrades to your home that will add 80% of the value. As we look further, the main finding is that renovations tend to be more cosmetic, less complex, and cheaper in quality.
Increasing Visual Appeal
The first step in performing rental property upgrades based on your market is to concentrate on two key points:
- 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:
- Putting in gravel and rock walkways
- Adding drought-tolerant plants
- Reducing total grass lawn space with rock landscaping
- Preventing weeds from growing 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 adding a potted plant to your front porch
- Repainting sections of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To preserve your Pearland property from the outside and sustain the overall visual appeal, factor in who will do the upkeep regarding the lawn and landscaping. You could do it yourself, hire a professional service (while factoring in the cost into the rent), or require the renter to do it.
Inside Property Visualization
When it comes to rental property upgrades from the inside of the property, it is vital to aid the residents when they are considering renting from you to help them visualize themselves residing in your property. Some things you can do to that have the greatest return on value include the following:
- Stage the rental property with décor as this can help tenants visualize 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 shine.
- Have a property management company set up quality services to address your resident’s concerns and perform timely repairs such as fixing leaky toilets, broken microwaves, and problematic dryers.
- Apply fresh 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.
Handle your Pearland rental property as though it is your home by organizing, upgrading, and maintaining your home as a place that you yourself would feel comfortable in living in. Not only is it important to apply sustainable rental property upgrades, but also to find residents that will treat your property with the respect it deserves.
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