As a rental home owner, success in the field requires sound long-term planning and preparation. Single-family Marietta rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. The two key aspects of this careful management are keeping rental rates competitive and keeping long-term tenants happy.
Regular improvements do a lot for property owners, keeping their rents competitive and tenants satisfied. But not all improvements will yield the best ROI. When property owners are well-informed of the various upgrades available to them and which ones give the highest value increases for the cost, their long-term planning will be a lot more successful.
Note that the most costly upgrades aren’t always the ones 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.
To illustrate, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can immediately refresh an aging exterior, as well as spare the property owner from many years of technical problems and break downs. This is very true for tenants who use their garage door on a daily basis. For them, they will feel reassured that the property owner cares for their tenants. This would show them that careful consideration is given to the home’s function and appearance; and ultimately the tenant’s quality of life.
Kitchen remodels, big or small, are also in the short-list of recommended upgrades. Many tenants opt to go for the rental home with a nicer kitchen. It is one of the major reasons in their decision-making. Many people gather with friends and family in the kitchen, spending a huge amount of time there. A kitchen upgrade doesn’t have to be very extensive. Even replacing appliances as they start to have problems or resurfacing cabinets can make a huge impact on keeping the kitchen up-to-date and tenants content.
Clean and updated bathrooms, likewise, offer significant results. And expensive fixtures or features aren’t needed. Even a simplistic bathroom can add a lot of value to a rental home. This, in turn, would 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 Missing tiles, failing grout or caulk lines, and outdated cabinets need to be filled in or fixed so that things look fresh and modern.
When property owners know which upgrades offer the highest return for the cost, they can keep their rental home competitive, rental rates high, and tenants happy. More importantly, a strategic plan that includes regular property improvements is the best road to success.
At Real Property Management East Cobb, we give complete property evaluations that can help property owners with their strategic planning, and make upgrades an easy part of property management. We also conduct market assessments for each Marietta rental home and provide custom recommendations. These are a few ways we help keep every property competitive and renting for the highest amount possible. Feel free to contact us online or by phone at 770-622-5657 for more information.
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