When doing rental property upgrades, it might oftentimes be easy to refer to the television shows where you see people buying and flipping homes in a speedy, professional, and timely fashion. Yet trying to follow the example of a flip-home reality show can be expensive and lead to unnecessary or decrease the value of the home if they are not done right. Because as property investors we focus on renting out to residents and not on selling the home, it is important to remember the importance of making your investment long-term sustainable and satisfactory for your local market. Imagine your renters walking into a poorly finished renovation. Think of what rental property upgrades need expert attention vs. something that you could do yourself.
Now we ask ourselves the big question: if I ought to not be “flip-styling” my properties, what renovations should I do? As we look further into home renovations, the secret is to find the top 20% of upgrades to your property that would add 80% of the value. As we search deeper, the main 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 main areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you should focus on the yard or garden first. The right rental property upgrades can include:
- Including gravel and rock walkways
- Putting plants that are drought-tolerant
- Reducing total grass lawn space with rock landscaping
- Stopping weeds from growing by using mulches in garden beds and around borders
- Making the path to the front door clear and clutter-free by eliminating any litter
- Keeping the lawn mowed and edged
- Considering adding a potted plant to your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in damaged sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To maintain your Acworth property from the outside and maintain the general visual appeal, factor in who will perform upkeep on the lawn and landscaping. You could do it yourself, hire a professional service (while factoring in 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 crucial to help the residents when they are considering renting from you to help them envision themselves living in your property. Some things you can do to that have the best return on value include the following:
- Stage the rental property with décor as this can help renters visualize residing 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.
- Get a property management company to set up 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 dressing. Make sure that the paint you use is not bold or bright as lighter neutral colors can produce a better effect on the mood and style of your property.
- Add blinds to your windows.
Treat your Acworth rental property as though it is your home by organizing, upgrading, and maintaining your home that you yourself would feel comfortable living in it. Not only is it important to apply sustainable rental property upgrades, but also to find the residents that will treat your property with the respect it deserves.