Rental homeowners need to have good planning that is long-term to achieve success in their field. Single-family West Allis rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. Careful management means always keeping the two key aspects in mind– competitive rental rates and the satisfaction of long-term tenants.
Regular improvements help keep rents competitive for the property owners and help keep their tenants from leaving. 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.
For instance, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can instantly transform an old exterior into a new and updated exterior, and it will suffer little to no problems or break downs for a good number of 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 another thing that is a priority in the list of recommended upgrades. Many tenants go for the rental home with a better kitchen; it is one of the major considerations they have when making the decision. Numerous people like to get together with friends and family in the kitchen, so they end up in that space a lot. A kitchen upgrade doesn’t need to be comprehensive. Simply replacing appliances as they age or resurfacing cabinets can do a lot to keep the kitchen up-to-date and tenants happy.
Clean and updated bathrooms are also something that has measurable results. And there is no requirement for expensive fixtures or features. Even a simplistic bathroom will add a lot of value and help with the longterm tenant retention of a rental home. Missing tiles, failing grout or caulk lines, and outdated cabinets must be removed and replaced with new ones so that everything is new and up to date.
Knowing which upgrades are available and which ones actually give the highest return for the cost plays a significant part in keeping a 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 Greater Milwaukee, 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 West Allis rental home and give recommendations made specifically for you. By these services, we help keep every property competitive and renting for the highest amount possible. Feel free to contact us online or by phone at 262-309-6961 for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.