Have you been keeping your investment property renovations in order? When aiming to rent out your investment property, it is important to follow the popular trends and demands in the market along with basic tasks you can perform to ensure that your property is set up for renters.
Local Property Analysis
To really grasp what investment property renovations you should put into your home, you should do a formal analysis of how competing properties are doing. To do this, you can participate in local home open house showings to view the current offerings of the housing market. While doing so, it would also be wise to pay attention to what people are saying as it can offer key market insight as to the desires and lifestyles of the people residing in the area. Also, if you are managing a property that is close to shopping, freeway access, or a local “hot spot,” for instance, it might be important that you take note of the types of people that might wish to live in your home.
If you don’t follow the right steps to prepare the right house for the right market in West Bend, it may take longer to get renters, or the renters might not stay as long, resulting in an elevated turnover rate. Take the appropriate steps in attending to your investment property renovations by ensuring that your renters get everything they need.
Fulfill the Needs of Your Target Market
A property investor in West Bend took notice after a rental property took longer than usual to rent. After further analysis, they noticed that the home they were renting out was in a commuter or eco-friendly area because it was set near a major public transportation hub. The prospective renters that were looking at the property investor’s home were interested in the property; however, after learning that the access to the hub was fenced off with no gated access, they decided to walk away, losing any interest in the property. Had the owner kept the gate access that both the city and hub allowed, he may have had a better chance of renting. Adding solar panels and alternate charging stations may have been an advantage as well.
Now in comes the part where you need to reflect on the market and what investment property renovations you need to make. A family with animals is usually looking for a fenced yard. Elderly renters might appreciate more of a low maintenance garden, extra storage space, and bedrooms with ease of access.
Meeting the Housing Standard
Sometimes, it is fitting to just apply a fresh coat of paint or add new carpeting in your investment property. The standard of rental renovations is to constantly adapt to the increasing demand in the market based on what those in the area look for in a home. Adding appliances or a new coat of paint could be important to increasing the value of the rent and/or allowing your property to be rented longer. A house that is not properly maintained or updated can lead to damages or wear. Residents can also be unhappy if they are using obsolete appliances (including a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.
You could also adjust depending on what the housing market is. For example, if your property has four bedrooms and one bathroom while the demand in the area is for three bedrooms and two bathrooms, you can choose to provide landscape, basic cable, or internet services.
By understanding local market demands, you can make the proper adjustments without doing on a complete overhaul to renovate the whole property. The key to doing investment property renovations is to do what is required of the market and ensure you are meeting the right demand in your area.
Would you like a free assessment of your rental property from Real Property Management Greater Milwaukee? Contact us online or call us at 262-309-6961 today!
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.