When performing rental property upgrades, it is typically simpler to refer to the television shows where people purchase and flip homes in a quick, professional, and speedy manner. Yet 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 performed right. Since property investors tend to focus on renting out to residents and not on selling the property, 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 poorly done renovation. Think of what rental property upgrades need professional work vs. those you can do yourself.
Now we ask ourselves the big question: if I should not be “flip-styling” my properties, what renovations do I need to make? As we look further into home renovations, the key is to get the top 20% of upgrades to your home that can add 80% of the value. As we look deeper, the main conclusion 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 emphasize two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you have a single-family rental property, you may want to focus on the yard or garden first. The right rental property upgrades may include:
- Including gravel and rock pathways
- Adding plants that are drought-resistant
- Reducing overall 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 placing a potted plant on your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Installing privacy fencing and outdoor living areas
To maintain your Hartford property from the outside and sustain the general visual appeal, decided on who has to do lawn and landscaping maintenance. You could do it yourself, get 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 home, it is vital to help the residents when they are considering renting from you to help them visualize themselves staying in your property. Some things you can do to get the best return on value include the following:
- Stage the rental property with décor as this can help renters visualize living in the property, as the space won’t be so bare.
- Get 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 handle 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 property’s mood and style.
- Add blinds to your windows.
Treat your Hartford rental property as though it is your home by organizing, upgrading, and maintaining your home in a way that you yourself would feel comfortable living in it. Not only is it important to make sustainable rental property upgrades, but also to find the residents that would handle your property with the respect it deserves.
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