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Which Upgrades Will Offer the Best Return on Investment for My Sugar Hill Rental Home?

Landlord Remodeling the Common Area of Their Rental Property in Sugar HillAs a rental homeowner, success in the field requires sound long-term planning and preparation. Single-family Sugar Hill rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. Careful management would mean always considering these two important metrics: That the rental rates stay competitive and that the long-term tenants stay happy.

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 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.

When thinking about the price of the upgrades, bear in mind that expensive does not necessarily mean better. An upgrade may be the most expensive but that does not mean it that it offers 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 example, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can immediately update a deteriorating exterior and is not as likely to break down or be problematic over the course of many years. 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 are also an item that gives significant results. And there doesn’t have to be expensive fixtures or features. Even a simplistic bathroom in a rental home can add a lot of value and help retain tenants longterm. 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 will give the highest return for the cost is an essential part of keeping a rental home competitive, rental rates high, and tenants happy. Along with that, including regular property improvements in your plan is the best approach to gain success.

At Real Property Management Executives Greater Atlanta, we give property evaluations that are complete and useful for property owners to create their plans and make upgrades an easy part of property management. We also conduct market assessments for each Sugar Hill rental home and provide recommendations designed exactly for you. In these methods, we help keep every property competitive and renting for the highest amount possible. If you are interested in learning more, please contact us online or by phone at 678-504-8580 today.

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