When conducting rental property upgrades, many times it might be easy as pie to turn to television shows where you keep an eye on individuals snatching up and flipping homes in a prompt, able, and appropriate fashion. Yet undertaking to model yourself on the object lesson of a flip-home reality show can be overpriced and generate developments that are not obligatory or curtail the market price of the home if they are not carried out flawlessly. Because as property investors we focus on renting out to residents and not to sell the home, it is urgent to keep in mind the importance of making your investment long-term supportable and passable for your local market. Envision your renters walking into a poorly executed renovation. Think of what rental property upgrades need polished attention vs. something that you can do yourself.
Now we ask ourselves the big question: if I should not be “flip-styling” my properties, what redevelopments do I need to make? As we look further into home renovations, the key is to find the top 20% of upgrades to your home that will add 80% of the value. As we look deeper, the main finding is that renovations tend to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The major step in transacting rental property upgrades based on your market is to concentrate on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you may want to aim to focus on the yard or garden first. The right rental property upgrades can compose of:
- Include gravel and rock walkways
- Add plants that are drought tolerant
- Reduce total grass lawn space with rock landscaping
- Prevent weeds from growing by using mulches in garden beds and around borders
- Make the path to the front door clear and clutter-free by removing any litter
- Keep the lawn mowed and edged
- Consider adding a potted plant to your front porch
- Repaint areas of chipped paint or sunspots
- Replace and fill in cracked sidewalk or driveway
- Add privacy fencing and outdoor living areas
To keep your Cumming property in good condition from the outside and enhance overall visual attraction, consider who will do the upkeep with the lawn and landscaping. You could do it yourself, hire a professional service (while factoring the cost into the rent), or you could require the resident to do it.
Inside Property Visualization
As with rental property upgrades from the inside of the property, it is requisite to bail the residents out when they are evaluating renting from you to help them conceptualize themselves dwelling in your property. Some things you can do that have the greatest return on value include:
- Stage the rental property with decor. This can help renters visualize living in the home as space won’t be so sterile.
- Clean up clutter and deep clean. Hire professionals so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company 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 have a better effect on the mood and style of your property.
- Add blinds to your windows.
Take care of your Cumming rental property as though it is your home by organizing, sprucing up, and maintaining your home as a place that you yourself would feel comfortable living in. 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.
Would you like a free assessment of your Cumming rental property from Real Property Management Executives Greater Atlanta? Contact us online or call us at 678-765-8383 today for more information.
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