When doing rental property upgrades, it might be easy to refer to the television shows where you see individuals buying and flipping homes in a quick, professional, and timely manner. Yet trying to follow the example of a flip-home reality show can be expensive and lead to improvements that are not necessary or decrease the home’s value if they are not done right. As property investors we focus on renting out to residents and not on selling the home, it is important to keep in mind the significance of making your investment sustainable long-term and suitable for your local market. Imagine your renters walking into a badly executed renovation. Think of what rental property upgrades need expert 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 renovations should I do? As we look further into home renovations, the secret is to find the top 20% of upgrades to your home that would 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 quality.
Increasing Visual Appeal
The first step in performing rental property upgrades based on your market is to focus on two key points:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If your rental property is a single-family home, you may want to focus on the yard or garden first. The right rental property upgrades could include:
- Including gravel and rock walkways
- Putting plants that are drought-tolerant
- Reducing total grass lawn space with rock landscaping
- Stopping weeds from growing by using mulches in garden beds and around borders
- Making the path to the front door clear and mess-free by removing any litter
- Keeping the lawn mowed and edged
- Considering adding a potted plant to your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To preserve your Worcester property from the outside and sustain the whole visual appeal, factor in who will do the upkeep of the lawn and landscaping. You can do it yourself, hire a professional service (while factoring in the cost into the rent), or require the renter to do it.
Inside Property Visualization
When it comes to rental property upgrades from the inside of the property, it is vital to aid the residents when they are considering renting from you to help them visualize themselves living in your property. Several things you can do that have the greatest return on value include the following:
- Set up the rental property with décor as this can help renters visualize living in the home because the space wouldn’t be so sterile.
- Hire professionals to remove clutter and do deep cleaning so appliances, windows, bathrooms, and floors shine.
- Have a property management company set up quality services to address your resident’s concerns and do timely repairs such as fixing leaky toilets, broken microwaves, and temperamental dryers.
- Add fresh paint, floor coverings, and window dressings. 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.
- Put blinds over your windows.
In Conclusion
Treat your Worcester rental property like it is your home by organizing, upgrading, and maintaining your home as a place that you yourself would feel comfortable living in. Not only is it important to do sustainable rental property upgrades to save you money but also to get residents that will treat your property with the respect it deserves. Would you like a free assessment of your Worcester rental property? Contact us online or call us at 508-329-6000 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.
