Regular improvements do a lot for property owners, keeping their rents competitive and tenants satisfied. But not all improvements will yield the best ROI. When property owners know which upgrades give the highest value increase for the cost, they will be able to plan better for long-term success.
When considering the upgrades, keep in mind that price and quality do not always correlate. Just because an upgrade costs a lot, it doesn’t mean that it gives 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.
To illustrate, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can instantly turn an old exterior into something fresh and better, and won’t be prone to technical problems and breakdowns for a good 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, is also a priority in the list of recommended upgrades. A good kitchen is one big consideration that tenants have when choosing one which rental home to get. A lot of people choose to use the kitchen as a place to get together with friends and family, spending a great deal of time there. A kitchen upgrade doesn’t mean everything needs to be replaced. The simple act of replacing appliances as they become worn or resurfacing cabinets can do wonders toward keeping the kitchen up-to-date and the tenants satisfied.
Likewise, clean and updated bathrooms are an item that offers notable results. And there is no requirement for expensive fixtures or features. Even a simplistic bathroom will add a lot of value and help with the longterm tenant retention of a rental home. Missing tiles, failing grout or caulk lines, and outdated cabinets must be removed and replaced with new ones so that everything is new and up to date.
Being informed about which upgrades bring the highest return for the cost is a vital 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 Metro West-Worcester, 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 Sudbury rental home and give custom recommendations. These are some of the ways we keep every property competitive and renting for the highest amount possible. If you want to know more, don’t hesitate to contact us online or call us at 508-329-6000.