Have you been keeping your investment property renovations in order? When looking to rent out your investment property, it is important to fulfill the popular trends and demands in the market along with simple tasks you can execute to make sure that your property is ready for renting.
Local Property Analysis
To properly grasp what investment property renovations you should do to your home, you should do a formal investigation on how competing properties are performing. To do this, you can observe the local home open house showings to find the current offerings of the housing market. While doing so, it is also wise to pay careful attention to what people are saying, as it can offer key market insight as to the desires and lifestyles of the people living in the area. Furthermore, if you were managing a property close to shopping, freeway access, or a local “hot spot,” for example, it might be essential that you take note of the types of people that may want to live in your home.
If you don’t follow the right steps in setting up the right house for the right market in Framingham, it can take longer to find renters, or the renters might not stay as long, resulting in a higher turnover rate. Take the right steps in attending to your investment property renovations by making sure your renters are getting what they need.
Fulfill the Needs of Your Target Market
A property investor in Framingham took notice after a rental property took longer than average to rent out. After further examination, he figured out that the home they were renting out was in a commuter or eco-friendly area because it was close to a main public transportation hub. The potential renters that were viewing the property investor’s home were interested in the property, but after learning that the entry to the hub was closed off by a high fence with no gated access, they decided to walk away with no more interest in the property. If the owner left the gate access that was allowed by the city and hub alike, he may have had a better chance of renting out the property. The addition of solar panels and alternate charging stations can be a boon as well.
Now in comes the part where you must think about the market and what investment property renovations you need to do. Families with animals are usually looking for a fenced yard. Elderly renters will probably appreciate more of a low maintenance garden, extra storage space, and bedrooms with ease of access.
Meeting the Market Property Standard
At times, it would be suitable to simply put a fresh coat of paint or add new carpeting in your investment property. The custom of rental renovations is to constantly adapt to the rising demand in the market based on what people in the area are searching for in a home. New appliances or a new coat of paint can be essential in increasing the value of the rent and/or allowing your property to be rented longer. A house that is not appropriately maintained or updated can lead to damages or wear. Residents can also be unhappy if they are using obsolete appliances (like a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.
You can also adapt depending on what the housing market is. For example, if your property has four bedrooms and one bathroom while the demand in the area is for three bedrooms and two bathrooms, you could decide to add landscape, basic cable, or internet services.
By knowing the demands of the local market, you can do the proper adjustments without going on a total overhaul to renovate the whole property. The key to making investment property renovations is to do what the market requires and ensuring you are meeting the proper demand in your area.
Interested in a free assessment of your rental property? Contact us online or call us at 508-329-6000 today!
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