When performing rental property upgrades, oftentimes, it might be easy to refer to the television shows where you see individuals buying and flipping properties in a quick, professional, and timely manner. Yet trying to follow the example of a flip-home reality show can be costly and lead to improvements that are not required or decrease the value of the home if they are not done correctly. Because as property investors we concentrate on renting out to residents and not on selling the home, it is crucial to keep in mind the importance of preparing your investment to be long-term sustainable and satisfactory for your local market. Imagine your renters walking into a poorly executed renovation. Consider what rental property upgrades need professional attention vs. something that you can perform yourself.
Now we ask ourselves the main question: if I should not be “flip-styling” my properties, what renovations do I need to do? As we look further into home renovations, the key is to find the best 20% of upgrades to your home that will add 80% of the value. As we look deeper, the main finding is that renovations are more likely to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The first step in performing rental property upgrades based on your market is to put emphasis on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you have a single-family rental home, you may want to focus on the yard or garden first. The right rental property upgrades can include:
- Including gravel and rock walkways
- Adding drought-tolerant plants
- Reducing overall grass lawn space with rock landscaping
- Preventing weeds from growing by using mulches in garden beds and around borders
- Making the path to the front door unobstructed and clutter-free by removing any litter
- Keeping the lawn mowed and edged
- Considering adding a potted plant to your front porch
- Repainting sections of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living spaces
To maintain your Burbank property from the outside and sustain the overall visual appeal, factor in who will perform lawn and landscaping upkeep. You could do it yourself, hire professionals (while factoring in the cost into the rent), or require the resident to do it.
Inside Property Visualization
When talking about rental property upgrades from the inside of the property, it is vital to help the residents when they are considering renting from you to help them visualize themselves living in your property. A couple 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, as the space won’t be so sterile.
- Hire professionals to clean up 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.
- 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 Burbank rental property as though it is your home by organizing, upgrading, and maintaining your home as a place that you yourself would feel comfortable in 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 needs.
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