As a rental home owner, success in the field requires sound long-term planning and preparation. Single-family Bellevue rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. Careful management would mean always considering these two important metrics: That the rental rates stay competitive and that the long-term tenants stay happy.
Regular improvements are one way for property owners to keep their rents competitive and the satisfaction of their tenants high. But not all improvements will yield the best ROI. When property owners are informed as to which upgrades provide the highest value increase for the cost, they will be better equipped to plan 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.
Case in point, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can immediately refresh an aging exterior, as well as spare the property owner from many years of technical problems and break downs. For tenants that use their garage door every day, this would be a reassuring sign that care is given to both the appearance and function of the home. It would show them that the property owner considers the quality of life of their tenant.
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 doesn’t have to be expensive fixtures or features. Even a simplistic bathroom can add a lot of value that would help keep tenants in the rental home for many years. Missing tiles, failing grout or caulk lines, and outdated cabinets ought to be changed in order to keep everything looking updated and polished.
Knowing which upgrades will give the highest return for the cost is an essential part of keeping a rental home competitive, rental rates high, and tenants happy. On top of that, the best method to reach success is to have careful planning that integrates regular property improvements.
At Real Property Management Eclipse, we provide thorough property evaluations that can be used by property owners in planning, and make upgrades an easy part of property management. We also conduct market assessments for each Bellevue rental home and provide recommendations designed exactly for you. In these methods, we help keep every property competitive and renting for the highest amount possible. To know more, please contact us online or give us a ring at 425-209-0252.
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