Usually, when performing rental property upgrades, it might be convenient to refer to the television shows where you see individuals buying and flipping properties in a quick, professional, and timely manner. But, trying to follow a flip-home reality show can be costly and lead to improvements that are not necessary or reduce the value of the home if not done right. Because property investors tend to focus on renting out to residents and not on selling the home, it is important to bear in mind the importance of making your investment long-term sustainable and satisfactory for the local market. Imagine your renters walking into an inadequately done renovation. Think of what rental property upgrades need professional work 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 do I need to make? As we look further into home renovations, the key is to find the top 20% of upgrades to your home that will add 80% of the value. As we look deeper, the primary conclusion is that renovations tend 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 concentrate on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you should focus on the yard or garden first. The appropriate rental property upgrades can include:
- Setting up gravel and rock walkways
- Adding plants that are drought-resistant
- Reducing total grass lawn space with rock landscaping
- Preventing weeds from developing by using mulches in garden beds and around borders
- Making the path to the front door clear and clutter-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
- Putting in privacy fencing and outdoor living areas
To maintain your Ballard property from the outside and sustain the general visual appeal, decide on who will do the upkeep concerning the lawn and landscaping. You could do it yourself, hire a specialist (while adding the cost to the rent), or require the resident to do it.
Inside Property Visualization
When thinking of rental property upgrades from the inside of the property, it is vital to help the residents when they are contemplating renting from you to help them visualize themselves residing in your property. Some things you can do to have the best return on value include the following:
- Stage the rental property with décor so that renters can visualize living in the home, as the space won’t be so bare.
- Hire professionals to clean up clutter and do deep cleaning so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company prepare quality services to handle your resident’s concerns and perform 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 positive effect on the mood and style of your property.
- Add blinds to your windows.
Treat your Ballard rental property as though it is your home by organizing, upgrading, and maintaining your home as a place that you yourself can feel comfortable in living in. Not only is it important to apply sustainable rental property upgrades, but also to find the renters who will treat your property with the respect it deserves.