After buying a rental property — with cash or with a mortgage loan — the hard work will begin.
For one thing, your property won’t appreciate in value as much as it otherwise would unless you invest in regular maintenance and repairs. Failing to do so can endanger your investment.
So, too, can failing to monitor the pulse of the rental market in your area. Depending on the community, you may find the supply and demand dynamic is in your favor or not. Whether there’s more demand than supply or more supply than demand, upgrades will only help.
There are some amenities and features renters not only want but also expect. If you don’t offer these things, renters may look elsewhere or at least prioritize other rental units over yours.
Hiring a property manager can help you on this front. They will know the lay of the land, give you good recommendations, and help you make important decisions about your rental property.
Zillow reports that the average rent in Fresno, Texas, is $2,140 monthly — which is above the $1,980 national average. A company offering Fresno property management will know this and help make your rental property more attractive to the type of tenants you want. Fresno is just an example, but the principle applies no matter where in the country your investment property is.
Here are three upgrades to consider for your investment property. You can bet that the right property management firm can offer more specific recommendations based on your situation.
- Fresh Paint and Neutral Colors
One upgrade is among the most cost-effective — and that is painting your rental unit. A coat or two of premium paint in neutral colors can turn drab walls into aesthetically pleasing walls. It’s one way to get a big bang for your buck. Whether you roll up your sleeves and do it independently or hire a professional to do it for you, a paint job is a great upgrade for your rental property. And it won’t set you back a ton — especially if you make it a DIY project.
- Durable, Low-Maintenance Flooring
Another upgrade option is to install durable, low-maintenance flooring. How long has the existing flooring been in place? Renters might not want to rent a unit with old carpeting. Even if you clean the carpet, it can look worse for the wear if it’s too old. It might also have unsightly stains that no steam cleaner can eliminate. Instead of trying to clean an old carpet, consider new flooring. Tile, vinyl plank, laminate, and engineered hardwood are examples of durable flooring that can also significantly improve the aesthetic appeal of your rental unit. It can also make maintenance easier than carpeting. Renters will want units with quality flooring.
- Updated Kitchen Fixtures and Appliances
Yet another update to consider is replacing appliances and kitchen fixtures. You may, for instance, want to swap out the old fridge, stove, dishwasher, oven, and other kitchen appliances and replacing them with modern, energy efficient, stainless steel models.That can elevate the overall quality of your rental unit and make it easier to find tenants.
You might also want to replace the cabinets in the kitchen if they’re old and tired. If you’d rather not take on that expense, consider replacing the cabinet hardware like the knobs and the handles. Doing so can make a world of difference. Updates like these can make your rental property more attractive to renters and justify requesting a higher rent.
After buying an investment property, the hard work starts. You’ll need to make wise decisions to ensure that the property valuation continues to climb over the months and years.
Hiring a property manager to advise and assist can help you make the most of your investment.
