When performing rental property upgrades, oftentimes, it may be easy to refer to the television shows where you see individuals purchasing and flipping homes in a quick, proficient, and timely fashion. Yet trying to follow the example of a flip-home reality show can be costly and result in improvements that aren’t needed or reduce the value of the home if they are not done well. Because as property investors we put emphasis on renting out to residents and not on selling the home, it is important to keep in mind the significance of making your investment long-term sustainable and satisfactory for your local market. Imagine your renters walking into an inadequately executed renovation. Think of which rental property upgrades need professional attention vs. those 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? As we look more into home renovations, the key is to discover the top 20% of upgrades to your home that will add 80% of the value. As we look deeper, the main 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 focus on two key parts:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you may want to focus on the yard or garden first. The appropriate rental property upgrades can include:
- Including gravel and rock walkways
- Adding plants that are drought-tolerant
- 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 mess-free by removing any litter
- Keeping the lawn mowed and edged
- Considering putting a potted plant on your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living sections
To maintain your Camarillo property from the outside and sustain the overall visual appeal, factor in who would do the upkeep of the lawn and landscaping. You could do it yourself, hire a professional service (while adding the cost into the rent), or require the resident to do it.
Inside Property Visualization
When it comes to 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 living in your property. Some things you can perform that have the greatest return on value include the following:
- Stage the rental property with décor as this can aid tenants in visualizing living in the home, as the space won’t be so barren.
- Hire professionals to clean up clutter and do deep cleaning so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company set up 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 you are using paint 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.
Treat your Ventura rental property as though it is your home by organizing, improving, and maintaining your home as a place that you yourself will feel comfortable in living in. Not only is it important to apply sustainable rental property upgrades, but also to get the residents that will treat your property with the respect it deserves.
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