How is your rental property looking to you and your prospective tenants?
Rental properties are a great investment in this market, especially when it comes to enjoying recurring and consistent income as well as long-term returns. However, it is essential to maintain and renovate the property to unlock the full value of your investment.
Renovations can enhance the appeal of your rental property, reduce vacancy time, and increase rental values. They’ll help you earn more money. However, it does require an initial expenditure.
Don’t worry. You don’t have to rehab the entire property (unless it’s in a serious state of disrepair). Simple updates can make a big difference. So, if you’re willing to make some cost-effective improvements and pay attention to preventative maintenance, we can help you unlock the value and the true potential of your investment property.
You need to know exactly what you’re working with and what your starting point happens to be.
Before you decide on any renovations for your North Atlanta investment property, it’s essential to start with a thorough inspection of the home you’re renting out. A good inspection will be done without tenants in place; the ideal time for renovations and upgrades is during the turnover process when one tenant has moved out and you’re preparing for a new tenant to move in.
Take a look at all of your exterior and interior components to detect any maintenance issues that may need attention. Repair any water damage, plumbing issues, or electrical problems. By doing this, you can identify areas that require upgrades, repair, or replacement.
Make sure to prioritize areas that will increase safety for your tenants and boost the value to attract future tenants.
The kitchen and bathrooms are two areas of the rental property that most tenants really care about. These are the areas in which smart investors will focus most of their resources. Upgrading these parts of your property doesn’t have to break the bank. Consider simple upgrades such as:
You can also consider energy-efficient appliances to attract tenants who are more environmentally conscious and interested in keeping their energy bills low.
Carpet may have a place in bedrooms, still, but for many tenants, the preference is hard surface flooring. That doesn’t mean you have to install expensive bamboo hardwoods. There are plenty of high-quality, durable materials you can select. Faux hardwoods are affordable and attractive. You can select laminates that are easy to maintain and cost-effective.
You want flooring that will stand the test of time, especially in high-traffic areas such as hallways or living rooms.
Tenants prefer hard surface floors because they’re easier to clean, they’re easier to maintain, and they’re also healthier. Dust, debris, and pet odors get trapped in carpet fibers, and that can be problematic for tenants, especially those who suffer from allergies and asthma. This type of flooring will also raise your rental value.
Tenants typically judge the rental property based on the first impression when they pull up to the home or walk by the property on the street.
Those first impressions count.
For this reason, it’s essential to enhance your rental property’s curb appeal to attract tenants. Simple updates such as landscaping, paint finish, adding lighting, replacing your mailbox, or putting up a new welcome sign can go a long way. This doesn’t always have to be expensive; a good cleaning and maintenance here and there can increase the curb appeal of your property.
Landscaping is important not only when you’re marketing your home, but even while it’s occupied. You’ll have to decide whether you or your tenants are responsible for the lawn care and the landscaping. We recommend that you contract with a service to ensure your landscaping is well-maintained and cleaned up.
As a rental property owner, it’s essential to stay on top of maintenance requirements to ensure the property is always up and running. Create a maintenance schedule that includes cleaning, replacing batteries in smoke detectors and other fire safety equipment, and changing air filters. This will not only increase the longevity of your appliances but will also put you ahead for when regular checks are needed.
Preventative maintenance also reduces the chances of expensive emergency repairs later.
Think about your HVAC system, for example. The heating and cooling elements are the most expensive and important functions of your property. When you maintain them regularly, there is less risk of having to make huge, expensive repairs. Contracting with an HVAC technician to inspect and service your system may cost you $300 – $500 a year. However, it will also likely prevent your tenants from calling with a maintenance emergency during a sweltering summer or a freezing winter. You’ll save thousands of dollars by not having to replace an expensive item in your rental property.
Those preventative inspections and service calls also extend the life of your systems and functions.
Renovations and maintenance can help rental property owners unlock the full value of their investment. Having a plan of what needs upgrading or replacing before the tenant finds out is essential. By following these tips, owners can increase occupancy rates, increase rental value, and keep tenants happy. If you haven’t already started, go ahead and make those improvements step-by-step and you’ll likely notice that your rental property’s value begins to grow over time.
These are some general ideas about renovations and maintenance. The right improvements for you will depend on your property and its age and condition. If you don’t already offer in-unit laundry, for example, that’s one of the upgrades we’ll immediately recommend.
We’d love to give you a customized plan for improving and renovating your North Atlanta investment property. Please contact us at Elite Property Management.