Property managers are focusing on ways to increase profitability on rental properties by making their homes more appealing and competitive in 2023, when rising costs will make it difficult to acquire new properties. Real estate prices have increased overall as a result of the rising market value of existing homes.
Renovations are a certain method to start if you want to increase the potential revenue from your rental over the next few years. In truth, a few simple changes can help you attract ideal tenants while reducing your vacancy rate and boosting your property’s value.
Landlords should think of renovations as both a short and long term investment. But just because it’s an investment, doesn’t mean your renovations should break the bank. In this blog, we outline five key rental renovations you can undertake to increase your property’s value.
The heart of the home is the kitchen. It serves as a place for preparing and sharing meals, hosting gatherings of family and friends, and finishing homework. As families spend a significant amount of time in the kitchen, it makes sense to upgrade there. Do not, however, imagine that you must spend a fortune replacing every appliance. Even the oldest kitchen may be given a refreshed look with a fresh backsplash, modernized countertops, or a fresh coat of paint on the cabinets.
The bathroom is another area where people look for improvements. A bathroom may be transformed into an at-home spa and a place to unwind with the right improvements. This modest space can be easily transformed by updating dirty tiles with a modern or antique flavor. A high-quality shower head is a simple makeover for the bathroom. Incorporate a rain shower head for an extra-luxury sensation, or swap up the normal shower head for one that allows you to adjust the water pressure.
Nothing compares to traditional curb appeal when it comes to making a strong first impression. For front yard landscaping, a few hundred dollars will go a long way. Perhaps spending a few thousand dollars to replace a worn-out driveway will increase both interest in your home and its total value. Plus, updating a property’s curb appeal can be completed over the weekend. Make an investment in lighting to make the property stand out at night, or add some color with newly painted shutters or a fresh flower bed.
If your property is older, taking care of the floors should already be on your mind. Older homes often have amazing, original flooring that should be cared for as part of ongoing maintenance and an investment in future tenants. What’s under your feet deserves some attention too!
A fresh coat of paint can work wonders. Whether painting bricks outside for curb appeal or choosing a calming neutral color for the inside space, it makes a difference to your tenants.
Following these tips can help you get the most ROI, seriously boost your property value, and stand out to renters, especially in today’s tough rental market.
When to Renovate Your Rental
Ideally it’s best to renovate between tenants and keep yourself on a tight schedule so your property is not left unoccupied for long. Everyday your property sits without a tenant is like burning money, after all.
While some landlords prefer to coordinate renovations themselves, a growing percentage prefer to turn stress and hassle over to a rental manager. Fortunately, M Property Group and MF Cashflow Property Management are making efforts in handling unit turnover cleaning and repairs and 24/7 maintenance requests including emergency maintenance. This way, you’ll be able to step back and relax while your property manager, M Property Group and MF Cashflow Property Management, oversees the project.
M Property Group & MF Cashflow Property Management has over 65 years combined experience in specialized full-service property management and real estate services to fit your needs as a landlord. We tailor our services to ensure that you have the highest level of service for your home. We treat your investment as our own. Our comprehensive service package includes property management, leasing, property inspections, applicant screening, evictions, and real estate acquisition and sales. We manage and lease residential homes, condos, townhouses and multi-family buildings and portfolios that range from one unit to 100 units and more.
Call M Property Group LLC & MF Cashflow Property Management today at 708-719-0977. We are here to help maximize your profits and minimize your headaches.