Prosperous rental home ownership calls for proper, long-term planning. Part of this planning includes adding regular upgrades and improvements to keep your property updated and competitive. Single-family St. Petersburg rental homes are among the best investments but certainly, they may need to be zealously managed to stay profitable and keep property values high. Periodic improvements are crucial in maintaining competitive rents and tenants in place. But take note, not all upgrades bring high returns for the cost. To get the most out of every dollar spent on your rental property, it’s beneficial to choose to implement improvements that will have the biggest positive impact on your property‘s value and appeal.
Focus on Curb Appeal
The first thing to understand concerning property improvements is that the pricey updates do not automatically give the biggest gains or returns. As determined by real estate experts, cost-effective fixes and repairs are most commonly the best places to start. Upgrades that enhance a property’s curb appeal tend to generate higher property values than upgrades on the home’s interior.
For instance, installing a new garage door lends an instant and huge boost in curb appeal. A quality garage door can rapidly update an aging exterior and has less probability to break down or be problematic for countless years to come. For tenants using a garage door every day, that can be a reassuring sign that the St. Petersburg property manager cares about the appearance and function of the home in the same way as the quality of the tenant’s life there.
Also, replacing a dowdy or unpleasant-looking front door can create higher appeal and rent. One of the first things a prospective tenant notices when touring the property is exterior doors, such as garage doors. For the best first impression possible, use a quality exterior door for your property that is both secure and pretty.
Upgrades for the Heart of the Home
Another upgrade that can positively affect is updating the kitchen. A gorgeous kitchen is one of the major reasons tenants opt for one rental home over another. People spend a lot of time in the kitchen and mostly use it as a gathering space for friends and family. While it’s true that a kitchen upgrade doesn’t need to be huge, replacing appliances as they wear out or resurfacing cabinets can greatly contribute toward keeping the kitchen up-to-date and tenants satisfied.
Clean and Current Bathrooms
Clean and newly done bathrooms are another item that imparts measurable results. And there is no need for excessive fixtures or features. Even a really simple bathroom can create a lot of value for a rental home and effectively keep tenants long-term. Missing tiles, failing grout or caulk lines, and unstylish cabinets should be replaced when needed to keep things looking clean and current.
You and your tenants benefit when you organize your upgrades strategically for maximum impact. At Real Property Management TradeWinds, we offer extensive property evaluations that can really help property owners with planning and certainly making upgrades an ordinary part of property management. We also implement market assessments for each rental home and offer custom recommendations fit for each property. This approach certainly helps keep every property competitive and rent for the highest amount attainable. Contact us online to learn more.
Originally Published on May 17, 2019
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