There is an abundance of television shows that portray individuals upgrading and flipping homes in a fast, professional, and timely matter. This can be appealing, and you might find that you are wanting to try and recreate the examples that are on these reality shows to your own St. Petersburg rental property but beware that it could result in unnecessary improvements or could decrease the value of the home if the upgrades are not done correctly. Don’t get us wrong it is always important to keep in mind what you can do to make your investment property both sustainable and satisfactory for the current market.
The first thing you should do is ask the question: “what renovations do I need to make?”
Instead of thinking of all the fun and crazy upgrades that are being done on the television show that you are watching, consider
- Which renovations are necessary?
- Will they need professional attention?
- Is it something that you can perform by yourself?
The key factor is to find the top 20 percent of your home upgrades that will add 80 percent of the value. As you start your researching process for your rental property you will find that the most comment renovations tend to be more cosmetic, less complicated and cheaper than what you see on the home improvement reality shows. If you are still not sure where to start with your upgrades, you might consider two areas that we consider “curb appeal” and “home visualization”.
Curb Appeal
Maintaining your St. Petersburg property from the outside can be a major factor on getting your rental property rented out to long-term tenants.
A few of the upgrades to consider include:
- Put mulches in garden beds and around borders to prevent weeds
- Create a path to the front door that is inviting and clutter-free
- Update any outdoor light fixtures
- Make sure the lawn is properly maintained
- Trim any trees and/or bushes
- Add colorful plants to your front porch
- Repaint sections were there is chipped paint or sunspots
- Replace and fill in damaged sidewalk or driveway
- Add privacy fencing and outdoor living spaces
Home Visualization
Humans are visual creators and sometimes we need extra help to visualize what it would be like doing something. The same can be said about renters. Making upgrades to the inside of the home can drastically help a potential tenant visualize themselves living in your rental property.
When talking about rental property upgrades from the inside of the property, it is vital to help the residents when they are thinking about renting from you to help them visualize themselves living in your property.
Some things you could do are:
- Stage the property with décor – This will help future tenants visualize how their own items would look like in the home.
- Perform a deep clean – Including appliances, windows, bathrooms, and floors.
- Apply fresh paint –Make sure to select a neutral tone
- Get new floor coverings and window dressings
- Purchase blinds for all major windows
When it comes to renovating your St. Petersburg rental property, treat it as you would your own home. Keep it organized, make necessary improvements and maintain the home as if you would like to enjoy it. Having a property management company can set your rental property apart from others by helping to perform any repairs that need to be done such as a leaky toilet, a broken microwave, and even those temperamental dryers. The can even help to locate tenants that are going to treat your property with respect and address any of their concerns. Real Property Management TradeWinds can do all that for you and more. If you would like to learn more about our property management services, please contact us online or call us at 727-400-4722 today.
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