In making improvements to your investment properties, there are a couple of grades that can give a good return for your money – and some that don’t. One of the largest mistakes that Timbergrove rental property owners can make is spending so much money on upgrades that don’t increase the value of their property or just don’t do much to boost the rental home’s overall appeal to potential residents.
Knowing which upgrades to steering clear of can help you invest wisely in the right type of property improvements. Industry experts generally agree that when it comes to upgrades, the three items you may want to skip include elaborate landscaping, installing hardwood flooring, and updating the closets.
Elaborate Landscaping
Clean, low-maintenance landscaping is an attractive feature in a rental home. Majority of renters want a beautiful yard that isn’t too hard to take care of. Upgrading your rental property’s landscaping by planting many beautiful plants and trees or creating gorgeous flower beds together with a large, lush lawn area might seem like a valuable addition to your rental property. After all, curb appeal is a huge part of the perceived value of a rental home.
However, going over the top and creating a high-maintenance yard is money wasted as it doesn’t actually add much to the property value or renter satisfaction. Moreover, although your renter might initially like the beautiful landscaping, he or she may soon find that it’s too much trouble and neglect your property or choose to move out. Simple is better when it comes to landscaping a rental property.
Hardwood Flooring
Who hasn’t admired the gleam of a beautiful wood floor? They are a popular choice for many homeowners because of their warmth and natural style. However, wood flooring also requires so much maintenance and can be easily damaged by water leaks or other mishaps. Furthermore, how well will renters take proper care of a hardwood floor? So, while wood flooring is another upgrade your residents might enjoy, most renters are satisfied with a low-maintenance look-alike. Remember, real hardwood is also one of the pricier upgrades, which means you probably won’t recover the cost of installation even with increased rent.
Closets
When it comes to closets, we know that bigger is better. Residents need ample storage space to feel comfortable in their rental home. What they generally don’t need, though, are custom closet systems with additional features. The problem with spending money on closets is how little it adds to your property value compared to how much they cost. Upgraded closets simply aren’t a smart investment. While a resident might like a fancy closet, most renters are just as content with some clothing rods and standard shelves.
In Conclusion
As you can see, it’s good to be selective about where you put your investment dollars. Keeping your Timbergrove rental homes safe, comfortable, and profitable is the key to success. At Real Property Management Heritage, we’re here to help and are readily available to provide expert advice on maximizing the returns on your investment properties. Contact us online or give us a call at 832-708-8157 today.
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