A good strategy to protecting your investment is to make sure that the maintenance is consistent. If you are successful in keeping your single-family rental home in top shape, then its value would most likely always be high and will ultimately result in residents wanting to stay for a longer period. A rental home that is also kept updated would remain competitive in the industry, which is why keeping track of what upgrades are important and which are not worth your investment dollars is the key to maximizing your return on investment.
There are some upgrades that seem attractive to rental property owners in Washington Corridor as they would add good value. Out of these upgrades, per experts’ lists, these are three property upgrades that are worth the money: appliances, floors, and fixtures.
Appliances
Appliances top the list considering they are frequently the first thing that a potential renter asks about when finding a rental home. Old or nonfunctional appliances will not do any good for Washington Corridor residents, making long-term retention rather tough. Regular upgrades of your rental property’s appliances should be a relevant part of your overall maintenance plan. However, there’s no need to go too costly or high-tech; to maximize your investment dollars, choose appliances that are good quality, look like a matched set, and at best are under warranty.
Low-Maintenance Flooring
Accompanying appliances, upgrading your rental property’s flooring is an excellent alternative to raise the value and desirability of your property. Carpets in a Washington Corridor rental home typically last about five years; after that, it’s time to substitute it. New carpeting is a strong draw for quality, long-term residents. Other floors should be cleaned professionally and replaced as required. Tile floors will benefit from new grout between the tiles, while solid surface flooring that is grimy, ripped, or frayed should need to be replaced promptly. Quality, low-maintenance flooring is a central feature of a quality rental home.
Fixtures
When it comes to upgrades, little changes can spell a huge difference. Several small pieces with a lot of impressions are fixtures, including faucets, light fixtures, ceiling fans, and window blinds. Quality fixtures are moderately low-priced and easy to replace, making them a top upgrade selection for any rental property in the Washington Corridor. To keep the value of your property high, fixtures should be updated on a routine basis. And don’t forget about the hardware; matching outlet and socket covers plus doorknobs may not seem like a big deal, but they create an upgraded touch to a rental home that residents will regard and admire.
In Conclusion
Whether your goal is to increase the market value of your rental property, raise the rent, improve the retention of your residents, or all of the above, investing in these simple upgrades as part of an affordable Real Property Management Heritage maintenance program can help you get there. Please contact us online or call us at 832-708-8157 for more information.
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