When pulling off rental property upgrades, in many cases it might be a breeze to take counsel from television shows where you regard individuals purchasing and flipping homes in a quick, businesslike, and well-timed fashion. Yet bending over backward to mirror the lead of a flip-home reality show can be overpriced and spark off advancements that are not required or reduce the worth of the home if they are not achieved accurately. Because as property investors we pay attention to renting out to residents and not to selling the home, it is very important to keep in mind the importance of making your investment viable in the long-term and adequate for your local market. Think of your renters walking into a poorly executed renovation. Contemplate what rental property upgrades need top-notch attention vs. something that you can do yourself.
Presently we ask ourselves the big question: should I not be “flip-styling” my properties, and if not, what improvements do I need to make? As we look further into home renovations, the key is to find the top 20% of upgrades to your home that will add 80% of the value. As we look deeper, the main finding is that renovations tend to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The core step in executing rental property upgrades based on your market is to zoom in on two key areas:
- Outside “Curb Appeal”
- Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you may care to focus on the yard or garden first. The right rental property upgrades can cover:
- Including gravel and rock walkways
- Adding plants that are drought tolerant
- Reducing total grass lawn space with rock landscaping
- Preventing weeds from growing by using mulches in garden beds and around borders
- Making the path to the front door clear and clutter-free by removing any litter
- Keeping the lawn mowed and edged.
- Considering adding a potted plant to your front porch
- Repainting areas of chipped paint or sunspots
- Replacing and filling in cracked sidewalk or driveway
- Adding privacy fencing and outdoor living areas
To take good care of your Playa Vista property from the outside and conserve the total visual appeal, take into consideration who will do the preservation of the lawn and landscaping. You could do it yourself, hire a professional service (while factoring the cost into the rent), or you could require the resident to do it.
Inside Property Visualization
In the matter of rental property upgrades from the inside of the property, it is of the utmost importance to assist the residents when they are reflecting on renting from you to help them envision themselves having their home on your property. Some things you can do to your property that have the greatest return on value include:
- Staging the rental property with décor- this can help renters visualize living in the home because the space won’t be so sterile.
- Cleaning up clutter and deep cleaning- Hire professionals so appliances, windows, bathrooms, and floors sparkle.
- Having a property management company set up quality services to address your resident’s concerns, and perform timely repairs such as fixing leaky toilets, broken microwaves, and temperamental dryers.
- Applying fresh paint, floor coverings, and window dressings. Make sure that the paint you use is not bold or bright as lighter neutral colors can have a better effect on the mood and style of your property.
- Adding blinds to your windows.
Apply yourself to your Playa Vista rental property as though it is your home by conducting, improving, and looking after your property as a place that you would feel happy in living in. Not only is it impactful to bring into play tenable rental property upgrades, but also to find the residents that will take your property in hand with the tender loving care it deserves.
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