Property maintenance affects your property, particularly the amount of time it spends on the market and the way you can present it to prospective tenants. Keeping your property in top condition gives you an edge in the rental market and it also attracts high quality tenants who will probably rent from you long term and take a greater pride in living there. Making the upgrades and taking on the remodeling projects that make your home stand out will ensure a greater return on your investment. Having it look better may not necessarily make you more money, but it will definitely ensure you get top dollar for rent and it will also enable you to rent the place quicker.
When you go above and beyond the standard maintenance concerns and take the time to upgrade your home, you will get a tenant who is interested in keeping the property in good condition. You will have more interest from potential renters and the property will move faster than other properties in the neighborhood that might be bigger or cost less, but don’t look as nice. That helps your bottom line because you don’t have the expense of a vacant property.
Here’s an example. I have had small properties, maybe something around 1,000 square feet with three bedrooms and one bathroom that should normally rent for between $900 and $1,000 go for much more. A house like that can actually rent for between $1,200 and $1,250 because of the upgrades and remodeling projects that have made it more appealing. There might be new laminate flooring, hardwood floors, granite counter tops and new cabinets in the kitchen or an upgraded bathroom. You could probably rent a house like that at $1,395 faster than you would rent a three bedroom, two bath home with 1,500 square feet at the same price. The reason is that it looks better, and people want to live there.
Sometimes, the upgrades you decide to make are not necessarily above and beyond what tenants want and expect in a rental home. Sometimes, they are just what you need to do in order to ensure your property rents for a good price and gets snatched off the market quickly. Paying attention to these upgrades and remodeling projects ensures you make money off your investment.
If you have any questions about what you should do to keep your house maintained and looking good, please do not hesitate to contact us at Select1 Realty. We’d love to share our expertise with you.