Hello, property and potential property owners! Welcome to the RPM Distinguished Care blog, where we provide practical advice about property management! If you’re a return visitor, welcome back. We sincerely appreciate your support! RPM Distinguished Care specializes in managing successful rental properties in and around the Charleston area. We’re here to make your lives easier by giving you the resources you need to maximize profitability and have a successful rental property. We provide comprehensive property management services at every conceivable level. From advertising and marketing to responding to applications, to inspecting and maintaining properties–there’s nothing we do not do. Further, we ensure tenant compliance, handle necessary evictions, and report directly back to you about revenue and profit potentials. We aim to make owning rental property as easy for you as possible, for as little money as possible. Check out the rest of our site to meet our team and discover what makes RPM Distinguished Care the best property management company in Charleston!
Our last article discussed tips for rental property investment. We talked about the importance of educating yourself on landlord-tenant laws and home maintenance, as well as creating attainable goals for your property. Additionally, we discussed what to look for when looking at potential properties and the importance of talking to renters in the community. If you are interested in rental property investment and are looking for some tips to get you started, we encourage you to check out our last post!
Today, we’ll be discussing rental property renovations that add value and/or increase your return on investment (ROI). Owning a rental property can be quite profitable over time when done right. As a rental property owner, your biggest goal is more than likely to attract tenants. After all, what good is a vacant rental space? Luckily, there are numerous things you can do to improve the looks and value of your rental property. This will not only attract and maintain tenants, but will also increase the value of the property and your ROI. If you’re interested in discovering how you can add value to your rental property, including ways to do it without spending a fortune, you’re in the right place! Let’s get right into it.
Add a Bedroom
If your rental property only has one or two bedrooms, you can benefit greatly by adding an extra one. The addition of a bedroom is likely to attract families, who often need at least three bedrooms and don’t want to settle for less. Families are also more likely to stay in your rental property for longer periods of time than a single renter. Most residential properties have an extra room that could have easily been a bedroom if only it had a closet. So, why not add a closet? Remodeling an existing space is usually the easiest and most cost-efficient way to add a bedroom. Keep in mind that a room must have a window and a closet in order to be considered a bedroom. If you don’t feel like messing with drywall or hiring a contractor, you could always purchase a wardrobe closet to add plenty of space and storage for clothing. If you are in the process of looking for property to purchase and rent out, keep this in mind– Buying a two-bedroom residential property now can easily become a three-bedroom property later!
A renovated kitchen is not only aesthetically pleasing for most renters, but it can also increase your property’s value. Consider upgrading the appliances, especially if they are older. Making sure that the finishes on appliances such as the oven, dishwasher, refrigerator, and microwave match will give the kitchen a more cohesive and put-together look. You may also want to focus on the cabinets. You don’t necessarily need to go all out and purchase completely new cabinets– A more budget-friendly option is to sand and repaint what you already have. Replace the existing hardware with something new, and voila! Now your cabinets have a fresh new look.
Another part of the kitchen you may want to consider upgrading is the countertops. New countertops can give the kitchen a fresh and more modern look. Granite is one of the most popular choices for countertops, but there are many options to choose from– Quartz, Soapstone, Limestone, and so many more. You can even go for a solid surface, such as stainless steel. There are three things you should take into account when upgrading countertops: Cost, maintenance, and durability. For example, you do not want to go overboard and break the bank with quartz countertops if the rest of the home cannot live up to that look. This can be a bit of a disappointment for renters when they come to see the home for the first time. You also do not want to spend money on an upgrade that is going to cost you more in maintenance in the long run. Do adequate research on the types of materials available and choose one that fits your budget, looks good, and will be durable enough to keep up with your renters. The kitchen sink, faucet, and backsplash should match the style of your countertop upgrade. Again, this gives the kitchen a more cohesive look.
Give the Walls a Reset
Scuffs on walls are bound to happen over time, but you want your property to be as appealing as possible to renters. Consider refreshing the walls with a new coat of paint, whether it’s the same or different than the color that was already there. Choosing cool and neutral colors is typically best, as they appeal to a larger audience. In fact, a 2018 study by Zillow found that homes with cool and neutral wall colors sold for more than expected. Variations of beige, white, and gray can give your property the extra push it needs to attract renters.
As the owner of a rental property, you should ask yourself: What sets my property apart from other rental properties in the area? Treating your rental property like a business is the key here. You have competitors, and you want renters to choose your property. One way to do this is to add popular amenities. Think of amenities that can make your tenants’ lives easier, such as a dishwasher, washer and dryer in-unit, and central air conditioning. Other ideas include storage space, outdoor living areas such as a patio or balcony, and a fenced-in yard. These amenities not only help out your tenants, but may also give you an opportunity to raise the rent.
Additionally, if you don’t already allow pets in your rental property, you may want to reconsider– The U.S. Census Bureau’s American Housing Survey found that 49% of households have pets. When people move, they are more than likely going to take their pets with them. So, allowing pets in your rental property can be a big plus for pet owners, and can allow you to add a pet deposit or pet fee.
Curb appeal is used to describe the general appearance or attractiveness of a property from the sidewalk to prospective buyers or renters. With that being said, the outside of your property is the first impression for your renters. If a rental property looks unkempt from the outside, it can be a major turn-off for potential renters. One way you can achieve a great first impression without spending way too much is to simply tidy up the lawn. A well-manicured lawn says a lot about the homeowner and can give renters a sense of the pride you take in your property. Keep up with lawn mowing and landscaping, including trimming trees and bushes. If you want to add a little more sparkle, plant a few small trees, shrubs, or other plants– And make sure to keep up with caring for them. This will not only boost curb appeal, but will also add value to your property. Other simple changes such as upgrading the lighting fixtures, adding window shutters, or painting the front door a fresh new color can enhance the overall appearance of the property. For apartments and condos, consider adding planters in front of the building to brighten the space.
As you can see, there are many things you can do to add value to your rental property and increase your ROI. At the same time, these changes can increase tenant satisfaction and retention. If you are a landlord or property owner looking for assistance in managing your property, feel free to reach out to us. RPM Distinguished Care specializes in residential property management and offers a range of services including communication, marketing, and advertising, thorough tenant screening and selection, full-service leasing, timely rent collection, regular evaluations, cost-effective and reliable maintenance, strict and compliant evictions, and comprehensive accounting. We utilize an online portal for owners to keep track of their property, including access to reports and financial statements. With over 30 years of experience, we know how to keep your property at its best. We believe in full-service and comprehensive property management. That’s why we take the time to understand each of our clients and help identify their most closely-held goals. Let us give you peace of mind that your property is in good hands. Use our website to request your free assessment and meet with our expert team! Thank you for taking the time to read this article and we hope to hear from you soon! See you next time!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.