Article by Simple Property Management
When a rental unit goes vacant at Simple Home Management, the big question we get is “What upgrades should I do?" As a professional property management company, we know what pays and what doesn’t.
The first thing to look at when deciding on your upgrades is the current rental rate and what you want the new rental rate to be. For example, if you are already at the top of the rental market for price, then the upgrades may need to wait. If you are $200/mo. below market rent, then look at doing some upgrades.
KITCHENS
Kitchens are a great place to add value. Most people spend a lot of time in the kitchen, so they want something nice! You don’t have to spring for granite counter tops, but buy something nice that will last a long time. If there is not ample cabinet space, try adding a more. Sometimes all you need to do is install a new counter top, paint the cabinets, and replace the cabinet hardware. This way, the kitchen looks much better and you don’t have the price tag of a full kitchen remodel.
Updating the appliances can really help too. This doesn't need to be a serious financial undertaking either. You can opt to go with used appliances or purchase
BATHROOMS
A nice bathroom can raise the value of the unit by a lot. Most of our tenants are looking for a bathroom that is medium to large size, nice counter tops, and nice flooring. You don’t need to spend a ton of money here, you can do small, inexpensive things to make it look good.
WINDOWS
Lots of tenants are looking for newer windows in rentals. If you decide to get windows with a “grille” or divider, make sure they are between the panes of the window so they are easier to clean. We find that a tenant will stay longer with newer windows because the utilities are cheaper.
FLOORING
Nice flooring will attract tenants. Our Property Management Company is installing a lot of vinyl plank because it looks nice and lasts a long time. Additionally, you don’t have to pay for carpet cleaning at move out anymore!
This is just a small list of things that can improve the rent amount at the property. As always, check the going rental rates in your area before making decisions.
Article by Simple Property Management
You can meet the Simple Property Management team by visiting booth #13 at the 2020 Michigan Landlord & Real Estate Investor Conference & Expo! You can visit their website at simplepmgroup.com to learn more.
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