Rental homeowners need to have good planning that is long-term to achieve success in their field. Single-family Fortuna rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. This careful management would involve making sure that rental rates stay competitive and keeping long-term tenants happy.
Regular improvements help keep rents competitive for the property owners and help keep their tenants from leaving. But not all improvements will yield the best ROI. When property owners know the different types of upgrades possible, they can determine the best upgrades that offer the highest value increase for the cost. This would aid them in planning for long-term success.
Note that the most costly upgrades aren’t always the ones that give the highest returns. According to Realtor.com, inexpensive fixes and repairs are usually the best places to start. Upgrades that enhance the curb appeal of property tend to result in higher property values than upgrades on the home’s interior.
To illustrate, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can immediately update a deteriorating exterior and is not as likely to break down or be problematic over the course of many years. This is especially true for tenants who use their garage door every day. For these tenants, this comes as a reassurance that the property owner considers their quality of life. Only someone who considers that would put in that amount of care to the home’s appearance and utility.
Kitchen remodels, big or small, are also in the short-list of recommended upgrades. Many tenants go for the rental home with a better kitchen; it is one of the major considerations they have when making the decision. Numerous people like to get together with friends and family in the kitchen, so they end up in that space a lot. A kitchen upgrade doesn’t require all furniture and appliances to be updated. Just replacing appliances as they start to break down or resurfacing cabinets can already do a so much to keep the kitchen up-to-date and tenants happy.
Clean and updated bathrooms are another thing that gives measurable results. And expensive fixtures or features aren’t needed. Even a simplistic bathroom can add a lot of value to a rental home. This, in turn, would help retain tenants longterm. Missing tiles, failing grout or caulk lines, and outdated cabinets need to be filled in or fixed so that things look fresh and modern.
Knowing which upgrades will give the highest return for the cost is an essential part of keeping a rental home competitive, rental rates high, and tenants happy. More importantly, a strategic plan that includes regular property improvements is the best road to success.
At Real Property Management Humboldt, we give property evaluations that are complete and useful for property owners to create their plans and make upgrades an easy part of property management. We also conduct market assessments for each Fortuna rental home and provide custom recommendations. These are a few ways we help keep every property competitive and renting for the highest amount possible. If you are interested in learning more, please contact us online or by phone at 707-444-3835 today.