PROPERTY UPGRADES THAT ARE WORTH IT

Repairing and upgrading a rental property requires a careful approach.  We have researched the impact of the most common types of upgrades on rental pricing and income.

 

Types of Repairs:

 

It’s worth understanding the different types of repairs or renovations a rental property can undergo. The main types include:

 

  1. Routine Maintenance: This type of repair focuses on updating existing elements, preventing potential breakdowns, and fixing defects that could negatively impact the appearance or lead to more serious problems in the future.
  2. Capital Repairs: Capital repairs involve more intense interventions. It includes significant modifications to the existing property to enhance its qualities. A key feature of this type of repair is that it does not involve changing the functional purpose or structure of the property.
  3. Reconstruction: Reconstruction involves rebuilding, reconfiguring, and adding additional space to the building. This may include combining rooms, adding new spaces, or creating recreational areas such as patios or terraces.

Importance of Choosing the Right Type of Repair:

 

Each repair and renovation can have a different impact on pricing and property value. Routine maintenance helps maintain the existing condition of the property and prevent further issues which can cost you in the long run. Capital repairs can significantly improve the quality of the property, making it more attractive to tenants or buyers. Reconstruction, although more expensive and complex, can greatly expand the possibilities of the space.

 

Preparing Property for Rent Requires a Thoughtful and Careful Approach.

 

Here are a few rules to follow to maximize the benefits of your investments and ensure convenience for tenants:

 

Make sound financial decisions: Investing effort, time, and money into upgrading your property will be worth it if you make sensible decisions. Keep your personal style out of your decision-making process and focus decisions on quality materials and economic options. Every dollar spent should return as a dollar earned.

 

Be as Neutral as Possible: Repairs should be done in a way that meets general standards and is neutral in design. This allows tenants to freely implement their own ideas and create comfort in the space.

 

Use Space Wisely: Never waste an opportunity to add special features like additional workspace or storage areas to enhancing the attractiveness of your property.

 

Evaluate the Market and Competitors: Carefully analyze the market and the properties of competitors in your area. Overpriced improvements can lead to overpriced units and can make the property less attractive to potential renters.

 

Consider whether a certain type of repair will bring profit in the future before investing.

 

Key Steps for Preparing Property for Rent:

 

  • Paint Refresh: A quick way to increase rental value and make the property more attractive.
  • Hardware Update: Changing hardware can improve the appearance of doors and cabinets, saving costs on their replacement.
  • Choose Reliable Models: Prefer sturdy and basic furniture and equipment over niche and designer options.
  • Clean Floors: : Laminate floors are easier and more cost effective to maintain.
  • Bathroom and Kitchen Upgrades: These areas are crucial for tenants, so they deserve special attention.
  • Additional Functional Space: Storage areas and workspaces can enhance the property’s appeal.
  • Equip with Appliances: Undoubtedly, a washing machine, dryer, and kitchen appliances are essential for many tenants.
  • Lighting: Effective lighting can make the space more attractive and functional.
  • Exterior Appearance: A clean and tidy exterior is crucial for a good first impression. Pressure washes the facade or repaint it. Green the garden, opting for plants that require minimal care.
  • Parking Spaces: According to our leasing expert, Sean, houses with parking spaces are currently very popular on the market. It’s a must-have for modern rentals.

 

With these tips, you’ll be able to prepare your property for rent in a way that meets the needs of tenants and maximize your investments.

 

 

 

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