Making smart upgrades to your rental property is a great way to earn more rent and keep good tenants in place. Today, we’re sharing 5 things you can do to maximize the ROI you earn on both your upgrades and on your investment.
First, don’t pour a lot of money into over-renovating your property. It’s important to keep in mind that this is a temporary home, and your tenants will treat it that way. So keep renovations practical and simple.
Property Management San Jose: Clean
It doesn’t matter how nice your upgrades are if your apartment isn’t clean. A home that has been thoroughly and professionally cleaned will feel good and look great, and you’ll rent faster and be able to charge more in rent every month. Even if you don’t make renovations, it’s amazing how much mileage you can get from just having a cleaner carpet. It’s the biggest thing you can do to maximize ROI.
Curb appeal is extremely important, and you need to make a good first impression. A few minor upgrades to your landscaping can have a big impact on your rental home or apartment.
Bay Area Property Management: Amenities
If you are going to renovate, add amenities that will make your tenants’ lives easier or more comfortable. If you want to renovate a kitchen, having a dishwasher and a garbage disposal are better than new cabinets. Create more storage or include a washer and dryer. These are good amenities that tenants will definitely pay more rent to have.
Functional and Simple
Keep it functional and simple. The renovations should be easy to maintain and the materials should wear well. For example, consider carpet versus hardwood flooring. The carpet, while cheaper, will wear quickly. The hardwoods are easier to maintain and will last longer.
These are a few things you can do to maximize your ROI when you’re making renovations to your rental property. They will result in higher rents and happier tenants. If you have any questions about San Jose property management and the services we can provide for your properties, please contact us at Pacific Gateway Properties.