The old adage in real estate is location, location, location. It’s true, location is important. But when it comes to renting your place, you can’t overlook how a property presents as well. Amenities are important. At some point, you’ll need to make repairs or upgrade your property to try and get more rent. There are some things to think about before you do that.
First, think about your long term and your short term goals. You have some questions to answer, such as will you live in the property again when you’re done renting it out? Will you sell the property soon? These answers will help drive the types of upgrades it makes sense to complete.
Location is an important factor in deciding which upgrades to make. For example, if you have an investment property in an upscale neighborhood that rents for over $2,500 per month, you need amenities that match the area. It would make sense to have granite countertops or stainless steel appliances in that home. However, if your property has a lower rental rate, you really want to think about the necessity for expensive appliances. There’s no need to spend thousands of dollars on stainless steel kitchen appliances. Instead, match your upgrades to the property’s value.
Think about where your investment home is located. We are in the northwest part of the country, where it is cold and rainy many days of the year. This means we don’t get a lot of pools. It might be a nice idea to think about installing a pool in your rental, but in actuality, it would just be an extra expense and a huge liability for you.
These are the decisions you want to make before you put in new appliances or make huge upgrades to your home. Before you do any work or make any changes, consider your goals and think about what you’ll really be gaining from that investment. Also, you never want to forget the value of good curb appeal. It can often be more important than any upgrade. Nothing scares your potential Smart Upgrades for Your Eugene Rental Homeapplicants away like a terrible exterior. If they drive by and see tall grass, chipping paint or broken down vehicles in the driveway, they aren’t going to bother coming inside to see the place.
If you have any questions about what you should consider before making an upgrade, please contact us at Trio Property Management, and we’d be happy to talk to you.