Rental homeowners need to have good planning that is long-term to achieve success in their field. Single-family Washington DC rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. Careful management means always keeping the two key aspects in mind– competitive rental rates and the satisfaction of long-term tenants.
Regular improvements are a means for property owners to keep tenant satisfaction high while still keeping their rents competitive. But not all improvements will yield the best ROI. When property owners know the different upgrades they can get and which ones offer the highest value increases for the cost, their planning for long-term success will be a whole lot easier.
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.
As an example, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can instantly turn an old exterior into something fresh and better, and won’t be prone to technical problems and breakdowns for a good 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 another thing that is a priority in the 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. Many people use the kitchen as a place to gather. They spend a lot of time there with friends and family. A kitchen upgrade need not be thorough. Replacing appliances as they start to break or resurfacing cabinets can greatly help keep the kitchen up-to-date and tenants content.
Clean and updated bathrooms, likewise, offer significant 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 Missing tiles, failing grout or caulk lines, and outdated cabinets have to be repaired whenever necessary in order to refresh the look of the room so that it is in line with the current tastes of the public.
Knowing which upgrades are available and which ones actually give the highest return for the cost plays a significant part in keeping a rental home competitive, rental rates high, and tenants happy. Additionally, the best strategy for success is proper planning that includes regular property improvements.
At Real Property Management DC Metro, we offer property evaluations that are so thorough that property owners may be able to benefit greatly from it– helping them create a great plan and make upgrades an easy part of property management. We also conduct market assessments for each Washington DC rental home and give recommendations custom made for you. These are some of the ways we keep every property competitive and renting for the highest amount possible. Feel free to contact us online or by phone at 202-269-0303 for more information.
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