Important Property Upgrades To Increase Your Property’s Rent Rate

Important Property Upgrades To Increase Your Property’s Rent Rate

Whether you own a townhouse, duplex or single-family home maximizing your income is always a high priority for an investor. Implementing a good year-round maintenance checklist is a great way to protect your investment, lengthen the life of your HVAC unit and ensure your renter hasn’t damaged the property, but it won’t necessarily get you top dollar when competing against other properties on the rental market.

Your tenant has moved out and now your property is vacant. Before you do the typical make ready projects, put some thought into rental property upgrades. The standard is to slap some paint on the walls, give it a good detailed cleaning and shampoo the carpets. However, doing the minimum will usually lead to minimal returns in terms of money and time of tenant occupancy.

When dealing with your rental property, there are three goals every investor looking to grow their portfolio should desire to achieve

• Maximum rent

• Minimize operating expenses

• Increase the resale value

In order to get the best return on your investment, stay at the high end of the rental rates, improve your property value and avoid tenant turnover every lease term, you will need to invest in the right upgrades: upgrades that will entice tenants to stay through multiple lease cycles. As long as your rental home is structurally sound and in good condition, then you only need to add a few upgrades to make your home stand out. These upgrades will set your listing apart from others sitting on the market and getting it rented faster saves you money upfront.

Are you looking for property management? Nimmadhi property management helps you to manage your investment. We provide services, from property maintenance to tenant screening, enabling you to extend the tenancy of your renters.