To be successful as an owner of a rental home, solid long-term planning is required. Single-family Baton Rouge rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. This careful management would involve making sure that rental rates stay competitive and keeping long-term tenants happy.
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 are well-informed of the various upgrades available to them and which ones give the highest value increases for the cost, their long-term planning will be a lot more successful.
When thinking about the price of the upgrades, bear in mind that expensive does not necessarily mean better. An upgrade may be the most expensive but that does not mean it that it offers 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 turn an aging exterior into an updated one instantly. On top of that, it will have little to no break downs or experience any problems for 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 also high up in the list of recommended upgrades. A fine kitchen is one of the major reasons tenants decide on one rental home over another. A lot of people choose to gather in the kitchen. They end up spending so much time with friends and family there. A kitchen upgrade doesn’t require all furniture and appliances to be updated. Just replacing appliances as they start to break down or resurfacing cabinets can already do a so much to keep the kitchen up-to-date and tenants happy.
Clean and updated bathrooms are another thing that gives measurable results. And you can do it even without expensive fixtures or features. Even a simplistic bathroom in a rental home can add a lot of value and help retain tenants longterm. Consider replacing missing tiles, failing grout or caulk lines, and outdated cabinets so that it gives the appearance that things are fashionable and state-of-the-art.
When property owners know which upgrades offer the highest return for the cost, they can keep their rental home competitive, rental rates high, and tenants happy. Along with that, including regular property improvements in your plan is the best approach to gain success.
At Real Property Management Baton Rouge, we give complete property evaluations that can help property owners with their strategic planning, and make upgrades an easy part of property management. We also conduct market assessments for each Baton Rouge rental home and give custom recommendations. These are a few ways we help keep every property competitive and renting for the highest amount possible. Don’t hesitate to contact us online or give us a ring at 225-389-6860 to know more.
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