Every year many people make their New Year’s resolutions with the best intent of carrying them out. This year, you’re going to finally get in shape, start saving money or maybe even take that exotic trip you’ve been thinking about. It is about this time when some of those resolutions begin to fade away, only to become a distant memory. Now is the time to review your resolutions, make sure you write them down on a piece of paper to re-enforce your commitment
As a property owner, making, and following through on, a set of New Year’s resolutions for one of your biggest investments will pay dividends this year and beyond.
Here are some of the most impactful improvements you can make to your rental property to significantly enhance both your monthly revenue and ultimately your sales price.
Make at least one significant upgrade to your rental property in 2015.
Not only will it be appreciated by your residents, it will also make your properties, and their values, even more attractive.
Doors and Windows
Windows account for 20 to 25 percent of energy loss and drafty doors can add another 10 to 15 percent. Cut down your property’s utility bills by conserving energy. Not only does an improvement in this area make financial sense, residents in the Portland, Oregon and Pacific Northwest area will choose a property and a property owner that cares about the environment over a less ecofriendly choice.
Upgrade the Kitchen
It may cost some money, but upgrading the kitchen can create a happy tenant. According to AOL Real Estate, visually appealing, high-function kitchens are keys to attracting low-maintenance tenants.
Consider upgrading:
– Countertops
– Appliances
– Flooring
Improve the Exterior
Upgrading the exterior of your property will not only make it look more attractive, but also make it safer for renters. Residents will choose, and ultimately you will increase your revenue when the curb appeal of your rental home is enhanced
Consider upgrading or adding:
– Roofing, siding and foundations. Here in the Pacific NW, nothing says “I don’t care about my property” like a roof covered in moss
– Bushes, trees, plants and flowers. Making sure the yard is well maintained is an easy way to improve the exterior of a home
– Exterior lighting.
– Patio or deck. In this rainy climate, too often our decks, patios and sidewalks become slippery from moss overgrowth. Improve safety and enhance the look of your property by having moss removed
Don’t Forget the Bathrooms
How many times have you heard a prospective tenant say, “We loved it except for the bathroom situation”? Even if your property is being rented, having improved bathrooms can make your tenants extremely happy.
Consider upgrading:
– Flooring
– Sinks
– Shower Heads
– Faucets
Finally, Paint, Paint, Paint
One of the simplest, most cost-effective improvements of all is paint! Freshly painted rooms look clean and updated — and that spells value. When selecting paint colors, keep in mind that neutrals appeal to the greatest number of people, therefore making your home more desirable. On average, a gallon of paint costs around $25, leaving you plenty of money to buy rollers, painter’s tape, drop cloths and brushes. So buy a few gallons and get busy
Some of these suggestions may cost more than you want to spend, while some may be minor investments. Choose one (or more) that you can both afford and accomplish in 2015. The right upgrades to your rental property can go a long way in keeping residents happy; attracting new, low-maintenance renters; and increasing the value of your property.
And this is resolution you can stick to!
Happy New Year!
Dan Hayes
President
Real Property Management Solutions
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
