Overseeing a rental property presents a myriad of responsibilities for those in charge.
From keeping the units and grounds in tip-top shape to meeting the demands of renters, it is never dull. Has the time come for you to recommend to management and the investors that upgrades are in order? If so, are they likely to go for it?
Whether you have Bayside property management or another company, don’t miss upgrades. If you do, the property’s value can take a hit. There is also the matter of having trouble attracting new tenants over time.
So, has the time come for some upgrades at your rental property?
Where Are Upgrades Most Necessary?
In reviewing your rental property, where are upgrades most likely a priority?
Among some of the more common ones:
- Inside of units
You want happy tenants. In general, happy tenants are those individuals who like their properties.
Although some units may be too small for one’s liking most people are happy to have a roof over their head.
In looking at inside upgrades, consider the following:
· Kitchens – One of the most used parts of a rental property; you may very well have to add some new appliances over time. If so, look for deals that will save your management money. The most common appliance replacements tend to be refrigerators, stoves, dishwashers and microwaves. Also make sure there are no plumbing issues with the sink. Letting go of fixing a little problem now can turn into a big problem later.
· Bathrooms – Although not your responsibility to clean up after tenants, some of them don’t do a very good job. The bathroom is a prime example of where mold can set in. If it does, it can spread rather fast throughout the rest of the unit. If you do not already, consider adding ceiling fans in each bathroom. This will better circulate the air. In turn, it cuts down on the chances of mold taking form from one using the shower etc.
- Outside of units
In looking at outside upgrades, consider the following:
· Grounds – The most notable area of concern can be the grounds. If they are not kept up on a regular basis, how do you expect to get new tenants over time? From the grass to bushes, make sure regular maintenance is a priority even when on a budget. To offer a welcoming feeling, adding flowers and plants in appropriate spots is a good idea.
· Parking – One of the other important aspects of your rental property is the parking area. Depending on how many live in the complex, there may not be enough parking for guests when visiting. If they have to park out on the street, some may choose not to visit. Do your best to make sure ample parking is available for both tenants and guests. Also do regular upkeep of the lots. This means tarring when needed, along with striping etc.
By doing regular property upgrades, you can actually save money over time. In turn, you keep the value of the property high, leading to more tenants moving in year after year.