If you own an investment or rental property in the Tampa Bay area, chances are you are investing because you want to get the most out of your property when renting it out. The last thing you want as a landlord is a vacant property. To maximize your profits and maintain a successful investment property, the order of operations you should follow is to add value to your investment property and then put it on the market to rent out. The further you stand apart from your competition, the better it is for your investment. Those instructions sound easy enough to follow on paper. However, there is more to it than it appears. At this point, you may find yourself asking the question: “what specifically adds value to a rental property?” That question leads us to the topic of this blog which is renovations and repairs that will add value to your investment property.
Interior Renovations and Repairs that Will Add Value to Your Investment Property
When it comes to renovations and repairs you can do on your investment property, the world is your oyster--to a certain extent. If you want to go all out and fully renovate your property before renting it out, we say go for it! But keep in mind that the more you spend on remodeling your rental property, the less return on investment you will receive. It is wise to work on a budget when it comes to investment property renovations and repairs. Below is a list of some things we think would be the most beneficial in adding value to your rental property. These suggestions are sure to help maximize the return on your investment.
Flooring Material: while carpet is a good choice for some people, hardwood flooring is the most popular type of flooring in residential homes. Hardwood flooring is much easier to clean and maintain and doesn’t trap smells over time. Hardwood floors also tend to look better for a more extended period of time.
Updated Bathrooms: it’s no secret that we’re living in the 21st century. In this day and age, most renters are looking for updated/modernized bathrooms. It is also becoming increasingly popular for renters to request homes that have a 1:1 bedroom to bathroom ratio. If you have the budget to add a full bath (or convert a half bath to a full bath) to your rental property, we highly recommend doing so.
Fresh Coat of Paint: a little bit of paint will go a long way in your rental property. It is relatively inexpensive, and it is sure to improve the overall appearance of your property. A fresh coat of paint will also neutralize any lingering odors on your property. When it comes to painting color, we highly suggest going with neutral colors to appeal to the broadest range of potential renters.
Amenities: most renters are looking for properties that already have a washer and dryer in the unit. Investing in a good washer and dryer set will make your property a thousandfold more appealing to renters. Other amenities to consider adding to your property are dishwashers, fenced-in yards, and stainless steel kitchen appliances.
Exterior Renovations and Repairs that Will Add Value to Your Investment Property
The very first thing potential renters will see when they arrive at your property is the exterior of the house itself. It’s essential to make an excellent first impression on potential renters. However, while it is crucial for your property to look good, exterior renovations can and will break the bank if you're not careful and strategic, which isn't conducive to maximizing the return on your investment. When it comes to exterior renovations, we recommend choosing the upgrades and repairs that will fit within your budget and will be low maintenance for both you and the future tenant.
Curb Appeal: you want to make your rental property as attractive to future tenants as possible. You can achieve better curb appeal by planting new grass, adding a small garden, repaving the walkway/driveway, repainting the exterior of your property (or just the front door), or getting professional landscaping work done around your property. The easier the exterior of the property is to maintain, the better it is.
Roof Repairs: your chances of renting out a property with a leaky and deteriorating roof are slim to none. Most renters know that replacing a roof is a costly investment and is a process that can potentially damage their personal property. A roof that needs repair is a threat to their security. If it’s been more than 20 years since you replaced the roof, we highly recommend looking at getting a roof replacement done before looking for tenants. If it has been over ten years since the roof was replaced, we suggest checking the roof for necessary repairs before putting your investment property on the rental market.
Work with a Property Manager in Tampa and Add Even More Value to Your Investment Property
At Vintage Real Estate, we want you to be successful, happy, and maximize profits while owning an investment property. That’s what property management is all about. It doesn’t have to be a painful process--particularly not if you’re working with the right company. If you are at the point where you view owning an investment property as a burden or a chore, we recommend getting in touch with one of our professional property management experts at Vintage Real Estate. We currently serve the greater Tampa Bay area in Florida.
We want to emphasize that you don’t have to be overwhelmed and feel as if you need to manage your property on your own! When in doubt, give us a call at 813-684-0001 or visit us at our website here. Expert property management advice is just one phone call away.