When a rental unit goes vacant at Simple Property Management, the big question we get is, “What upgrades should I do?”. As a professional Property Management Company, we know what pays and what doesn’t.
The first thing to look at when deciding on your upgrades is current rental rate and what you want the new rental rate to be. For example, if you are already at the top of the rental market for price, then the upgrades may need to wait. If you are $200/MO below market rent, then look at doing some upgrades.
Kitchens are a great place to add value. Most people spend a lot of time in the kitchen, so they want something nice! You don’t have to go to granite counter tops, but buy something that is nice and will last a long time. If there is not ample cabinet space, try adding a couple more cabinets. Sometimes you can install a new countertop, paint the cabinets, and replace the cabinet hardware. The kitchen looks much better and you don’t have the price tag of a full kitchen remodel. We do this a lot with our property management company and it looks great.
Updating the appliances can really help too. If the appliances are older than your first car, it may be time for an upgrade. Again, you don’t have to spend a ton of money, just get something nice and that will last a long time.
A nice bathroom can raise the value of the unit by a lot. Most of our tenants are looking for a bathroom that is medium to large size, nice countertops, and nice flooring. You don’t need to spend a ton of money here, you can do small, inexpensive things to make it look good.
Lots of tenants are looking for newer windows in rentals. If you decide to get windows with a “grille” or divider, make sure they are between the panes of the window so they are easier to clean. We find that a tenant will stay longer with newer windows because the utilities are cheaper.
Nice flooring will attract tenants. Our Property Management Company is installing a lot of vinyl plank because it looks nice and lasts a long time. Additionally, you don’t have to pay for carpet cleaning at move out anymore!
This is just a small list of things that can improve the rent amount at the property. As always, check the going rental rates in your area before making decisions.
If you would like a free rental assessment, contact us today!
Simple Property Management is a leading Grand Rapids property management company and specializes in working with property owners with one to 30 rental units. You can contact us at 616-329-6318 or firstname.lastname@example.org