Owning a rental investment in Gwinnett can be quite the roller coaster. From upkeeping maintenance, to ensuring that everything in the home is working properly, many aspects come together to keep the house in tip-top condition. When renters tour your property, they often form a first impression which is easily deterred in the wrong direction. Things like painting, kitchen and bathrooms, appliances, and flooring are the first things that potential renters notice, so why should they be left not taken care of? Not everything has to be done at once, but over time it would be most beneficial to you to make some rental home upgrades to keep the tenants flowing. Here are the top 3 most profitable home upgrades we recommend:
Painting
Walking up to a home, the front door is one of the first things that is noticed, if the paint is cracking or splitting, it will be remembered and given the impression that the home isn’t properly maintained. Once inside the home, the same goes for walls and baseboards. By painting and cleaning the general area of the home, it will leave a better impact than if it were left. Cover up smudges and scratches, fill in nail holes, and your space will make a difference in the eyes of potential tenants. It is amazing what a simple layer of paint can do!
Appliances and Counters
To extend the life of your rental property, consider updating the appliances and similar aspects. The kitchen and bathrooms are two crucial rooms in a home; chances are a large majority of one’s time is spent throughout the two. Ovens, fridges, sinks, and countertops are a start when it comes to keeping the functionality of a kitchen. These few things can transform your 1990s kitchen into a brand new area if done correctly. New counter tops can define a kitchen (and bathroom) and change the entire vibe of the space. There’s only so much cleaning one can do to a bathroom before it might be time to update; no one wants to take a shower in a space with tiles missing or deteriorated grout!
Floors
This one is tricky- floor replacements can be very costly. Depending on the size and age of your home, this can be quite a large chunk of change. Floors can hold a significant amount of wear and tear, but sometimes it gets to a point where there is no saving them. Stained carpets are a massive red flag in the eyes of renters, no one wants to move into a home that looks lived in. That may sound like a silly statement, but would you want to live in a rental home with stained carpets and ruined wood floors? Not only does it help the overall aesthetic of the home, but it also creates a sense of security knowing there is no leakage, no structural damage, or any pests living under the loose floorboards.
By making small upgrades to your rental home, you can raise the property value significantly. Prospective tenants will notice the smallest things, and by having a grasp of what state your rental home is in, you will better be able to judge what needs to be done. The end goals of investing in a rental home are: a) keep tenants happy, b) grow your profit, c) keep the longevity of your property, and by making a few rental home upgrades here and there, you are definitely moving in the right direction!
If you are looking to purchase a rental property in the Gwinnett area and need some professional management assistance, contact us today and we will be glad to guide you through the process!
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