Working with all different types of Roseville rental property owners and investors, we’ve found that it’s easy to make a mistake when you’re renovating a rental home. Some landlords will not pay any attention to valuable upgrades and updates, leaving their property vacant longer and earning less money than it should. Others are a bit over-zealous when it comes to renovations, and end up spending more money than they will ever earn back on unnecessary rehab projects. There’s a middle ground that balances affordability and ROI. We’re here to help you find it.
Understand the Roseville Rental Market
Before you make a plan for renovations, you have to spend some time studying the Roseville rental market, especially your specific neighborhood. Conduct a comparative market analysis so you know what homes are renting for, especially those with specific upgrades. If all the single-family homes in your zip code are offering kitchens with stainless appliances and granite counters, you should consider making your own kitchen competitive. If garden tubs and walk-in showers are not found in other rental homes, don’t tear up your bathrooms just to provide them.
Curb Appeal Attracts Quality Roseville Tenants
An easy place to improve when you’re renovating your rental property is the exterior of the home. Curb appeal is especially worthy of your investment because it provides the first impression to prospective tenants, and first impressions count. The way your property looks to someone who is walking or driving by will often determine whether they bother to go inside or ask for additional information.
Make sure the outside is clean and free of any debris or clutter. Drag in the trash cans and keep the lawn, bushes, and trees trimmed and healthy. You want to present a rental home that’s welcoming and inviting.
Upgrade Roseville Rentals with Cost-Effective Updates
So, what should you spend your time and money improving at your investment property? That depends on the current condition of your home. If it’s new and well-maintained, you may need nothing more than a fresh coat of paint or some attention to landscaping.
Do a close inspection of the property. How old are the appliances? What do the floors look like? Are the doorknobs loose and the closet doors chipping?
We recommend you pay special attention to:
- Walls and floors
- Paint and carpet
- Kitchens and bathrooms
- Fixtures and lighting
Something as simple as new knobs on kitchen drawers can make the entire space look new. And, it’s an affordable upgrade.
Consider Tech Improvements and Security
A lot of tenants today are working and studying from home more than they ever did before. They have smart devices that can connect with home functions such as doorbells, appliances, lights, and entertainment.
While you don’t necessarily have to pay thousands of dollars to provide the best in smart home technology, you should at least provide a foundation that tenants can use to maximize their own technology. Offer fast Wi-Fi for free, for example. Install a home alarm system and give the tenants the option to pay to have it activated.
These are just a few examples of how to smartly renovate your rental property. If you’d like to talk more about how Roseville property management can ensure you’re offering the type of home that great tenants want to rent, contact us at Action Properties.
