Here at Access Property Management Group we urge property owners to take considerations before diving into their next round of renovations. Your best results will come from putting in some planning before you pull out the cash. See some great approaches to rental community upgrades in the paragraphs below.
Expert Tips for Successful Rental Upgrades
Tip #1 – Decide on an interior or exterior upgrade.
Many income-property owners favor interior renovations, since that is what their applicants and renters will notice the most. Beware of neglecting important exterior projects, though. You may be overlooking them to your community’s detriment. A weatherworn, weed-framed apartment community sign by the road, for example, can make the most luxurious rental property appear drab to casual passersby.
Tip #2 – Go direct to the source.
When trying to decide which project or new appliance might be the best choice, ask your present renters. They are the ones who really know, so you can usually trust their response, especially if it is nearly unanimous. Try sending out a questionnaire with multiple choices, instead of simply inviting ideas.
Tip #3 – Go simple.
Residents often receive smaller upgrades just as well as the larger, more costly ones. Consider which small upgrade might be most welcome in your income property community. A big-screen television in the fitness center is a good example.
Tip #4 – Look before leaping.
Our experts property managers in Grand Rapids, Michigan suggest testing an upgrade in one or two apartments before sinking cash into a property-wide project. This will give you a chance to see the actual versus projected costs, as well as gauge resident reaction on a small scale.
We hope these tips help you in making your decision on which renovations to make now and which ones to hold off on.