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Advice, tips and trends for property investors

Which Home Improvements Will Give the Biggest Return?

YMTC2Return on investment or ROI is on the mind of every residential property owner and investor.  Choose which of the following groups would give you the biggest return in a residential rental property?

GROUP A                                                                                             GROUP B

Deep cleaning of the home                                                         Basic cleaning, including carpets

Neutral paint                                                                                     Accent color paint in most rooms

Pre-fab countertop replacement                                              Granite countertops

New cabinet hardware                                                                  New cabinets

Updated lighting                                                                              New window treatments

White appliances                                                                             Stainless steel appliances

Ceiling fans                                                                                         Built-in microwave

 

 

The answer is A.  The enhancements listed in GROUP A will help get your rental home leased faster to a quality tenant, without breaking the bank.  A thoroughly cleaned home shows better to prospective tenants than a broom swept one, and actually encourages good housekeeping.  With paint, white ceilings and neutral colors can open the room, while “trendy colors” may make the room feel smaller (and may not be the style next year). Like paint, a low cost, easy to install countertop can change the whole look and feel of the room, rather than spending thousands on granite which appeals differently to different people. Good lighting, ceiling fans and solid appliances add to the comfort of living in the home.

Another enhancement to consider is hardwood or laminate flooring instead of carpet for durability and nicer appearance.  And don’t forget the “curb appeal” of your home. Most renters drive by the home first, so make sure your home gives a good first impression. Making these types of investments will keep your properties in great working condition and appeal to new renters while also keeping current renters satisfied.

TELL US! What home improvements have worked well for your investment property?

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We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

  1. Group A is the better choice between the two. True, a thoroughly cleaned room appeals to the renter more compared to a room having trendy colors. This gives the renter a chance to make on the improvements according to his/her taste. Group A is less expensive too while Group B may likely let you spend more cash.

    ____________________
    Building Consultants
    Building Design Adelaide

    1. Thanks for your input George and glad you agree 🙂

  2. David Curtiss says:

    We have had success in being pet-friendly. References have to include the previous landlord’s view. leases also must contain a clause that says something to the effect that complaints about the pet can lead to eviction. We charge extra per pet per month and a non-refundable pet deposit. The biggest expense we have incurred has been for a fence on a recently purchased property where the existing tenant has a larger dog than we usually accommodate. By allowing pets, we have gotten good tenants and given the fact that most landlords do not permit pets, I believe we keep good tenants longer than we would if we excluded dogs and cats.

  3. Natalie says:

    I am looking for a 3 bedroom, 2 bath home to rent in the Sandy, Holliday, Millcreek and Cottonwood heights, Utah area. Please provide listings of properties.
    Thanks
    Natalie

    1. Hi Natalie,

      We have several offices in the Salt Lake City area. Click here to see those offices and then you can visit each of their websites to view their listings. Good luck on your search and thanks for choosing Real Property Management offices!