When you buy an investment property to use as a rental, you don’t immediately think about the work that may go into making it appealing to tenants. However, depending on the age of the property, there may be many things you need to or want to upgrade. It can be hard to figure out what is important to upgrade and what can wait when you own a home for rent. At Real Property Management Central Arkansas, we’re here to help you with all of your property management needs, including helping you figure out, schedule, and implement home upgrades if needed. So as a property owner in the Little Rock area, how do you make the decision to upgrade a rental property? Here are a few tips to help you make that decision should you be faced with this issue.
Does the Upgrade Impact Safety?
The first thing you want to ask yourself before you decide yes or no on an upgrade in a rental property is asking yourself, “by not doing the upgrade, does this leave the tenants in an unsafe living environment?” If the answer is yes, then you need to do the upgrade promptly. This can range from windows that aren’t seated properly to old water heaters that are past due on replacement. These types of upgrades are necessary to maintain the integrity of the house and are different from things people may want, like a brand new washer and dryer. Safety and reduced liability are key when owning a rental property.
It’s a House Not a Home
The second thing to keep in mind after considering safety is that this is a house, not your home. While you would want your home to be perfect, you can never be quite sure how renters will care for the space. That means that you don’t have to have granite countertops, top-of-the-line appliances, and picture-perfect details throughout the house. You need the space to be appealing, but if things like flooring are managing okay, you might want to wait on that upgrade. When you decide to make upgrades, you don’t need the premium material. You’ll want to consider what will be durable and last over picking the newest item on the market.
Lastly, before you go all out on an upgrade for your home for rent in the Little Rock area, ask yourself if a good cleaning will do the trick. While carpets do need to be replaced more often in rentals, if they will last another year with a professional cleaning, then opt for the cleaning. It will save money in the long run, and you’d be surprised how much a good cleaning can make a difference. The same can be said about many things in a property. Cabinets made need some minor repairs and some sprucing up with some paint, but that’s substantially cheaper than all new cabinets and will still provide the “Wow” factor.
When it comes to a rental property, it can be hard to figure out when to upgrade the property to improve appeal and safety. If you follow the above thought process, you’ll have a nice property without breaking the bank. If you own a rental property in Central Arkansa, let Real Property Management Central Arkansas help you manage your property appropriately. Call us today to learn more!
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.