Owners who are preparing to put their properties up for rent often ask us about renovations, and whether they need to make the home picture perfect for the next tenant.
The property does not have to be picture perfect.
Before you invest in any renovations, think about why you’re making the upgrades. If you’re getting ready to sell the property, you should renovate. You want to put the best face forward when you’re selling. But, if you’re planning to rent it for a while, renovating is not quite as important.
Preparing Income Property for the Rental Market
So, what does need to be done?
Fix anything that looks to be in disrepair. This might be a cracked window, a leaky faucet, or faucets with a mineral buildup. A running toilet should definitely be replaced. But, renovations such as replacing Formica countertops with granite may not be necessary. You can rent faster with granite in some markets, but you won’t necessarily get more money.
Property Management Phoenix: Paint
A new coat of paint is something you may be tempted to do between each tenant. If the current paint is fine, just do a little touching up. However, too many touch ups will be unattractive because it’s hard to match paint easily. So, you’ll be painting a wall from corner to corner. Make a decision about when you’re going to repaint completely and when you’re going to touch up.
Property Renovations for Sale versus Renting
Renovations should make your investment property look like it’s in good repair. But, it doesn’t have to be sale-ready. That’s when you replace carpets and make big changes so potential buyers have that fall-in-love type of feeling. Buyers want to be able to move in and do nothing to the property. You can get away with less when renting.
Owners usually want to renovate more than property managers believe they should. Your property should be hotel-clean, with repairs completed and the place looking neat.
Keep it simple and the property will rent just fine. If you have any questions about renovations or Phoenix property management, please contact us at Service Star Realty.