Rental homes are in hot demand, but developers are scrambling to build more housing to keep up with population growth in the Midlands. Investors in rental properties can find a lot of luck in attracting and retaining high-quality tenants by making updates that will have applicants clamoring to get a showing.
Best Updates to Make To Rental Properties
The best updates to make before you rent your home in Columbia are the fast and easy updates including:
- Fresh coat of paint in the interior
- Replacing carpet
- Upgrading appliances
- Refacing cabinets
- maxing/polishing non carpeted flooring
- Replacing the tub surround
- Adding simple landscaping to the exterior
These simple and quick updates to rental properties make a big impact during applicant tours because it helps the home look cleaner and brighter. However, investors who want to rent their home in Columbia and stay towards the above average end of the market rent can consider:
- Replacing siding or fresh exterior painting
- Replacing laminate flooring with tile or hardwood
- Replacing cabinets
- Remodeling the master bathroom
- Creating outdoor space such as a deck, patio, or garden
In addition to making updates and renovations to increase the rent value on the home, investors should always stay on top of pest control, keeping landscaping up to date (including tree trimming and pruning), and more. Keeping rental properties in pristine condition can be difficult, especially once a new tenant moves in. Investors should ensure that their property management company includes mandates in the lease for proper interior and exterior care of the home, as well as biannual inspections of the home.
One of the worst things that can happen to an investor is a tenant not taking care of a property and previous updates and renovations being ruined. Working with property managers to provide oversight to your investments can help you yield a larger return, and increase the value of your property.
If you need property management services in Columbia, call Scott Properties of the Midlands at 803-951-0702.