Making improvements to your investment properties is a necessary thing that must be done. Some upgrades are cost-effective, and some that aren’t. One of the biggest and common mistakes that West Palm Beach rental property owners can make is wasting money on upgrades that do not contribute value to their property or don’t make any attempt to develop the overall appeal of the rental home to prospective residents.
Being able to tell which upgrades to avoid can help you spend wisely in the right kind of property improvements. Industry specialists commonly acknowledge that when it comes to upgrades, the three items you may want to skip include elaborate landscaping, installing hardwood flooring, and updating the closets.
When it comes to landscaping, it would be best to stick to one that is manageable, easy to sustain and cheap. Landscaping is one upgrade that is appealing for a rental home to have, but most renters favor a yard that is pleasing to the eyes but won’t be too much of a burden to look after. Upgrading your rental property’s landscaping but planting plenty of beautiful plants and trees or creating nice flower beds alongside a large, lush lawn area would seem like a good bonus to your rental property. Besides, curb appeal is a big plus for the noted value of a rental home.
Know though that going over-the-top and building a high-maintenance yard is money wasted because it doesn’t add much to the property value or renter satisfaction. Additionally, although your renter might initially be attracted to the elegant landscaping, he or she may soon discover that it’s too much of a bother and ignore your property or decide to move out. When it comes to landscaping a rental property, simple is better.
Who hasn’t appreciated the sparkle of a brilliant wood floor? They are a favorite choice for many homeowners because of their light and authentic feeling. But wood flooring also needs a lot of maintenance and can be effortlessly ruined by water leaks or other misfortunes. Additionally, how well will renters take decent care of a hardwood floor? Again, although wood flooring is another upgrade is something residents could possibly relish, most renters are content with a low-maintenance look-alike option. Bear in mind; real hardwood is also one of the costlier upgrades, which means you probably won’t redeem the cost of installation, even if you raise the rent.
When dealing with closets, it is understood that bigger is almost always better. Residents need enough storage space to feel relaxed in their rental home. What they usually don’t want, however, are custom closet systems with additional features. The problem with spending money on closets is how little it adds to your property value contrasted to how much they cost. Upgraded closets simply aren’t a good investment. While a resident might enjoy an elegant closet, most renters are just as satisfied with a few clothing rods and standard shelves.
As you can see, it’s smart to be selective about where you put your investment dollars. Keeping your West Palm Beach rental homes safe, comfortable, and profitable is the key to success. At Real Property Management Palm Beach County we’re here to help and readily available to lend you expert advice on maximizing the returns on your investment properties. Contact us online or call us at 561-408-5580 today.