Return on investment or ROI is on the mind of every Sarasota – Bradenton – Venice residential property owner and investor, which is why the most reputable and trusted Sarasota – Bradenton – Venice property manager recommends improvements to maximize your rentals’ return.
Choose which of the following groups that you think 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 property leased faster, to a top-quality tenant, but without breaking your wallet. A thoroughly cleaned rental shows better than a broom swept one, and actually sets the standard for good housekeeping by the new tenants. 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 property.
Another enhancement to consider is hardwood, vinyl-plank, 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.
Real Property Management of Sarasota & Manatee manages residential rental properties on behalf of owners and investors throughout Sarasota and Manatee counties, FL. We are a full service leasing and management company dedicated to:
- Finding Tenants.
- Screening tenants.
- Lease procurement.
- Tenant move-in and move-out inspections.
- Rent collection.
- Bookkeeping.
- Owner statements.
- Tax reporting.
- Evictions.
- Inspections.
- On-call, 24/7, 365 day a year maintenance.
TELL US! What home improvements have worked well for your investment property?