Buying a fixer-upper property for a low price to serve as rental property can be a great investment. If you are skilled at home improvements or construction, you can even do a lot of the work yourself. Doing repairs or improvements yourself can save you a lot of money, which will give you a greater return on your investment. However, you want to be sure that you have the knowledge and experience to do the job right. Otherwise you could end up facing expensive repairs and disgruntled tenants in the future.
You also want to keep in mind what amenities are most important to renters when planning your improvements. For example, modern kitchens are very appealing to renters who prefer not to worry about outdated appliances or a lack of cabinet space. In addition, outdoor decks are popular because people enjoy having outdoor living space to enjoy when the weather is nice. Making the right improvements will allow you to set the rent amount higher and also help you keep your property rented.
Some improvements are very simple to perform, but can make a big difference in the aesthetic appeal of your rental property. Nothing can transform a room as quickly and inexpensively as painting the walls. A fresh coat of paint makes a room look cleaner, brighter, and more appealing to potential renters. Replacing a shower head in the bathroom is easy to do, but can make a big impression on renters. Popular options include shower heads that mimic a rain shower and those that offer adjustable massage settings. Handheld shower heads are very convenient for renters who are very tall or have small children.
Any improvements that make the property seem clean and refreshed are also popular. For example, replacing the toilet and bathroom flooring can go a long way toward making a bathroom feel like new. Taking out stained caulk in a shower or tub and replacing it with new caulk can also make a big difference. Removing stained carpet and refinishing the hardwood floors beneath can also breathe new life into a property.
Even if you choose to make improvements yourself, you may not want to take a DIY approach to managing your rental property. Not only will you have to worry about marketing your rental property, but you will also have to go through the time-consuming process of selecting quality tenants to rent it. Once you have the property rented, then you will need to be readily available to your tenants for any maintenance concerns, particularly in the event of an emergency. This can be difficult enough if you live in the area, but if you live out of town or out of state, it can be downright impossible.
For investment property owners in the Tucson and Phoenix, AZ, areas, Fort Lowell Realty and Property Management provides the highest levels of property management service. If you have worked hard to get your investment property ready to rent but are not interested in managing it yourself, Fort Lowell can help. We have over thirty years of experience and know what it takes to keep your property rented with high-quality tenants. If you are looking for the best in property management, contact Fort Lowell today.