If you own a property in Atlanta specifically for generating income through rentals, remember that there are several inexpensive upgrades you can do that will pay off in the long run. The key is to choose the upgrades that will bring you the best return in terms of property value, rental ability, and quality tenants. While the goal of an investment property is to make money, that doesn’t mean you should always avoid putting additional money into your rental units.
There are a number of things that should be considered when contemplating any type of upgrade for a residential rental property. Of course, it’s always nice when you can make your life easier by integrating an upgrade that will make property maintenance less expensive or time consuming. For example, many rental units have carpet in the main living areas as well as bedrooms. While carpet can certainly be nice, it’s important to consider what this flooring option will cost you in terms of cleaning and replacement. When a tenant moves out, you’ll likely need to clean or replace the carpet throughout the unit. How many times can you do this before it becomes more expensive than installing a beautiful wood floor? Keep in mind that a wood floor can often mean that you can also increase the monthly rent a little, that’s a great way to offset some of the cost.
Another upgrade that is relatively inexpensive, at least when it comes to return on investment, is the landscaping of the property. You don’t have to spend a lot of money to make the exterior of a building look nice and a property that has curb appeal can be a great way to entice quality renters who will stay longer and will take pride in keeping the property looking attractive.
If you have a rental unit with an outdated kitchen, this can be a deal-breaker for many tenants. As a landlord, you certainly want quality tenants who will pay their rent on time, take good care of the property, and will stay for a long time. You don’t have to undergo a complete kitchen remodel, but upgrading the cabinets and/or counters can completely transform an older kitchen. Another great option for creating a kitchen prospective tenants will love is updating appliances. Not only will quality appliances look great, but they’ll also last longer, saving you money in the long run.
Many property investors look for a reputable property management company in Atlanta to take care of their property and handle tenant issues. In fact, a good property management company will also be able to help you determine the best upgrades for your property while keeping your ROI in mind.
