Property Management Blog
Most homeowners know that repairing and updating a home is necessary before putting it on the rental market.
Why? Fresh, clean spaces have visual appeal and can bring in more income.
Here are six must-do updates to apply when you want to receive the best rental price for your property.
- Replace carpets. Carpet typically has a shelf life of seven years in the rental market. Putting new carpet into place can brighten a home and get rid of the musty smell. It’s also an enticing way to get a potential tenant’s attention when listing the home. Who doesn’t want to rent a place with fresh carpet instead of used carpet?
- Update light fixtures. Chandeliers and overhead fixtures from another era can turn people off and replacing them is a simple update. Ask your lighting showroom representative to help you select fixtures more in line with today’s rental market. Consider changing fixtures in the bathroom, kitchen, dining room, and entry for a complete look.
- Add smoke detectors and fire extinguishers. Most states require landlords to provide these, and they provide a clear indication that you care about the safety of the tenant.
- Replace appliances. Again, old or used items aren’t visually enticing and can turn off renters. Opt for a warranty for added insurance against appliance failure.
- Add mini-blinds to all windows. This helps tenants with safety and security issues and adds a clean, finished look to the home. Tenants who damage blinds can be charged to replace them at move out as long as that’s listed in the lease.
- Paint inside and out. It's the most cost-effective way to improve the look of any rental home.
Are there exceptions to these rules? Maybe.
Vintage style homes are appealing to a certain type of renter and maintaining that charm can be important, so you might be able to skip the light fixture updates. However, don’t keep fixtures and appliances that are broken or dangerous to use or you could be liable for accidents and physical harm that the tenant experiences by using them. You’ll still need to paint, maintain floors and window coverings, and add safety items such as smoke detectors and extinguishers.
Hello Real Estate Investors!
Are you looking to increase your current portfolio of investment properties or are you looking to sell an existing property? Our sales team will be happy to assist you.
We can help you buy and sell rental properties in the Albuquerque Metro area, including Rio Rancho and Bernalillo, NM.
It's never too late to own a portfolio of income producing properties. Property trends for the Albuquerque area are recovering nicely and rental real estate is still a solid way to build reliable cash flow.
Please contact firstname.lastname@example.org for additional information on the options available for your individual requirements.
Or visit our sales page to see our current homes for sale listings.
Great news for homeowners!
Home sales are the strongest they've been in a decade. Summer 2016 is unfolding as a year of high demand for homes to buy and a shortage of homes available, and that means sellers are in the driver’s seat, at least for now.
If you want to sell your home for the highest amount possible, how do you take advantage of this market?
The answer is simple. You provide the right information about your property upfront, and you highlight the data that will grab a buyer's attention.
Think energy savings, new roof, updated electrical wiring, and technology ready, but also consider some questions that may appear to be unimportant to you but absolutely necessary to answer if you want to prime your potential buyers to pay top dollar for your property before the negotiations begin.
Questions to answer
A recent article from RISMedia tells us that answering certain questions for buyers on the hunt "...could ultimately be determining factors in their decision to make an offer." According to RISMedia, this information may include:
- What structures or fixtures are included in the list price? (Appliances, ceiling fans, lighting, shed, swing set, window treatments, etc.)
- What are the home’s annual costs? (Electric, municipal water, gas, oil, lawn care, pool maintenance, etc.)
- Has the home required asbestos, lead or mold removal? Has the home been tested for radon?
You can see more questions to answer by visiting RISMedia here.
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- Melissa LaRose