Surely, everything deteriorates overtime. Time will come that you’re going to need a few rental property upgrades. It’s either you fix things up or be left with faded cabinets or scruffy flooring with lower rents.
Investing in houston rental homes also means giving your rental property some TLC when the time comes. While home upgrades and renovations come in different sizes and shapes, the overall goal of your investment property is to make it appealing to the general people and attract the best tenant. Sometimes you need to upgrade or renovate a few areas in your property, but before you start doing so, ask yourself this question – can this upgrade add resale value to my property?
Not all upgrades and renovations are worth it.
One long-term rental strategy that you should consider is keeping upgrade costs low while greatly improving your Houston rentals. And while there are some real estate renovations that are worth it, there are some that are a total waste of money. Today we will look at the top three wasteful rental property upgrades that we have seen landlords spend money doing.
3 Wasteful Rental Property Upgrades
- Upgrading Kitchen Cabinets and Countertops
Many landlords upgrade the kitchen cabinets and countertops expecting the place to be rented faster as well as command a higher rent. Majority of tenants aren’t expecting stone or granite countertops, so don’t overdo it. High end upgrades is like money down the drain, which is often for the eyes of the landlord rather than the comfort of the tenant. A handyman can do a better job in repairing decayed cabinets without replacing the whole section. - Overdoing Bathroom designs and Fixtures
Another area that landlords often overdo and improve too much are the bathrooms. We often see landlords upgrading to dual sinks, using fancy gold fixtures, or changing to a rainfall showerhead. While there is nothing wrong with these upgrades, it is important to consider consistency in your design and fixtures. Bathrooms should be nice and clean, but basic and functioning. Fancy upgrades are for homeowners. - Installing Hardwood Flooring
A hardwood flooring can definitely make a nice first impression. However, upgrading to a hardwood flooring can definitely cost you an arm and a leg – not to mention that this type of flooring requires professional installation which can add to the already expensive flooring. It’s unnecessary and counterproductive to a positive cash flow to replace sections of flooring each time a new tenant takes up residence in your home just because you can see scratches on the floor. There are other cost-effective types of flooring such as linoleum, tile, or laminate that won’t break the bank.
Should You Upgrade Your Houston Rental Property?
Definitely, yes!
Home upgrades come in all shapes and sizes, but not all are worth it. Landlords should provide what renters want – a clean and decent place to live in with working and fully functional utilities, appliances, and spaces. High-end upgrades are amazing, but these type of upgrades cater to the personal taste of the landlord and not to the majority of the people. After all, your tenant can spice up a neutral rental property to suit his / her personality.
The goal is to have satisfied tenants without spending more than you need to. We don’t mean you should be a cheap miser, but what we suggest is for you to remember that whatever upgrades you have in mind think of these as investment property renovation. This will allow you to focus on spending your money in a smart and efficient manner.
Work with Apogee Properties
Apogee Properties is Houston’s leading real estate management company. We work and live in Houston and our property managers are local. We’ve been in business for more than a decade providing comprehensive property management services in the Houston region ranging from a studio condo to a multi-family million dollar estate.
Apogee looks forward to hearing from you and sharing what we can offer to your Houston property. Contact us today to learn more!
