To earn top rent in the Seattle market, you need to provide a property that’s desirable and modern. While there’s no need to completely remodel your property, you should make a few key improvements that will make a huge difference in attracting and retaining tenants of the highest quality. It’s important to balance the money you’re spending on upgrades with the return you expect to receive on those projects. There are a few specific things to focus on.
Tenants are always going to be attracted to a kitchen that looks clean, bright, and updated. This is one room in the house where it makes sense to spend a little extra money. Good tenants are not going to rent a home with dated appliances or linoleum floors. Consider your market. Stainless steel appliances are not always necessary, but if the homes you’re competing against have them, you might want to consider installing them. They will also increase the value of your property, which gives you a greater ROI in the long term, and can help you sell later. Granite tiles on the counters are also an attractive upgrade, and if you decide not to go with granite, make sure you choose something that looks nice.
Flooring offers another place for you to make an investment that will protect your property and help you get the attention of high quality renters. Carpet may seem easy and inexpensive, but you’ll have to replace it every few years. Instead, choose hardwood floors if that’s what tenants are looking for, or try a tile. Vinyl can also be a good option and a bit less expensive. These surfaces are easier to maintain than carpet, and tenants will appreciate them.
When you’re planning your upgrades and your projects, the thing you need to consider is whether those improvements will help you earn more rent. Every rental improvement that you make should serve a purpose, whether that’s getting your house rented quickly to great people or earning more money. You never want to be in the position where you’ve spent thousands of dollars on improvements but you’re not getting that money back in additional rents or long term tenancies. Be strategic.
A Seattle property management company can be a resource when it comes to planning upgrades on your rental property. We know the market and what tenants are looking for. If you have any questions, please contact us at Real Property Associates.