Protecting your real estate investments includes regular inspections, working with residents to maintain your rentals, the right upgrades. Did you know that some property "upgrades" can actually work against you?
It's tempting to renovate a property to make it the "best" rental in Seattle. However, what might be the "best" for your personal residence or homebuyers might not be what's best for renters or the local rental market. When renters don't want what your property offers, your rental stays empty—and you lose money. If your rental is challenging to maintain or labor-intensive for residents, they won't stick around for another lease term.
When it's time for an upgrade, is it really necessary? Here's what investors need to know to deliver the best home rentals Seattle offers!
Target Cost-Effective Updates
Spending a lot of money on granite countertops or high-end flooring doesn't often pay off for investors in the Seattle rental market. However, that doesn't mean you should choose cheap materials or poor-quality updates for your properties.
Focus on cost-effective upgrades that allow you to raise the rent when your rentals become more competitive. Smart upgrades require prioritizing durability over top-of-the-line stylish enhancements that add costs without the payoff of renters who will pay for an overpriced property.
Invest in upgrades that:
- Look nice without blowing your renovation budget
- Stay relevant for years to come
- Attract quality renters
- Hold up well over time
- Justify a rental rate increase (without pricing your rental out of the market)
Avoid trendy updates that won't appeal to Seattle renters in a year or two. Spending money on things that won't stay in style or quickly become outdated can damage rental income when renters are no longer interested in that trend.
Remember Your Renters
Sometimes upgrades seem great on paper—until your renters have to deal with ongoing upkeep and cleaning things that prove difficult to keep clean.
Remember that keeping quality renters for more than one lease term means helping them feel at home and creating an enjoyable experience for them. When renters hate cleaning the bathroom because of deep grout that's difficult to scrub clean, they won't want to deal with it for another lease term.
Choose updates that make your properties the best home rentals Seattle offers, and keep renters in mind when making updates! Avoid things like:
- High-maintenance landscaping that requires a lot of attention
- Fragile flooring that can't hold up to renters with kids or pets
- Countertops or fixtures that need special instructions to clean and maintain
- Appliances with too many bells and whistles for simple operation
Your rentals should be something an average person can easily operate and maintain according to the lease rules. When renters understand the simple requirements to clean your rental—and it doesn't take away from their free time or enjoyment—they'll do a better job of protecting it for you!
If it's time to plan property updates, work with a Seattle property manager to discover the true impact of potential upgrades. From costs to how specific renovations will help you experience more success in the rental market, a property manager helps investors make smart decisions about upgrades!
The Right Upgrades Boost Your Income
It's critical to separate personal preferences from the right upgrades when it's time to make updates to rental properties. The amenities you enjoy in your home might not be the same things renters will pay for when choosing a new home.
With smart upgrades that enhance the living experience for your residents, you'll enjoy more renewals and better ROIs! Delivering the best home rentals Seattle offers requires careful planning and the right expertise to balance renter wants and needs versus your bottom line.
Prioritize upgrades like:
- Energy-efficient appliances with simple operations. Most renters don't want to deal with Wi-Fi refrigerators or ovens with too many cooking or programming options.
- Durable flooring that looks nice without requiring special cleaning instructions. Flooring that can handle daily activities from kids and pets is always a plus!
- Long-lasting countertops and fixtures that stay in style (and within your budget). High-end granite countertops are a nice feature, but the rent increase to justify the expense might overprice your property.
- Low-maintenance landscaping that looks nice year-round without burdening renters with the time or expense of upkeep
The right property manager can recommend and help coordinate smart upgrades. We also make sure Seattle property updates stay in excellent condition through routine inspections and maintenance.
A Property Manager Recommends the Right Upgrades for Home Rentals Seattle
Don't overthink (or proceed without enough research) when it's time to upgrade the best home rentals Seattle offers! Real Property Associates helps investors keep properties in demand with the right research and upgrades for the market.