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!
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:
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 Spending money on things that won't stay in style or quickly become outdated can damage rental income when renters are no longer interested in that trend.
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:
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!
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:
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.
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.
Contact us to learn more about the right upgrades for Seattle rentals, and click to get your free copy of our resource, Protecting Your Investment Property: A Guide.