Dealing with making improvements to your investment properties is a tricky matter. You need to be able to distinguish which upgrades offer a positive yield for your money and which ones don’t add a lot of value to the property. You do not want to make the mistake of spending too much on unnecessary upgrades, nor do you want to spend too little on the important ones. What you as a Queens rental property owner want is to be wise on your spending for upgrades.
The key is to know which upgrades you can do away with and fund the ones that are the right kind for your property. Industry experts generally agree that when it comes to upgrades, the three items you may want to skip includes elaborate landscaping, installing hardwood flooring, and updating the closets.
Elaborate Landscaping
Investing in an easy to maintain landscaping is a very good draw for potential tenants. Most have the inclination for a yard that looks great but won’t be too much of a hassle for them to manage. Upgrading your rental property’s landscaping by planting a lot of attractive plants and trees or creating beautiful flower beds alongside a large, lush lawn area may seem like a valuable addition to your rental property. After all, curb appeal is a big part of the perceived value of a rental home.
Nevertheless, going over-the-top and creating a high-maintenance yard is money wasted because it doesn’t add much to the property value or renter pleasure. Additionally, although your renter might initially be drawn to the beautiful landscaping, he or she may soon find that it’s too much of a hassle and ignore your property or decide to move out. When it comes to landscaping a rental property, simple is better.
Hardwood Flooring
How about those trendy spanking beautiful wood floor? They are stylish for a reason, and many homeowners prefer having them because of their warmth and natural feel to it. However, wood flooring also asks a lot from the tenants to maintain it, not forgetting the fact that they are also easily damaged by water leaks or other mishaps. Additionally, how well will renters take proper care of a hardwood floor? So, while wood flooring is another upgrade is something residents may enjoy, most renters are satisfied with a low-maintenance look-alike option. Bear in mind; real hardwood is also one of the pricier upgrades, which means you probably won’t recover the cost of installation, even if you increase the rent.
Closets
When it comes to closets, we know most prefer bigger sizes. Residents want enough storage space to feel content in their rental home. What they usually don’t need, however, are custom closet systems with extra pieces. The issue with spending money on closets is how little it adds to your property value as opposed to how much they cost. Upgraded closets aren’t a good investment. While a resident might enjoy a fancy closet, most renters are just as content with a few clothing rods and standard shelves.
In Conclusion
As you can see, it’s smart to be selective about where you put your investment dollars. Keeping your Queens rental homes safe, comfortable, and profitable is the key to success. At Real Property Management New York Gold we’re here to help and readily available to lend you expert advice on maximizing the returns on your investment properties. Contact us online or call us at 347-905-5770 today.
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