Why You Should Invest in to Updating Your Rental Home

Posted by Glenn Bancroft

Rental homes can be a good investment, but it takes effort to make sure this happens. Routine maintenance and timely repairs can help keep your Tucson Arizona rental home in good condition. However, you can do even more to make the most of this investment. Find out more about why updating your rental home in Tucson is a smart move.

 

 Find Tenants More Easily

When you spend money on making updates to your rental home, you should be able to find tenants for it more easily. Adding amenities can attract more prospective tenants when you list your property for rent. If your rental home is older, replacing windows, cabinets, and other features can make it more appealing when it’s on the rental market. For example, tenants might appreciate having new, energy-efficient lighting and windows or low-flow toilets. These updates can help them spend less on their energy and water bills each month while they rent your property. Finding tenants faster means your rental property won’t be sitting unoccupied for long periods of time.

 

Increase Rental Rates

Making updates to rental homes provides property owners with a reason to raise rental rates. It’s still important to make sure you’re offering a reasonable rent for your property. However, you can increase the rent at least slightly after upgrading your rental property. This can help you get more for your investment. Many prospective tenants realize that rental properties with recent upgrades tend to cost more. Still, they’re also usually in better condition overall. This makes the higher rent worth it for these tenants. Your tenants might even be more motivated to keep your rental home in good condition if they know that it’s been recently updated or remodeled.

 

 Sell at a Higher Price

Tucson rental homes can be a good source of extra income, but you’ll most likely sell yours at some point. Spending money on upgrades can boost your rental property’s value, which can help you get more for it on the market. Depending on the kinds of changes you make to your rental home, you might also recover some of the cost. Certain types of upgrades have a higher return on investment than others, such as making bathroom or kitchen upgrades.

Improve Curb Appeal

The curb appeal of your rental home is a significant advantage when it comes to finding either tenants or buyers. Whether you’re looking for new tenants or prospective home buyers, it’s essential to boost your rental home’s curb appeal. Replacing the front door or having the exterior repainted are updates that can help make your rental property look its best. This is especially important if your rental home is older or if it’s looking worn.

 

Contact Us for Rental Home Tucson Property Management

If you’re looking for property management services in Tucson for your rental home, please contact Bancroft & Associates today for more information. We offer high-quality property management services for Tucson rental homes.

 

Sources

https://www.amfam.com/resources/articles/your-business/tips-for-timing-your-rental-upgrades
https://www.propertyware.com/blog/8-rental-property-upgrades-that-pay-off/

 

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Updated: 14th August, 2019 8:02 AM.