Owning an investment property in San Antonio is a huge responsibility. Keeping up with maintenance and repairs—and knowing what your renters want—are two important aspects of being a good rental property owner.
If your rental property still looks like it did when it was built in 1994 and has an outdated feel, renters are less likely to rent from you. Updating your property is a great way to keep up with changing trends—but when is it too much?
It’s a well-known fact of long-term holdings that buying a stable property you can slowly improve over time is a better use of your investment than one that requires extensive repairs upfront!
Let’s take a look at how to approach property renovations with an eye on ROI and tips from San Antonio property management.
When Is Enough, ‘Enough?’
- Updating appliances or bathroom aesthetics can certainly add value to your investment property as well as attract more tenants. An outdated kitchen can be a problem for some renters who are looking for something more modern.
- Choosing projects here and there is a good way to keep up with trends and make your property more appealing.
- Replacing an old refrigerator with a new model is a good update to any property—but so are some simple updates to your kitchen hardware.
However, enough is enough: when updating your rental real estate, keep in mind that only one project should be done at a time. Overwhelming yourself with too much rehab can drain your time—and your wallet.
Update those old kitchen cabinets—but save the countertops for another day. Replace an old toilet; save the sink for later. Tackling renovations can add attractiveness to your property, but they also add up in cost: the best rule for rehab is little by little.
If you’re not sure which updates are ideal for your rental homes, you can always ask San Antonio property management companies for tips!
Return on Investment
When choosing which areas of an investment property to update, consider the return on investment: will what you update help you find better tenants?
In most cases, updates are a good thing: the more attractive the property is, the more likely you will be to find qualified tenants to fill that vacancy. A high-quality property deserves renters who will be willing to take excellent care of your San Antonio investment property.
Will Updates Allow You to Raise the Rent?
Unless the property needs a large overhaul (and properties like this aren’t recommended for long-term holdings), you probably won’t see a hike in rent. However, this doesn’t mean that your rental property will remain at the same rate indefinitely.
Updates do count for something; having them may allow you to increase rates slowly over time. It all depends on the market, the updates, and the affordability of your property. Tenants want a home that has value more than a house full of flashy new items.
Stagger those updates, and you’ll continue padding your portfolio with healthy growth.
Timelessly Effective Updates
- Kitchen Cabinets: No matter how beautiful the counters and the floors are, one look at old, out of fashion cabinets can change the appeal of a kitchen completely. Replacing cabinet doors is one way to beautify your home and attract more tenants. An even simpler fix is to update the hardware.
- Fresh paint: Poor color choices or dirty, stained walls are one of the most unappealing factors to a property. If it has been a few years since you had the walls painted, applying a fresh coat will transform your property.
- Landscaping: A property’s front yard is one of the first things that a potential tenant sees when they come to your property. Having a beautiful yard will give the property more curb appeal and make a better first impression.
- Update the appliances: An old, noisy refrigerator or an ancient electric oven are things no one wants in their home. By upgrading appliances, you are giving the tenant attractive options they will use daily.
These updates, when done in moderation, can substantially raise the appeal of your San Antonio investment property.
Don’t take on too much at a time, but be sure to address any issues that could use a little ‘TLC’ as they appear. The more attractive the property, the more likely a tenant will be willing not only to rent it but to pay a little more. Find out what works for your property and the market it’s in—and work to get it where you want it.
How a Property Manager Can Help
Any San Antonio property management company worth their salt will be able to help guide you when it comes to property updates that maximize your bottom line.
The expert advice that a good property manager can give you is worth as much as any update you may do to your property. Not only will they guide you through the renovation process, but an expert property manager in San Antonio will also work with you to enhance every element of your investment.
When it comes to rehab, San Antonio Property Management has you covered! We know you’re trying to maximize your ROI with careful updates that make your investment properties appealing—without busting your bank account. Your investment properties are your future financial stability; we work hard to ensure nothing jeopardizes it.
If you are interested in having your property managed by Real Property Management Campanas, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at (210) 314-1039 today!
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