We are talking today about remodeling versus upgrading a property. When the economy took a nosedive, a lot of properties that were purchased went into foreclosure. Stanislaus County is one of the areas that was hardest hit in the country. Many of the properties that were purchased by individual homeowners included a lot of upgrades that were incorporated during the construction phase. When banks foreclosed on these properties, investors purchased them and they were put right back on the market as rentals. That spoiled a lot of the renters.
Today’s renter is expecting upgrades because many of the homes in the rental supply included those upgrades. These include hardwood flooring, granite counters and stainless steel appliances. So today, if you want more rent on your investment, you need to meet the market demand. Taking a look at what your property looks like today before putting it on the market will help you maximize the rent you demand for that property.
Doing minor upgrades rather than a total remodel can go a long way. A fresh coat of paint will update a property and make it look more contemporary. Knowing what the current market is demanding and what people want with their wall coloring will help you increase the amount of rent you’ll get. The linoleum flooring in the kitchen and bathrooms can easily be updated to tile. Over the long term, tile will last longer. You won’t have to worry about the tears and scratches in linoleum that would require you to replace it every few years.
Upgrades and changes like these can help you get a higher return on your investment. Rather than remodeling the entire house, it’s best to take a look and see what makes sense for the market. If you’d like more information, please contact us at New Bridge Management.