Planning projects for your rental property can be difficult. While it can be easy to budget for seasonal maintenance and routine repairs, this type of upkeep doesn’t further the value of your property. In addition to your regular maintenance, consider some small and large projects for your property. By investing in current and future projects, you’ll be able to actively enhance your curb appeal, increase tenant happiness, and improve the value of your property (if you ever decide to sell).
Small, Cost-Efficient Projects
There are tons of small, hassle-free projects that can be done immediately and at little cost. Depending on if you’re looking to attract quality applicants or already have good tenants, here are just a few projects you can consider this year:
- Seasonal Maintenance
Whether you like it or not, after winter there’s usually quite a bit of spring maintenance that needs to be done. From yardwork to interior maintenance, now’s the time to give your property a little TLC. Take advantage of our Spring Cleaning Checklist when you tackle all your property’s seasonal trouble spots. Don’t just do thorough maintenance once a year; prioritize seasonal maintenance to keep your rental property in tip top shape.
- Go Green
While there are plenty of things you can do to make your rental property eco-friendly, one of the easiest ways to cut costs is to change your rental’s showerhead. If you’re currently fronting your rental’s water bill, changing your showerhead to a newer one can save you a significant amount of money in the long run. If you’re adding new plants to your property’s landscaping, consider using local, drought-resistant plants.
- Upgrade your Leasing Process
If you’re preparing your property for new tenants, do some internal housekeeping and review your leasing process. You want applying for your rental to be as easy as possible, and things like excessive paperwork, difficult communication channels, and uninformative online listings are counterproductive. Go paperless by offering an online rental application and cutting down on physical notices for small tasks. Make sure your online listings target the type of tenants you want, include necessary information (like rent and deposit amounts) and includes your ApplyConnect® property link.
Bring Out the Big Gun Projects
No one wants to spend a lot of money, but if you’re planning on renting out or selling your property in the future, you might want to keep a few of these big projects in mind for the next 5-10 years, and start saving some money now.
- Much Needed Renovations (with a High ROI)
While it’s unlikely that you’re going to remodel your rental property’s kitchen or bathroom anytime soon, there are a few large renovations that can not only make your tenants happier and improve your curb appeal, but produce the highest return on investment (ROI) if you decide to sell your property down the road. According to the California Association of Realtors, replacing a garage door or entry door produced the greatest ROI in 2017, while adding a deck or extra bathroom produced the lowest ROI. With all properties, the look of the exterior can get worn down by the elements. If needed, consider starting to budget for repainting your property or replacing any outdoor fencing.
- Go Green
If you’re aiming to attract eco-friendly applicants, or energy efficiency is your thing, look into upgrading your rental’s appliances. By installing energy-efficient refrigerators, stoves, and microwaves (if offered) within the next 5 to 10 years, you stay on top of the local competition.
As you’re planning out current and future rental projects, and the budget required to accomplish these goals, take a step back and think about how you or your property benefit from each planned project. Whether it’s routine maintenance or a project that’ll increase your property’s worth, there needs to be a clear benefit. After that, arrange these projects by priority. Do you really need to update your landscaping now, or can you put it off by 6 months? Finally, save some room in your budget for out-of-the-blue repairs and maintenance. You never know when your property will be infested with mice or termites, or when a pipe will need replacing.
Do you have any small or large property projects planned out this year? Let us know in the comment section below & be sure to subscribe.