Upgrading the condition of your Merced investment property is the fastest and easiest way to increase its rental value.
There’s not a lot you, as an owner, can do about the market. It’s going to perform the way it performs, regardless of your own investment goals. If you already own the investment property, there’s not much you can do about the location, either. You have no control over the tenants or the seasonal strengths and weaknesses of your tenant pool.
You can, however, control your property’s condition.
This is where you should focus your efforts if you’re trying to raise the value of your rental and increase your ROI.
Kitchen Counters and Cabinets
The kitchen is perhaps the most important part of a rental home. It’s where your tenants are likely to gather the most. Kitchens are used to prepare and share food, to make plans for the day, and to come together as a family. Residents will pay more for a newly remodeled kitchen.
This doesn’t mean you need a complete renovation. Instead, focus on some cost-effective improvements that will really impact your rental value. Counters and cabinets are going to be your best chances to make the kitchen more attractive. You might also consider replacing the appliances if they’re looking old and worn. Energy-efficient models will be better for electric bills and be very attractive to your residents.
Even upgrades on hardware will be a win. If you cannot completely replace the cabinets, at least install new hardware. Put in new faucets and drawer pulls.
Upgrade Your Investment Property Flooring
Even new carpet can be difficult to keep clean and maintain. A good way to increase your rental value and make your property more manageable is by tearing up the old carpet and installing hard surface flooring. Hardwoods would be great, but they can also be expensive. You don’t need ceramic tile in a rental property, either.
Instead, consider some laminate flooring. There are faux hardwoods out there that look very much like the real thing. These floors are durable and easy to clean. Your tenants will appreciate them, and you won’t have to spend as much time and money maintaining them as you do with carpet.
Work with Professional Merced Property Managers
Property managers understand better than anyone else what will matter to tenants and what will motivate them to pay a bit more in rent. We work with renters every day and we study the market to understand what types of appliances, features, and amenities competing properties are offering. We know how you make your rental home more competitive and profitable.
At River Drive Properties, we oversee projects without charging any additional fees. We work with great vendors and contractors who can take care of everything from a simple paint job to a new kitchen installation. If your investment home is in need of a full rehab or a lot of work, we’ll take on the project management responsibilities that are required to get the job done within your budget and your timeframe.
If you’d like us to evaluate your Merced investment property as it currently is and make some recommendations on how to increase your rental value, please contact us at River Drive Properties.
River Drive Properties provides effective and professional property management services in Merced and the surrounding areas including Fresno, Modesto, and Turlock. We have extensive experience with both single-family homes and multifamily properties.