We as property managers are often consulted about which kind of property upgrades are the most worthwhile, what kind of things will make the difference in gaining more rental income and keep guests wanting to come back to YOUR property versus another. The answers to these questions are not always the same for every owner, nor is every property the same. Some properties need more upgrading than others, but here are a few general tips.
The first thing to consider is whether you are thinking of major upgrade or a minor one, whether you want to change a few surface details versus a big project or even remodel. If you have a small budget, consider some minor upgrades- they can often be low-cost and yet make a major difference. For example, replacing your old floral bed spread with something new and more luxurious that has a bit more of a mountain and western feel. Other upgrades which can go a long way are replacing tube-style TVs with flat screen TVs. Something to note about flat screens though, is you get what you pay for. Stay away from off-brands and buy the name brand. They will last longer and you will be more satisfied in the long run. Other items like adding an I-pod dock or speaker system can be a nice touch for guests, but wont have as great of a return on investment that new TV’s and bedding will. A few other things to consider adding are a gas barbecue grill to your patio if you have the space and decking out your kitchen with crock pots, nice pots and pans, a high-quality Tupperware set and other goods that make cooking easier. Artwork on bare walls is a nice touch to add some personality to your condo, ski and mountain themes are very popular.
If you are looking to do major upgrades, you should still be selective on your choices. Since much of what a renter sees is in the photos and video tour, appearance is everything.
Do: Replace the carpet or enhance the flooring with hardwood or tile. You will get plenty of mileage and lots of good looks out of your photos by making this change. When choosing carpet, go for something darker than off-white and with a nice texture. Remember that carpets wear faster in rental properties and you want something that will hide any imperfections.
Do: Add some zest to a room by changing paint colors or adding an accent wall. It’s amazing how a little paint will go a long way towards changing the appearance of your property! Paint color can make or break an entire room.
Do: Replace your counter-tops with granite or a granite alternative. Granite is one of those things that really can make your kitchen look that much better just by itself. Another nice touch in the kitchen is adding a colorful tiled backsplash behind the stove.
Don’t: Just replace one appliance. When you replace appliances, they should all match. Trust us, a stainless steel refrigerator with a white microwave, dishwasher and stove is not a good look.
Don’t: Replace individual pieces of furniture. Similarly to the appliances in the kitchen, replacing singular pieces of furniture can make things look worse and almost impossible to match. If you are going to replace furniture, do it right and replace the whole lot.
Property upgrades are a great way to help your property be a great place to rent and an even better place to own. Just make sure you are doing the right things to your property to maximize the revenue which can be added from the upgrades!
Check out the photos below of a remodel done at an Expedition Station condo! New paint, furniture, counter-tops, bedding, decor, carpeting and more make this look like a different place! Remember, SummitCove guests get to choose the property they want to stay in based on the photos and videos provided, so it is in your benefit to make it look great!