Owning rental property in Houston is a great investment. With thousands of people moving to Houston every month and limited inventory of homes to purchase, many are turning to renting a home VS buying. Upgrading Rental Property in Houston provides an opportunity for homeowners to make money on their rental homes. But how to maximize their investment?
Kitchen and bathrooms are the #1 location to think about when investing money into your rental home. In Houston, renters like to see stainless steel appliances, solid surface counter tops such as granite and updated cabinets. You can save a little money by simply adding new fronts to those cabinets, update the plumbing fixtures or upgrading a light fixture.
Flooring is a large part of your Houston rental investment. It is typically the first large thing renters see as they enter your home. Is it time to upgrade those worn carpets or tired vinyl floors? Consider adding tile or hardwood flooring as well as an upgraded carpet that will last. Adding a vinyl or imitation hardwood tile can save money and be a bit more durable if you are renting in Houston to those that have pets.
Millennials like to hear about energy saving appliances and AC systems. Upgrade these items in your rental town home or condo and show the savings per month. If you have installed a new washer and dryer, promote the units are “Energy Star” rated to help save on that electricity bill. If you have upgraded the windows or added insulation into your rental property in Houston, show that off as well. Another tip to save money could include upgrading lighting to LED lights that are cool and last a long time
Don’t forget the cosmetic items in your rental upgrade! Clean and fresh will always get you a higher rent per month. Start with some fresh interior paint and a good deep cleaning of the entire home. Updating those ceiling fans or window coverings is a low cost investment. Finally, consider staging your properties to show off the Upgrading Rental Property in Houston. Adding some bright colored towels or a few place settings goes a long way.
Consider all of these steps to get a better quality tenant that will stay longer, pay more rent and lease quicker. And don’t forget, all of these steps can help you sell your rental property in Houston at a higher price.
For more information on upgrading rental property in Houston, please contact your Houston real estate expert Mark McNitt at 832-567-4357.