Monday, May 6, 2013

5 Easy Improvements for your Rental Home~

5 Easy Improvements for your Rental Home~
Our seasoned property managers tell you what our renters ask for the most!

If you are buying or own a rental property in Escambia or Santa Rosa Counties in Northwest Florida and want to know what improvements tenants are demanding, this article is for you.

Pensacola area single family homes and apartments in good condition are in high demand right. Northeast Pensacola near education and hospitals, Southwest Pensacola near the NAS Pensacola Naval Bases and the Downtown Pensacola/ East Hill/ Gulf Breeze Proper areas are in the highest demand with rents raising upwards towards 2007 and 2008's rental rates.
Yield a higher sales and rental price with an updated home!
Is your outdated home costing you
money? 

However, the Pensacola rental market is saturated with an excess of 2 bedroom apartments and homes, many of which are in need of desperate updating. Let's face it, nobody likes the 1970's harvest gold stove, floral wallpaper, or the gold chandelier that came original with your house. We find that tenants who reside in updated apartments are almost three times as likely to renew their lease than those living with homes decorated twenty years ago.

Want to reduce your vacancy time and likewise increase your monthly rental rate?  It's time to update your home.  And these tips don't just apply to homes built before 1985; many 90's homes are now turning 20 and in need of cosmetic and mechanical updates. This tips apply to homeowners trying to sell their homes too!

Here they are, the 5 Easy Improvements for your Rental Property:

Pensacola Property Management~ Ceiling fans and tiled
floors in living room. 
1.  Update your lighting!  You don't have to go super expensive.  Lowes & Home Depot both carry the two packs of 2 lights in bronze and brushed nickel for under $25.  You can even get 6 packs online for under $50.  Do it!

You should have a few ceiling fans in your home. We live in Florida; with severe heat and humidity, ceiling fans are a must in, at minimum, the living areas and the master bedroom of any home or apartment. Plus, ceiling fans help lower utility bills and improve the air quality inside your home.

Wallpaper is no longer in style and will yield lower rental rates for investment properties
Wallpaper in a bedroom at a home! 
2. The 90's wallpaper has gotta go.  Out of all the homes we've ever viewed, we suggest homeowners remove about 90% of the wallpaper we encounter. 

In many cases, it's not considered neutral and doesn't appeal to the majority of our renters, especially if it's old or outdated.  Floral and striped wallpaper will not match your tenants' furniture.

Not only do many renters dislike wallpaper, they don't know how to properly care for it.  If climate isn't controlled properly, the wallpaper tends to start peeling.  It can also hide mold & mildew in your bathrooms and kitchens. Take the time or spend the money to have the wallpaper stripped, removed and paint the walls a nice neutral tone.

 I'm going to throw wood paneling in this category too. It's just not in style anymore and should be primed and painted a nice neutral tone.

3.  Add to your curb appeal.  Pressure Wash!  Prep the area with bleach and rent a pressure washer.  In less than a day, the exterior of your home and sidewalks can  Plant a few flowers. Don't let your front flower bed or the area by your door become uninviting. Spruce up your front porch area with a hanging basket with a fragrant and/or colorful plant.

Pensacola Property Management ~ updated kitchen yields higher rents!
This remodeled 2 bedroom townhome rents within 2 weeks
of putting on the market and for $100+ higher than the
townhomes around it. 
4.  Kitchens and bathrooms sell homes; update your home accordingly. There are several inexpensive ways to remodel or update your kitchen and/or bathroom.
    Outdated appliances in kitchens bring lower rental rates
    Updating this stove & painting the paneling will yield
    a higher rental rate for the future! 
  • According to consumer reports, the average kitchen appliance is replaced every 10-15 years. If your appliances are original to your older home, you may be losing money. Hardware stores always have clearance appliances and sales. You could even consider a newer used appliance, or even painting your older appliances if they are still working good. 
  • Very cheaply, you can update knobs on kitchen and bathroom counters & drawers, change out the brass towel bar, or remove that 70's medicine cabinet/light combo.
  • Is your vinyl floor stained or discolored around the toilet or tub? It could also be hiding mildew underneath. Replace it! 
Fenced in backyards bring higher rents than unfenced backyards
Everyone loves a nice, private fenced in backyard! 
  • Did you know that you can spray all types of tiled and porcelain surfaces including your green tub, orange sink, or pink toilet? You can pay Pensacola area companies for this service for a few hundred dollars. If this is the difference between your home selling and it not selling (or renting!), it's well worth the investment.
  • We're assuming you've already removed your wallpaper and updated your lighting! 
5.  Fence in your yard; especially those of you with partially fenced yard that just needs a few feet to fully enclose the yard.

Homes without fenced yards take an average of 30+ days longer to rent than homes with fenced yards in the Pensacola real estate market.  Whether security, to let the dog run free, or allow the children to play, most people in the Pensacola area prefer a fenced yard over an unfenced.

Do you have any questions for us, the Pensacola Property Management experts?  Contact Pam or Nicole  at (850) 473-3983 or email us: Pam@PensacolaRealtyMasters.com and Nicoles@PensacolaRealtyMasters.com or visit us online here. for more information.

Thanks and have a great day,
Nicole St. Aubin, Broker Associate
Realty Masters of FL~ #1 in Pensacola Rental Homes!
4400 Bayou Blvd. #58B, Pensacola, FL 32503
Call us at (850) 473-3983
Over 45 Pensacola Rental Homes at 
www.PensacolaRealtyMasters.com
Like us on facebook ~ Follow our pins ~ Watch our videos 

3 comments:

  1. hmmm.. wallpapers still works on beautifying our house. I love it. :)

    ReplyDelete
    Replies
    1. Thanks for your input, we appreciate hearing from people. We don't dislike all wallpaper, just older wallpaper that is past its life span! :) Which rooms in your home have wallpaper?

      Delete
  2. This is the best tips for Easy Improvements for your Rental Home, everyone follow these tips.

    san jose real estate agent & home selling

    ReplyDelete

Thank you~ Enjoy your day and check back with us for more great information on the Pensacola area!