Rental Property Transformations
"The secret of CHANGE is to focus all of your energy no on fighting the old, but on building the new." - Socrates
This quote applies to rental properties and updating them. Bringing them from old, drab properties to properties full of life.
The photos featured here are actual properties that are managed by Management One and have undergone incredible transformations. The expense of an upgrade often seems daunting, often it is the thing that keeps landlords from updating their rental properties.
Updates play an significant role in the rental rate of a property. Landlords that made major improvements to their properties saw rents increase from $200 to $500 more per month. At $200 per month that’s $2400 per year. Remember, improvements to rental properties are tax deductions as well.
Over the last three decades we have found a great rule of thumb for estimating repairs costs is as follows: Average repairs, for painting, cleaning, blinds, etc. and some flooring costs can be approximated between $1.50 to $3.00 a square foot if the home has been occupied for five years or less. If your property has been occupied for 6-10 years, the average is $5.00 to $6.00 per square foot, 10 or more years, $7.00 to $8.00 a square foot.
Click the topics below to view the transformations.