Rental Property Transformations
Ever heard the saying “A picture is worth a thousand words” or “Seeing is believing”. Over the years, we have heard “I just can’t picture the final result” when it comes to the recommendations of upgrading a kitchen, bathroom, or even flooring.
The photos featured here are actual properties that are managed by Management One and have undergone transformations. While the expense of these transformations seems like a large “pill” to swallow, ultimately updates to properties are needed to net the top rent that all landlords are seeking.
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.