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.
Estimating Repair Costs
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.
Befores & Afters
Scroll down to see a series of property transformations covering:
The kitchen is the heart of the home so why not make it a statement piece without busting the budget. You have granite looking counters without paying the high price of granite just by reglazing the counters to look like granite. Porcelain sinks can be resurfaced to look like new. Stainless steal sinks are 50/50 chance of coming clean and looking new and sometimes they just need to be replaced. Cabinets can be refinished and made to look brand new.
Depending on the age of the home, new appliances might be needed.
Depending on the size of your kitchen a full remodel will averages between $7,000 to $10,000.
Check out some of these amazing before and after photos.
Open Floor Plan Transformations
Gorgeous Open Floor Plans
Bring your older, smaller home into the 21 Century by “creating” an open floor plan in a home where one doesn’t not exist. You can create this “open” floor plan by taking down half a wall and creating a pony wall counter or even opening up a “window” room divider. Both exampled below.
Look at the difference it makes here. We removed half the wall and created a small pony wall. By doing this it opened the kitchen up to the living space and makes it feel larger.
In this picture we removed the dated ceiling fan and opened up “window” room divider to create a beautiful breakfast bar. We added hanging sconce lights to bring more light to the breakfast bar, all modern touches that today’s renter is looking for in a home.
There is are so many choices for flooring these days. Not all flooring is created equal and knowing which flooring is best for your rental home is key. You don’t want to go cheap on the carpet, or you will be replacing in a few years, but you don’t need high end either, middle of the road works best.
Don’t install real wood floors as they are hard to care of. The laminate flooring available today is durable, looks beautiful and affordable. Your return on investment with new flooring is huge. The average cost per square yard is $2.60.
Check out these amazing before and after photos, what a difference the flooring makes in these homes.
On average the cost of carpet is $14.46 per square yard. Due to the wear and tear that carpet endures we recommend an 8 lb pad and 26 oz grade carpet.
Check out some these amazing before and after photos.