To protect your Phoenix rental home and get the best long term rental property return on investment, you need to commit to making updates and remodels. Today, we are talking about some of the things you can do that are inexpensive and easy to manage.
Landscaping Increases ROI
The best and cheapest thing you can do is to keep your landscaping looking good. If your property is in an HOA, you will be required to keep it up. But don’t expect that a tenant will always take good care of it. We recommend you do desert landscaping from the start. That makes the house appealing and you can keep it inexpensive and simple to repair and maintain. Put in some rocks, a few bushes and trees, and a good drip system. Your biggest issue will be keeping the drip system going and doing minor maintenance and repairs on it.
In the backyard, you may not have thought it was necessary to put anything in. If you bought property in a newer subdivision, you may have just left dirt in the backyard. We are past the timeframe where that is acceptable now, and you probably need to put something in. Lay down a base of gravel at the minimum. If you make it look more attractive for tenants, you’ll also increase the value of your home. Don’t go super-cheap. Put in that drip system and make it look good. Build a grass island if you can afford it. Fake grass is awesome and you never need to touch it.
Interior Upgrades for Better ROI
Make interior upgrades when necessary. Your Formica cabinets probably lasted a few years, but if they get dinged up or damaged or the wood starts peeling, be careful about just throwing in new Formica. It’s cheaper, but you’ll have to replace it again in a few years. New products are available and they’re sturdy and last longer. Try granite, concrete, or Corian. These upgrades will last a long time and be easier to maintain. So, don’t be cheap. Put a little more money in up front, and it will be worth it. When you’re changing out the fixtures, sinks, and ceiling fans, you don’t necessarily want the cheapest option. Get something that will spruce up the property a little. That goes a long way when someone is thinking about moving into the home.
If you’re lucky, you may have had a tenant in the property for a few years. Make sure you change the carpet and make some upgrades so you can keep up with the competition and be more desirable than the home next door. A company like ours that provides professional property management in Phoenix, AZ can help you make smart and inexpensive upgrades that increase your ROI and protect your investment.
Please contact us at HomeQwik if you have any questions about remodeling or anything regarding Phoenix property management.