Is my property rent ready? Do I need to make some updates? Am I making the right updates?
By Lisa Borchard Sunday, May 18, 2014
Does your home need carpet, paint or both? These are often the difficult questions you have to ask when looking to get your home into rent ready condition. As a Phoenix Property Manager, we understand it may not be in your budget to go both this year but just doing one may make a large difference in your homes marketability. With the vastly competitive Phoenix rental market even doing one or the other could make a difference in the time it takes to get your home rented. In fact did you know that most of the dollars spent on renovations are never recouped? That is even though spending on renovations grew over 10% in 2012, a report by Harvard's Joint Study on Housing, shows may owners won't see all that money returned. Think about how much of cost of your renovation will be returned in terms of rental value. Not all renters are looking for a newly renovated kitchen. On the other hand, badly stained carpet, flaws in the paint and or a poorly decorated or outdated kitchen is a big turnoff, so replace the carpet and paint only a few walls were the flaws are extremely noticeable in the front entry of the home. You don't have to remodel the entire kitchen or paint every wall and leave the stained carpet. Consider doing minor repairs and fix just badly needed issues. According to 2013 national averages, a minor kitchen remodel returned more than 75% in valve, while a major remodel returned on 59%. These are just a few suggestions to help minimize repair expenses. Follow @rpmwvphoenix back
