There are many reasons to regularly update and upgrade a rental home or apartment. For one, there's the competition factor - tenants will have a tough time selecting your unit over an apartment with brand new appliances and hardwood floors. For another, there's the added value you're bringing to tenants, allowing you to charge a higher monthly rate.
Unfortunately, Scott Safadi of Cal Bay Property Management has seen too many instances of resources wasted on upgrades that don't matter to tenants. If you're considering renovating, skip out on these upgrades:
Luxury Bathrooms
A whirlpool tub is certainly luxurious, but most tenants aren't willing to pay significantly more for a bathroom. Save the fancy finishes for your own home, since most renters just aren't interested in shelling out higher rental rates for what they deem to be unnecessary.
Pools and Hot Tubs
Californians love their swimming pools, and it's reasonable to assume that investing in a pool or hot tub would add serious value to your rental property. Unfortunately, though, these amenities are rarely worth it for single-family rentals. Maintaining pools and hot tubs can be more expensive than you might anticipate!
Extensive Landscaping
While gorgeous flower beds might add serious curb appeal to your rental, they may do more harm than good. When prospective tenants spot your immaculate landscaping, they may see nothing but the potential yard work in store as your renters. Keep your grounds manicured but minimalist if you want to encourage interest from new tenants.
- Scott Safadi, Cal Bay Property Management
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