Are looking for some practical advice on Culpeper Property Management? Do you have a lot of questions about Culpeper Property Management? Culpeper is a great market for rental properties--and in the majority of cases it is fairly easy to attract quality tenants. Despite this, many Culpeper homeowners wonder what they need to do to get their home ready for the market and often think a lot of upgrades are necessary for their rental home. While some things are worth spending money on, it is important to remember that renting a home is very different than selling a home in terms of return on investment on upgrades. Below is a bit of practical advice on Culpeper Property Management.
Regular Maintenance is More Important than Upgrades
When it comes to rental properties, the return on investment comes from regular maintenance and taking care of the property. Maintaining high standards of quality are critical. While some improvements may be worthwhile for your rental, for the most part your focus should be on regular seasonal and yearly maintenance. Do not get us wrong, if your dishwasher is falling apart you are going to need to repair or replace it but that does not necessarily mean you need to gut the kitchen. Upgrades like expensive appliances, major renovation, finishing a basement, adding a deck, or any kind of major customizations are not necessary because maintaining those upgrades overtime can really eat into your bottom line. Essentially, if you have decided to rent your property, you are likely still paying on the mortgage, and adding $30k-$50k of debt on top of that means it is going to be awhile before you see any real profits--unless of course you have that kind of disposable income lying around.
The reality is that most tenants rent for at least a year with many staying upwards of 3-5 years, however, there is a reality that you will have expenses for maintenance, repairs, redos, and replacements with each tenancy, meaning that is more favorable for you to be modest with spending and avoid things like renovating the kitchen and master bathroom.
The Property needs to be Working Order
While we are not recommending that you spend a lot of money on upgrades, we most certainly recommend that your home is in great working order. For example, if you have a leaking faucet or exterior wood rot, by all means get that fixed. If you have rusty fixtures or a washer that is on its last leg, definitely spend the money to replace those things. In terms of a blue print for getting your house in order, there are a few general rules of thumb that have proven successful year-after-year:
Simple and neutral paint colors
Decent flooring that can withstand some wear and tear
Easy to care for yard
Consider Allowing Pets
You can expand your tenant pool if you allow for pets, but do so on a case-by-case basis and require a higher security deposit. The majority of pet owners are prepared to pay a higher security deposit for the luxury of having a pet in their rental property. Additionally, VHS Property Management has partnered with PetScreening.com™ to help manage renters’ pets and assistance animals. This service also allows us to offer our owners an additional layer of liability protection and a standardized, legally compliant process for dealing with household pets and assistance animals.
In summary, if you want great tenants, breaking the bank on upgrades is not really what is going to tip the scale. Instead, a solid, well-maintained home in conjunction with flexibility on pets tend to matter more. Before you decide on how to get your property ready for the rental market, you will also need understand how much you can charge for rent. If you are interested in finding out the best rent for your Culpeper home simply fill out our free rental market analysis form today. We'll apply our 10+ years of Culpeper VA property management experience to give you a personal and customized analysis of you property.