If you have a rental property or properties in the Denver area, Cobalt Creek Property Management can help you decide whether or not it’s time to remodel. Once your decision is made, we are happy to assist you by taking over the hassle of tasks and responsibilities faced by every landlord.
We offer you our professional property management services and can help to answer some of the most common questions you may have about the income potential of your property and ways to maximize that income potential through renovation projects.
Getting The Most Bang For Your Buck
Minimally, as a landlord, you will need to provide a safe home for your tenants. You may also wish to do some rental property upgrades in the hopes you can maximize your rental income potential.
You will want to stick to basic, durable options anytime you add anything to your rental property. Avoid anything that requires high maintenance since your renters will not likely be as invested in taking care of high-maintenance items as you are.
Some renovations and upgrades are usually worth the investment and can yield both higher rents and reduced vacancy times.
- Kitchen Renovations
- Bathroom Remodels
- Solid Surface Flooring
- Extra Storage
- Curb Appeal
- Basic Spruce-Up
Avoiding High-End & Luxury Options
When looking at options for your rental house or apartment renovation, it’s easy to get carried away with high-end options that you would choose for your own home. Often a simple spruce-up is enough to give the property a fresh, clean look.
Small points of maintenance or changes, can make a huge difference in the home’s appearance and requires very little investment in time or money on your part.
- A fresh coat of paint in a neutral color.
- Have carpets professionally cleaned.
- Replace damaged carpet, maybe with darker colors.
- Replace dingy, stained, or broken window blinds.
- Add fresh, updated hardware and fixtures.
Makeover That Kitchen
A rental property kitchen renovation is a great investment if you watch your budget. Your rental kitchen doesn’t need custom solid wood cabinets and high-end countertops. Simply resurfacing the existing cabinets is a good option. If they need to be replaced, affordable builder-grade cabinets often work fine.
High-end stone countertops that require care and maintenance are also likely not to yield the return that you’re hoping for. Durable and maintenance-free options, such as Formica, are generally a better choice.
When It’s Time To Consider The Stainless “Look” Option
Basic appliances in good working order are sufficient and more cost-efficient to replace if they get damaged beyond repair. Stainless-look, slate-colored, or black appliances have a high-end look but generally, cost the same as basic white appliances.
These options keep your costs down while still delivering an attractive home that looks appealing to prospective tenants.
Better Bathroom Remodels
A rental bathroom remodel can also be a solid investment if you make smart choices. Resurfacing the tub or shower and the cabinets are often a great and affordable option to spruce things up on a budget. If you do find the need for replacements, you will again want to stick to builder grade options.
Replace any dripping or dated faucets and hardware that looks worn or dated, and you will have a bathroom that is highly appealing to potential tenants. Plus, your changes are cost-efficient yielding maximum return potential, bonus.
Ready To Go Big Or Go Home?
If you’re wondering whether bigger upgrades are really worth it, we can help you with those decisions as well. Converting your garage into an apartment, adding rooms, installing a pool, investing in all plantation blinds… There are many bigger ways to attract high-quality tenants, but will they work for you?
As a local property management company with a reputation for high tenant-retention, we know Denver and the latest area Colorado real estate trends.
We Take The Headache Out Of Owning Rental Property
As a Denver property management company with over 30 years of combined experience, we take care of the hassles and headaches that can come with owning rental properties. Finding, managing, and keeping tenants while also protecting your property is our expertise.
If you’re ready to enjoy the income potential of your property while we take care of the rest, contact us at Cobalt Creek Property Management to schedule a consultation today.