Rental Property Improvements
The housing market in Asheville and western North Carolina is outrageous. While other aspects of the area's economy struggled during the COVID-19 pandemic, real estate thrived throughout western North Carolina. Realtors reported selling houses sight unseen to people searching for better areas to quarantine than large urban areas. Now, as working remotely has become the norm for many companies, Buncombe, Henderson, Madison, and Transylvania Counties are growing faster than ever.
If you have property in the Asheville area, you know you have something special. You are probably thinking you want to hold onto that rental for a while to see how things pan out. In addition to new homeowners, our area welcomes many new renters as well.
Renting is not just a way to help offset taxes and maintenance costs, it can be a profitable source of passive income. One of the ways to make sure your rental units are earning what they should is making some simple improvements that will help set them apart for potential tenants.
Here are a few rental property upgrades you should consider making to help increase profits.
Increase Profit for Your Rental Property with These Upgrades
Here are seven improvements that can make a big difference for your property’s profitability:
- Replace Your Flooring: Replacing carpet or ugly flooring with beautiful hardwood or laminate can make a big difference in attracting the right tenants.
- Upgrade the Kitchen: Cabinets, appliances, backsplash, and counter space are all factors for renters.
- Painting: Add a fresh coat of paint to make your place look like it's brand new. Do not forget the baseboards and trim.
- Outdoor Spaces: One of the reasons people are moving to Asheville is for access to the great outdoors. Improve your rental property’s outdoor living spaces and landscaping to set it apart for potential tenants.
- Office Spaces: If you can convert a bonus room or unfinished basement into an office space, you can attract people who moved to the area because their work is able to be accomplished remotely.
- Hire a Property Manager: One of the most significant improvements you can make to your rental property is hiring a property manager. Having a team that can set the best rate, advertise for and find tenants, and manage maintenance will go a long way toward ensuring your rental property is profitable.
Rental Property Management in Asheville, NC
One of the best ways you can ensure your rental property is as profitable as it should be is by hiring a quality property management company. In the Asheville area, Asheville Phoenix Properties has decades of experience handling all the headaches landlords and owners want to avoid. From finding the right tenants to routine property maintenance, our team has the experience and expertise to help. Contact Asheville Phoenix Properties for more information about how we can help you improve rental property profits in western North Carolina.