Scottsdale, AZ · Member since 2014 · 4 posts · 0 votes
Hello,
I am planning to convert my current, primary residence to a rental, within the next 6-8 months. The house is a 30 year-old, 4 bedroom and 2 bathroom single family property in Scottsdale, AZ. What improvements or options do you recommend I make or improve to maximize my monthly rents and ROI? Any advice or considerations are greatly appreciated.
Residential Real Estate Agent · Phoenix, AZ · Member since 2016 · 154 posts · 117 votes
9y
Hard to say exactly without knowing more about the home. Has it been updated recently? If so then you may be OK as far as attracting tenants looking for something that shows well.
If you want it to rent fast and want a market rent or slightly above, make it spit shine clean and replace a lot of the easy things that will make it look not so recently lived in. It takes more effort but making it super clean will set you apart from a lot of the other rentals on the market where the property management companies don't care or don't put in the extra effort. Having small, new things like shower heads that aren't water stained, toilet seats that are new, new or really clean window coverings, clean/new switch covers, programmable thermostat will also set you apart from the norm.
Take the time to go through the property or even have home inspection if you aren't handy. Fix what comes up on the inspection or anything that is dated like old toilet valves that are going to be a pain once a tenant moves in. Replace all of your water supply lines if you haven't recently (toilet, dishwasher, fridge, all sinks, laundry). Water supply lines only have a 5 year life estimate and can cause you a huge loss if one busts when your tenant is not home.
Investor · Courtenay, British Columbia · Member since 2016 · 103 posts · 21 votes
9y
Hey David, good luck with the rental. My advice would be to make sure it is comparable with the rest of the properties in the neighborhood (inside and out), while keeping everything as simple as possible. Don't go too crazy with renos or add ons as well. If you have been happy living there, most likely your potential renters will as well. While it's tempting to fix a rental up with all sorts of bells and whistles, I've found that the more moving parts there are in your rental, the more phone calls and maintenance that you are going to have to endure. As an example, baseboard heaters are pretty much the norm here where I invest. People do have HVAC units and gas fireplaces and heat pumps are pretty awesome, but as a landlord, I'm happy to stick to baseboard heat for rentals. It's so much easier to manage. Less moving parts.
Also, in order to attract great tenants that aura of newness in a home can make all the difference. Fresh paint, new outlet covers, and replacing any older appliances (which saves headaches down the road) is huge. But again, the simpler, the better!
Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
9y
David,
Jeff had great comments for you. I would look at your competition and then improve a few additional things the other properties don't have. On my rentals, I put in Stainless Steel appliances its a few more dollars but it makes the property look very updated. I usually have multiple tenants trying to get in my properties.
Just like flip properties kitchens and baths are important.
Randallstown, MD · Member since 2016 · 12 posts · 8 votes
9y
David,
Having a home inspector taking a look at the property is a great way to have an objective opinion about any issues that may come up from you tenant as well as avoiding any problem from municipal inspections if there are any. It gives you clear picture from someone who sees how homes are functional or not, and can be a great marketing tool to advertise that the unit has been inspected. If you didn't want a full blown report, the cost can be very reasonable, while getting all the info you need.