Skip to Content

The Pros and Cons of Sun Prairie Rental Property Upgrades

Rental property with hardwood flooring and granite countertops; upgraded kitchen.
Rental properties need updates as time progresses to maintain their appeal and value. Outmoded fixtures and worn-out interiors can diminish rental income.


It’s important to carefully choose the right time to update them. Replacing carpets, repainting walls, and updating appliances every few years is a good starting point. Having said that, extensive upgrades such as granite countertops or hardwood flooring might not be worth the cost. Properly weighing the pros and cons can make the decision much more manageable.

The Pros

Upgrading rental properties can make them more attractive to potential tenants. When renting a home, tenants often seek out properties that offer features and amenities that align with their preferred lifestyle. To attract potential renters, updating your rental property with modern kitchen appliances, bathroom fixtures, and other excellent features may be necessary.


After renovating your rental properties, you can actually expect to increase the rent on your upgraded rental home, depending on your market. Quality upgrades can attract potential residents receptive to pay more for a better living experience. These residents are also more apt to take better care of the property, which can improve the long-term profitability of your rental properties.


In addition, making use of quality materials for upgrades can greatly add value to your rental properties and lengthen their lifespan. With long-lasting value and return on your investment, using higher-quality materials is the right choice for rental property owners.


The Cons

When planning to upgrade your rental property, warranting that the upgrades add value is principal. Overspending on upgrades can trigger a more expensive cost that might not be recoverable. Upgrades necessitate an initial cash investment, so investigate your budget and always make sure you have ample cash flow to cover the cost of home improvements while waiting for the final return is essential.


Before you finalize your decision to upgrade your rental property, you must look into the prospective disadvantage of overpricing it. One way to avoid losing out on potential tenants is to examine comparable properties in your area and discover whether your rehabilitated property’s price point is sensible. This will help warrant that you’re offering a fair price and staying competitive in the market.


It is equally crucial to know that not all upgrades will increase the value or demand for your property. You should take the time to recognize which upgrades are critical and which ones are not. This will help you avoid costly upgrades that do not add value to your rental property.


Deciding on Property Renovation

If you’re feeling doubtful when it comes to whether your rental homes are getting enough attention from potential residents, evaluate renovating them to keep up with the competition. If your rental properties have an unfashionable design and feel that may not lure multiple renters, putting in place a plan to renovate and modernize the homes can be a nice approach.


You can enhance your rental properties’ overall appearance and functionality by implementing upgrades like new appliances, updated flooring, fresh paint, and modern fixtures. These upgrades will bestow your rental homes a fresh look and make them more appealing to renters.


Contact us today for more information on improving and maximizing returns on your real estate investments in Sun Prairie and the surrounding area. Real Property Management Greater Madison Metro can offer professional advice on management and real estate investment matters. Call us at 608-310-1290.


Originally Published on August 31, 2018

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details