ROI-Return on Investment Property

If your vacation property has tired, worn furnishings you are losing money. You may not want to spend the money to update the interiors because it is just a rental and you and your family hardly ever use it. Think again. After all, this property is income property, and your goal is to produce income. What if I told you that by making the necessary upgrades to your furnishings, your property will rent faster, more frequently and you have a good chance at recapturing the money you spent on the improvements in the first year!

Many local property management companies refer me when their clients properties are not renting, due to the condition of the furniture. Let's face it, if people can afford to spend $6 - 8,000 a month on a rental property they expect the property to have the level of furnishings that they are accustomed to.

A recently upgraded condo on the beach, showed a remarkable increase in renters, specifically because of the recent improvements. Now,the owners can hardly get in to use it themselves! AND, they've already recaptured much of their investment in the first few months! Before making the improvements, they were so disappointed with the lack of rental traffic that they actually considered selling it. Now, they are thrilled that they finally comitted to making the improvements instead.

Hiring a designer to assist with upgrades is a great way to get started. Designers have a trained eye to see the potential of a property and can save you time and money by doing it right the first time. My clients can't get over how easy it is to work with a designer and the peace of mind they get by puting the project in my hands while they get on with their busy lives.

There is one possible drawback, I recently completed two condo remodels for two seperate clients. Both couples liked the improvements to their units so much, they decided to pull out of the rental market and keep the units exclusively to themselves!