What drives tenant decisions? Location and perceived value. While you can't do much about location, you can win desirable tenants by increasing your units' perceived value. Looks count. You can't fill a unit at maximum market value if doesn't appear to be in prime condition, even if your property features more amenities, higher square footage, or a better location. Good, clean, responsible tenants get squeamish about old, worn living spaces. While every part of the unit should be maintained in a state of good condition, it's a marketing fact that the appearance of some rooms weighs heavier (on the mind of potential consumers). The rooms most often represented by tenants as 'deal makers' or 'deal breakers'? ____________________________________________________________________________
Kitchen and bathroom. Color, general appearance and perceived cleanliness (thus habitability) of kitchen and bathroom fixtures, floors and countertops are often the deciding factors when/if tenants choose a rental unit. Unfortunately, these rooms are also the most expensive per square foot to maintain and restore, costing up to one/fourth of the total cost of property maintenance (or 5% of rental income (according to the U.S. Census Bureau).
Original fixtures, tiles and flooring get scratched, abraded, chipped and worn over time. Dirt and mold grow in scratches, cabinetry, microscopic HVAC fissures, grout and caulk. Not only are they tawdry looking, they are difficult to remove. Moreover, growth in vents can spread odors and unhealthy microbes that permeate the unit quickly.
Full kitchen or bathroom renovations cost in more ways than one. Ranging from $5,000 to $20,000 and 4 - 8 weeks of unit vacancy, renovations are considered improvements by the IRS: investments that can’t written off immediately, only capitalized and depreciated over multiple years, and may constrict access to working capital in the meantime. Accompanying noise, debris and work trucks won’t add to the curb appeal of your property when showing other units, either.
About Time (& Money): High-Tech Innovation Provides Long-Lasting, Affordable & Comprehensive Maintenance Fixes
A better way to increase the perceived value, appearance and performance – maintain and refinish. The IRS considers maintenance an “allowable expense” that restores a unit to its original state or value, but does not increase its value by adding new “stuff”. However, proper maintenance is more than cosmetic if you use products that protect and preserve the condition of units to extend service life. Proper maintenance is a concrete means to winning good tenants while cutting maintenance costs. Rugged Coatings offers products that you SIMPLY WIPE CLEAN TO KEEP YOUR UNITS LOOKING LIKE NEW - FOR YEARS!
Vinyl / PVC Flooring Maintenance: Ionyx Vinyl Coat adds abrasion resistance, long-lasting durability, UV stability and water repellency, oil, ink, wax, rust, stain resistance and shine to flooring without making it slippery. Encapsulates surface to protect tenants from potentially hazardous phthalate dust (caused by UV degradation of polyvinyl). Damp or dry mops clean. 2-Year Warranty. No peeling, no flaking, no chipping.
Porcelain, Tile & Grout Maintenance: Ionyx Concrete Coat and Stone Coat keep mold, mildew and water damage out of grout, defend against abrasion, oils, ink, wax, salt, stains and rust. Long-lasting, non-slippery. Wipes or mops clean. 5-Year or 10-Year Warranty. No peeling, no flaking, no chipping.
Painted Surface Maintenance: When touching up paint, mix in Ionyx Paint Additive to extend the Ionyx benefits (water repellency, abrasion, oils, ink, wax, salt, stains, rust resistance, durability and easy wipe-clean maintenance) to painted surfaces. Wipes or mops clean. Works with a huge range of paint. No peeling, no flaking, no chipping. Use it to paint water over oil based without the need for primer! Works with ceiling paint, too.
Wood Maintenance: Ionxyx Wood Coat keeps cabinetry, moldings, window frames, shelving, etc. looking like new for years! Made to bring the benefits of Ionyx (water repellency, abrasion, oils, ink, wax, salt, stains, rust resistance, durability and easy wipe-clean maintenance) to wood. 5-Year Warranty.